Getting your finances in order can sometimes feel like going on a grueling new diet.
There are some bad money habits we just can't seem to drop.
On a recent Reddit thread, candid consumers answered this question: "What's the biggest mistake you repeatedly made before you got your finances in order?"
Here are some of our favorite responses, along with tips on how to avoid them yourself.
1. "Went from a practically paid off new car to new car with $25,000 in debt."
The minute you drive off the lot, your shiny new car starts losing its value. Within a year, it shaves 30% of its resale value, and 50% by year three, according to Edmunds.com.
Our tip: We don't recommend picking up a $1,000 clunker on Craigslist. Instead, try to buy a relatively new car (1-3 years old) that doesn't have many miles on it and is well-maintained. And if you're looking to trade up, compare the cost benefit of trading your current car in for the newer model. When you see the difference in monthly payments, you may realize you don't need a new car – you just want one.
Reddit tip: "If you are going to drive it for many years, I don't see a new car as a poor financial decision. What will ultimately cost a person a lot of money is constantly changing cars due to taxes, fees etc."
2. "I could easily spend $20 on coffee [every] week."
Ditching your daily coffee habit won't exactly make you a millionaire (no matter what some experts say), but it can certainly put a few hundred bucks back in your pocket each year.
Our tip: We don't expect anyone to give up coffee cold turkey. Instead, ease into a "cafe lite" lifestyle. Brew your own coffee at home, and if you still miss that fancy $5 latte, invest in an espresso or cappuccino machine.
Reddit tip: "I bought at $50 gift card for Starbucks months ago. This way, I account for the cost once and on the rare occasion I go to Starbucks, I don't have to think about it."
3. "Ordering drinks while eating out."
Walking into a bar with a budget problem is like sending a diabetic into a Dunkin' Donuts. Temptation abounds.
Our tip: Happy hour, happy hour, happy hour. And if you must socialize on weekends or late nights, just have one drink, sip slowly, and order a nice fizzy seltzer water with lime for the rest of the evening. You won't feel weird not toting a drink that way.
Reddit tip: "What I do is go out to eat, have a water or iced tea, then when I get home I enjoy my beer."
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