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Topics likeinflation, unemployment and housing prices appear frequently in the news and on social media platforms.
However, you are more in control of your financial fate than you may believe.
Self-described reformed shopaholic and YouTube finance influencer Christina Mychas believes its bad money habits that are holding you back.
Mychas admitted that she once was a shopaholic while struggling with $120,000 in student loans.
However, bybreaking some bad habitsand revamping her relationship with money, she was able to fix her finances.
Thrifting is becoming more popular, with purchases increasing by 12% over the past 10 years.
Be careful, though!
Mychas pointed out that getting carried away is easy when the price is cheap.
Between January 2020 and January 2024, average American wages rose by over 21%.
However, the average personal savings dropped by about 47% at that time, according to MarketWatch.
This shows that Americans are having anincreasingly difficult time savingdespite having more income.
One reason is lifestyle creep.
With more money, its easier to up your lifestyle standards.
A common problem among Americans is raising their standard of living whenever they make more money.
Its not that you cant upgrade your lifestyle, Mychas said.
She just suggested doing it slowly and mindfully.
There are some exceptions to this rule.
Prioritizing Pleasure
Instant gratification is an enemy of your bank account.
Its human nature to chase pleasure, and for many, it can cause them to make unneeded purchases.
Learning to tell yourself no and delaying gratification can help improve your finances.
Waiting to buy something doesnt only help you buy fewer things.
It helps you determine how much you actually want that item.
If you have trouble with impulse buying, Mychas suggested making a wish list.
Mychas explained that a common marketing tactic is discounting an item to make you believe it is a bargain.
When you purchase some half-off shoes, you might feel like youve saved some money.
In reality, youve just parted with money you didnt have to spend.
Remembering this when youre shopping can help you resist buying just because something is on sale.
However, saying yes to every invitation that comes your way is expensive.
Mychas pointed out that when you say yes to everything, youre saying no to financial goals.
Overusing Your Credit Card
Credit cards are popular tools for spending.
Mychas said 61% of Americans havecredit card debtthat amounts to around $5,800 on average.
However, for others, its a matter of not tracking your credit card use.
In the past, Mychas would use her credit card without keeping track of how much she could spend.
With modern banking, you’re free to automate the process of paying yourself first.
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