Let’s face it, we have all made some bad decisions with our money at some point. Sometimes it may be something small like impulse spending when you should really be saving, or agreeing to an expensive night out when your wallet would prefer you stayed at home.
Breaking all your bad money habits is not easy, after all we all need a little ‘oh go on then’ moments, but if you really want to have any savings you are going to need to at least try to cut down on your spending.
Here are some habits that you should try to avoid:
The number one habit you should try to break is being wasteful. How much food do you let go to waste every week? Stop grabbing that takeaway on your way home a few times a week and you’ll soon feel the difference in your pockets. Try meal planning before you buy your groceries, and then stick to it. This is also a good way of ensuring you have leftovers for your lunch the next day, which could save you a lot over the month.
No one expects you to never spend any of your money on things that make you smile, but you should stop to think if it’s something you can afford to do at the frequency you want to do it. You should always cover your bills before you start treating yourself. Once you have paid your bills outline how much money you have left, then you can split that up into how much you can spend on treats per week. Remember that shopping for ‘things’ doesn’t increase your long-term happiness!
Ignoring your spending
Now that most of us have gone paperless with our banking, it’s getting easier to ignore what we are spending, which can often easily lead to overspending. Using our Monese app you can keep a close eye on your finances. You can use our unique Insta-balance feature to keep up to date with exactly how much money you have spent, and where you spent it.
Comparing yourself to others
Now unless you know someone’s exact finance situation there really is no point in making comparisons with them. You have no idea how other’s are funding their lifestyle, nor do you have any idea about if they can truly afford it or not. We all have our own goals that we are trying to achieve, so stop taking things on face value. You should keep concentrating on building your own secure future and start by dropping your bad money habits!