They can sneak up on the best of us.

You know what I’m talking about: Those pesky little financial decisions that often morph into unwanted spending habits. Whether it’s a $3 latte, a $50 clothing fix or a $100 discount-store detour, most of us succumb to the siren song of regrettable money mistakes.

For the most part, we dismiss these little money mistakes with a swipe of the hand -- much like we swat away mosquitoes at a summer picnic. They are nuisances but not much more.

But if you do the math, these annoying little habits can amount to real money. If we are honest, they just might be a significant reason why in 2005 the after-tax U.S. savings rate plummeted into negative territory for the first time since 1933.

Last week, I spoke at a business camp for high school students. As part of my presentation, I asked them to define a spending habit. My purpose was two-fold: Get them thinking about spending habits in general and then focus on their own habits.

One youth said, "It's when we spend money over and over on things we don't need." Another said, "It's when I go to the mall and buy stuff just because I'm there."

It's like I turned on the confession faucet. Sensing a strong desire from the 175 students that they wanted to talk about the subject in more detail, I asked them to spend the next few minutes sharing with the others at their table one or two of their spending habits.

It was an important opportunity for everyone in the room to fess up about some of their spending habits. While we all have them, young people are often more honest and up-front about telling others.

There is a term in the financial world called rebalancing. In short, it is a feature you select on various investment accounts to ensure that your portfolio reflects your investment comfort zone. So, if you select a portfolio of 60 percent stocks and 40 percent fixed-income securities, the portfolio will periodically and automatically rebalance the account back to your preference if it moves too far from your stated objectives.

Imagine if we applied this same process to our spending habits. That is, periodically rebalanced our spending decisions. I am confident more adults would achieve their long-term saving goals. Maybe it's time to start a business camp for adults.

In the spirit of rebalancing our financial habits, try this simple exercise.

1. Write down your definition of a need and a want.
2. Pull out your last three credit card statements.
3. Next to each item that you purchased, put an "n" if the purchase was a need or a "w" if it was a want.
4. Add up the "w" column and then ask yourself the following question: Are any of the "want" purchases impeding my long-term saving/investing goals? If yes, it’s time to rebalance your habits.

Why is it easier to disclose certain financial information (e.g. spending habits) to strangers than it is to people who know you best?

The Stop Buying Expensive Coffee and Save Calculator shows that if you made your own coffee and for 30 years refrained from buying a $3 latte, you could save $55,341 (with interest).

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