13 Signs You’re Managing Money Like it’s 1995

Still managing money like it’s the ’90s? A lot has changed since then. With faster tools and easier systems, your old habits could be slowing you down. If managing your finances feels clunky or outdated, here are thirteen signs it’s time to modernize your money routine.

You’re Paying Bills by Check

In 1995, paying bills by check was the norm. Today, you can pay most of your bills online with just a few clicks. If you’re still writing checks or mailing payments, you’re wasting time and possibly paying late fees. Set up automatic payments for your regular bills to avoid missing due dates and save yourself from unnecessary fees.

Using Paper Statements for Everything

Paper statements used to be the standard for tracking finances, but now you can view them online or in apps. Receiving and storing paper statements takes up space and increases your risk of identity theft. Switching to online banking and digital statements helps you stay organized, cut down on clutter, and make your financial life easier.

Relying on Cash for Most Purchases

Cash might have been the go-to method for purchases back in 1995, but today, cards and mobile payments are quicker and safer. Carrying cash makes it harder to track spending and puts you at risk of losing money if your wallet is lost or stolen. Using debit or credit cards for everyday purchases can help you earn rewards and track expenses more easily.

Ignoring Credit Scores Until You Need a Loan

Credit scores were something most people didn’t think about until they were applying for a loan. In 2023, your credit score impacts more than just getting approved for a mortgage—it can affect your insurance premiums, rental applications, and even job opportunities. It’s important to monitor your credit regularly, understand what affects it, and work to improve it over time.

Keeping Your Emergency Fund in a Low-Interest Savings Account

Back in the day, it was common to keep your emergency savings in a traditional savings account earning minimal interest. However, with inflation, your savings lose value if they’re not earning enough interest to keep up. Today, you can find high-yield savings accounts or other investment options that will help your emergency fund grow and work harder for you.

Sticking to the Same Old Bank Accounts

In 1995, you might have been content with the bank where you opened your first checking account. Today, there are a wide range of options that offer better benefits, like no-fee checking accounts, higher interest rates, and better online tools. If you’re still sticking with the same bank without exploring other options, you could be missing out on ways to save.

Carrying Around All Your Credit Cards

In the ‘90s, it was common to carry multiple credit cards around, just in case you needed them. But in 2023, there’s no need to carry a bulky wallet full of cards. With digital wallets and apps, you can store all your cards securely on your phone and make purchases with just a tap, making it more convenient and safe.

Not Automating Savings

Saving was something you had to think about manually back in the day. But now, it’s easy to automate your savings. By setting up automatic transfers to a savings or investment account, you can save effortlessly each month. Whether it’s for a vacation, a rainy day, or retirement, automation ensures you’re consistently putting money aside for your future.

Ignoring Retirement Savings Until Later

In the ‘90s, retirement seemed far off, so many people didn’t prioritize saving early. But today, the earlier you start saving, the more you can benefit from compound interest. Whether it’s contributing to a 401(k), IRA, or other retirement accounts, the earlier you begin, the better prepared you’ll be when retirement comes around.

Not Using Budgeting Apps

In 1995, budgeting often meant writing everything down in a notebook or using a basic spreadsheet. Today, there are countless apps that can help you track your spending, create budgets, and even automate your finances. Using a budgeting app helps you see where your money is going and gives you control over your finances in real-time.

Paying Full Price for Everything

In the past, it was common to pay full price for items, especially big purchases. Today, there are countless ways to save with coupons, discounts, and price comparison apps. Before buying anything, take a few minutes to look for a better deal. Using cashback apps, signing up for rewards programs, or shopping during sales can help you save money on everyday purchases.

Failing to Build Multiple Income Streams

Thirty years ago, most people relied on a single job as their only source of income. Today, having multiple income streams is not only possible but often necessary to build wealth. Whether it’s freelancing, investing, or starting a side hustle, diversifying your income helps provide financial stability and opens up new opportunities.

Not Investing Outside of Traditional Options

In 1995, investing mainly meant stocks, bonds, and mutual funds. Today, there are so many more investment opportunities, such as real estate, peer-to-peer lending, or even cryptocurrency. If you’re only sticking to the old-school investment methods, you’re missing out on potentially profitable ways to grow your wealth.

Relying on Paper Budgeting

Some people still rely on old-school paper budgeting methods to track spending, which can be time-consuming and error-prone. Digital budgeting tools, like apps or spreadsheets, make it easier to see where your money is going. You can categorize expenses, set limits, and even sync your bank accounts for a more efficient way to manage your finances.

Not Taking Advantage of Tax-Advantaged Accounts

In 1995, many people didn’t know much about tax-advantaged accounts like Health Savings Accounts (HSAs) or Roth IRAs. These accounts allow you to save money on taxes, either now or in the future. If you’re not taking advantage of these accounts, you’re leaving money on the table that could help you save more in the long run.

Time for an Update

A lot has changed since the ’90s, especially when it comes to managing money. There are better tools now, easier ways to save, and smarter ways to stay on track. If you’re still using the same habits from decades ago, it may be time for an update. Small changes today can make a big difference in how far your money goes.

13 Tips for Creating a Realistic Budget You Can Actually Stick To

Managing your money is the key to financial peace of mind. A solid budget doesn’t just help you pay bills; it ensures you’re setting yourself up for a secure future. The problem is, if your budget’s unrealistic, you’ll toss it aside by the end of the month. These 13 tips will help you create a budget you can actually stick to without feeling like you’re depriving yourself. 13 Tips for Creating a Realistic Budget You Can Actually Stick To