4 Dec 2017
Everybody loves to go shopping and unfortunately, everybody has bad habits that they just can’t get rid of. When you add the two together you get bad spending habits that can put you in a financial rut. What you earn is what you spend, but there are some spending habits that it is best to do without. It’s best to spend on what you need instead of what you want. But that is where bad spending habits can come in to ruin the day. This article outlines some of the bad spending habits that you need to get rid of right now if you want to see yourself in a healthy financial situation in the future.
1. Spending More Than You Earn
This is a big No. You should stay well within your monetary boundaries when you go out to spend. You may have wants that could be more than your earning capabilities, but that does not mean that you move out of your spending limits and spend extra. This is one of the reasons why most people find themselves under debt. If you think you earnings aren’t enough, instead of spending more, earn more before you think about spending.
2. Making Purchases on an Impulse
It easy to go to shopping mall and buy stuff that you don’t need. Despite the fact that most impulse purchases may seem small in the context of the overall shopping, they can add up to harm your financial state. If you want to make sure you spend wisely, the best way to go about it is to stop making impulse purchases. Think before you buy, don’t buy anything you haven’t planned to buy in the first place. https://www.youtube.com/watch?v=-moW9jvvMr4
3. Disregarding your budget
At the start of the month you must have set up a budget. As long as your stick to that budget things will be under control. One of the worst things to do when you spend is disregard your budget. There is a reason budget are made and for reasons of financial well being they need to be followed. If you are unable to follow the budget that you have set, you might compromise your financial security as a result which isn’t the smartest thing to do.
4. Shopping as therapy
There is a new therapy doing rounds that makes you feel happy and confident when you are down in the dumps and depressed. This is the shopping therapy, where you shop and spend away your money to get rid of your depression. While it may be an effective therapy to rid yourself off your depression, it is a mistake as far as your financial well being is concerned. Shopping for therapy gives you a reason to spend where there is absolutely no need. These are some of the many spending habits that can hurt your financial state in the long run. It is not as if you can spend your life without shopping, but you must make sure you stay away from making these spending mistakes.