Recognising a problem is the first step toward fixing it, so here are 10 money habits that could derail your success.

Habit 1: You spend too much on housing.

Housing costs normally constitute the largest component of your spending, so it’s imperative to keep them as low as possible. Reduce your water & power usage, the number of Netflix accounts you pay for & downsize if possible.

Broke Habit 2: You spend too much on cars.

New cars lose value as soon as you drive them off the lot. So the smart strategy is to buy high-quality used vehicles to avoid losing the big bite of the initial depreciation.

Broke Habit 3: You develop habits by association.

We pick up almost all of our habits from those in our environment, so your parents, teachers, family, friends, co-workers, celebrities, etc. When it comes to money habits, this could be positive or negative. If you have less-than-stellar money habits, it’s likely that many of the individuals you associate with on a regular basis also have trouble managing money.

Broke Habit 4: You rely on credit cards to finance your lifestyle.

If you resort to the use of a credit card to meet your monthly living expenses, you are by definition living beyond your means. When you do this, you are essentially using future earnings to finance your current lifestyle.

Broke Habit 5: A lack of self-control.

Spontaneous spending is driven by emotions and a lack of self-control, so the remedy is awareness. Awareness turns on the conscious part of your mind, which can overpower your subconscious. With repeated success, you strengthen your self-control muscles so you’re less susceptible to retailers’ tactics for enticing you to spend more.

Broke Habit 6: You gamble too much.

Accumulating wealth is an ongoing process, not something that happens overnight. Save the money that you might ordinarily spend playing the lottery or gambling on sports.

Broke Habit 7: You overspend on entertainment.

Many people have a live-for-today mindset, which may sound appealing, but that mindset becomes tricky if you live a long life. Spend less on eating out, vacations, toys, etc. and save the extra money.

Broke Habit 8: You don’t save.

Self-made millionaires make a habit of saving. The more you can save at an early age, the more wealth you’ll accumulate.

Broke Habit 9: You don’t track your spending.

Knowing where your money goes gives you control over your finances. You may find you are paying for things you don’t use, like club memberships or subscriptions that you can cancel instead.

Broke Habit 10: You don’t bargain-shop.

Make bargain-hunting a habit. Some of the wealthiest individuals shop at Goodwill stores. Looking for the best deals, clipping coupons, seeing movies during the discount showings and shopping around for the lowest price will add up. Put the cost difference into your savings account.