As some of us know all too well, bad spending habits can lead to major financial issues. However, we also understand that breaking these spending habits takes time, patience, and discipline. Here are some of our best tips!
Spending Habits Worth Breaking
Here are a few common “bad” spending habits that could keep you from meeting your financial goals.
Spending for the Serotonin
We’ve all experienced that irresistible urge to shop, whether it’s for ourselves or others. But this “shopping high” can quickly spiral out of control, leaving us with a pile of unnecessary purchases. If you find yourself in this situation, it might be time to consider cutting back or limiting your shopping to more budget-friendly options like Dollar Tree finds.
Spending Money Without a Plan
Money spent adds up fast, especially when there’s no budget plan for where it’s supposed to go.
Impulse Purchases
Many of us are probably guilty of this one. And because impulse buying happens so fast, it can be hard to stop beforehand.
Spending for Convenience
We are guilty of turning to takeout for dinner after a long day. While it may be convenient, it’s not always helpful to our financial situation.
Not Keeping Track of Spending
When you don’t keep track of how much is coming in and how much you’re spending, you’re much more likely to overspend.
How to Kick Bad Spending Habits
Kicking bad spending habits takes discipline, but it is possible! Here’s how.
Set a Monthly Budget and Stick to It
Setting a budget means determining how you will spend your money each month. This helps ensure you have enough money for essentials like rent and groceries and that you’re on track to meet your financial goals.
Master the Art of Grocery List Making and Meal Prepping
Sticking to a grocery list and preparing meals at home is imperative for financial responsibility. It eliminates convenience spending on takeout and overspending at the grocery store.
Put the Credit Card Away
Credit cards make overspending too easy, but thanks to interest, purchases become more expensive in no time. Getting into too much debt will also hurt your credit.
Impulse Purchases, Be Gone
One impulse purchase now and then is okay, but too many can be bad news. Just say no to impulse buys while working toward some long-term goals.
Monitor Your Spending in a Way That Works for You
If keeping a checkbook ledger isn’t for you, there are many other ways to track your spending to ensure you’re meeting your financial goals. Consider a calendar plan, a spreadsheet system, or an app.
Keep Your Goals at the Forefront
When you keep your eyes on the prize, the entire process becomes easier and more rewarding. So, write your goals down, create a mood board, or do whatever will help you keep your bad spending habits in check.
Don’t Give In to Temptation
And there will be plenty! But nothing feels as good as meeting your financial goals. If you do mess up, that’s understandable. All you can do is move on and not let one slip-up interfere with the progress you’ve made.