5 Bad Money Habits You Need to Quit ASAP
Thought you might be interested in this article and thought I’d share a few points with you here. I’ve found some relevant information here so if I find more, I’ll be sure to pass it on.
Unless you are printing it in your basement, you probably have a limited amount of money to spend each month. Even when you have the best of intentions, you can still find yourself getting into financial trouble if you have bad spending or money management habits. These bad habits can cause unnecessary stress in your life.
The Bad Money Habit of Impulse Purchasing
An impulse purchase is an unplanned purchase of some product or service. Impulse purchases are all about emotion. Marketers and retailers know this and that is why you will see those small items, candy, and magazines at the checkout aisle. These marketers know that as you wait, you will shop, and buy.
Impulse shoppers see a sale and don’t want to miss out. They may see an item that they want to have immediately. You jump to buy it before you think rationally about whether you need it or can afford it.
To curb impulse spending, first, recognize when you do the action. If you reach for that magazine or candy at the checkout or the clearance item, force yourself to wait. Before pulling the trigger on a purchase consider if you have the extra money to spend on that item and if you really need the product. It will give you time to think about your decision, and chances are you’ll realize you don’t need it after all.
Love of Convenience
Every once in a while, a convenience purchase can be a nice treat, or a necessary exception if you’re in a great hurry. Convenience purchases are those that are routine and take little thought when being bought. But if you find yourself regularly making convenience purchases, the convenience will cost you.
Stop getting fast food every day and learn to make a few basic meals in bulk that you can enjoy throughout the week. Make preparing a dish that can be separated into freezer containers for future lunches a regular weekend event. This preparation will even help on those evenings when you don't want to cook and pick up the phone to call for delivery meals.
Stop buying a pricey latte on the way into work every morning and get up 5 minutes earlier to brew a cup at home. A little extra work on your part could wind up saving you big time.
Personal Vices
Yes, this includes traditional “vices” like drinking, smoking, and gambling. But it also includes less-obvious vices like eating out way too much or being a shopaholic. Anything that tempts you to spend large amounts of money you know you shouldn’t be spending.
Quit these bad habits and your life, not just your wallet, will be happier for it.
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Thanks,
Darren