LOCAL NEWS

3 bad money routines to ditch in the new year

Jan 12, 2023, 10:03 AM

SALT LAKE CITY — If finances are one of your New Year’s resolutions, we’ve got some tips on how to break some bad habits.

It’s a time for self-reflection, and ditching these three bad money routines will give you a financial boost:

1. If you constantly check your portfolio’s value – stop it!

Amoree Farnsworth with Net Worth Advisory Group in Sandy said this can be counterproductive.

Keep in mind, when you invest in stocks, you’re going to deal with short term ups and downs.

“We tell a lot of our clients, for your mental health, look at it a little less regularly. You’ll be a lot less removed in making those emotional decisions.”

2. Procrastinating on your taxes.

Putting this off can lead to mistakes and could delay your refund, potentially by months.

Get a jump start on Feb. 1 — plenty of time before the April 15 deadline. By then, you should have all your tax documents.

File them electronically, opt for direct deposit, and your refund should show up in a few weeks.

3. Putting your expenses on autopilot. Look through all your expenses and see what you can get rid of.

“Even calling a provider, your insurance, that’s a great example of saying what’s my deductible if that’s something where you can reduce that deductible and add a little bit of savings there,” Farnsworth said.

If you’ve built up a nice stash in your savings, don’t put off enjoying it. Look at your bucket list, and if your finances can cover a trip or more time with your family, Farnsworth says go for it!

For more information on money habits to break, click here.

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