Level Money Blog 3 Spending Habits that can Spook your Finances

With Halloween around the corner, we can only expect the scare-factor to ramp up. But while the tricks played on (or by) you on October 31st may be epic, the effects will likely be short-lived. Unfortunately, not the same can be said for poor spending habits - make sure you steer clear of these bad money moves to avoid spooking your finances for the long-term.Scary Habit #1: Spending in the (Financial) DarkIt can be tempting - and less stressful in the short-term - to keep the details of your finances out of sight and out of mind. But being in the dark about the state of your money can lead to a rude awakening down the road. Fortunately, apps like Level Money℠ make it easier to stay informed about your finances by collecting all your account information in one place to track your earnings, expenses, spending patterns, and savings goals. Use the app to find out if you're spending beyond your means, spot areas where you can cut back, and track progress towards your financial goals - all with only a few minutes of your time each day.Scary Habit #2: Setting it and Forgetting it While automatic transfers can be a great tool for saving more money and investing for retirement, they can be a double-edged sword when it comes to paying bills and spending online. While scheduling autopay for regular, essential bills like rent and car payments can be helpful, doing this for variable bills like utilities and cell phone plans can be risky. Even if you stick with automatic payments, it's a good idea to review your bill every month so you can spot (and in some cases refute) unexpected or inaccurate fees. Autopay can also be problematic when it comes to subscription payments; many of us end up paying for services we no longer use, often without even realizing. The Level Money app can help pull you out of the subscription blackhole by calculating how much you're really spending, identifying and cutting services you no longer use, and keeping track of these payments going forward.Scary Habit #3: Costs that Overtake SavingsWhen you're in the moment, it can feel good to spend a little bit more - whether you're choosing the nicer apartment with higher rent or paying for a round of drinks with friends. But when you say "yes" to going over-budget too often, your savings start to suffer which compromises your financial security down the road. Having an emergency fund to cover unexpected expenses or loss in earnings can prevent you taking on high-interest debt, while saving enough for your retirement can provide income throughout your golden years. The Level Money app has a number of features that can help you hit your monthly targets and control your spending. From the Spending settings, you can adjust your Monthly Spendable to align your expenses with your savings goals. Or, if there's a category of spending where you're mostly likely to go astray, create a custom tracker to keep an eye on relevant expenses.We hope these tips keep your finances fright-free for many years to come. Have a safe and enjoyable Halloween!Level Money℠ powered by Capital One®The compensated opinions expressed by the author at or through this blog are the opinions of the individual author, and may not reflect the opinions of any other person, legal entity or corporation. The author's opinions are not to be interpreted or held accountable as financial advice or recommendations.