Stop hitting your self-destruct button – it’s keeping you in debt!


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Nowadays it’s far too easy to get yourself out of a tight money-jam by spending your way out on a credit card. Even if you’re not in a jam, there’s a constant temptation to shop – we live a consumer society and it’s hard to go a day without someone, somewhere trying to get you to buy something or splash the cash a little. But these spending sprees are dangerous, and they don’t actually make you happier in the long term. Research shows that if you are going to spend it’s far better to have experiences like breaks and holidays, than buying generic ‘things’. Even so, spending anything extra when you are already in debt is a bad idea!

Stop looking for the easy way out – it’s usually more expensive! Here’s how you can avoid the spending temptation and break the cycle of debt forever:

Impulse buying

This one is tough, but not impossible. In our society nearly everything around you is directed at getting you to spend more than you want to. This is why you have to learn some tactics to avoid the temptation to spend. Try not buying anything until you’ve given it an hour or so to think things through – you’ll probably find that you don’t want it nearly as much as you did at first. Also, don’t go shopping with shopaholics! They’ll tell you everything is great, and that you should buy it – but remember it’s not their money being spent!

Don’t be jealous

You can forget trying to keep up with the Joneses, seriously, stop it! It’s a huge waste of time. Instead of trying to have all the latest gadgets, new cars and the latest designer bag because you saw your neighbours or friends have got them, shift your focus. Look to making yourself more financially stable. It’s not as visible as all the expensive ‘stuff’ but it will get you in a far more secure position, and when you can eventually afford to splash out a little, you won’t be digging yourself deeper into debt to do it.

Do you deserve a treat?

Really, do you? What have you done to warrant spending some extra cash on yourself? Of course, setting a goal for yourself to achieve, then having a reward to look forward to at the end is a great motivator, but all too often we see things as a ‘treat’ when it’s not. Stop justifying your spending by saying ‘I deserve it’ as it makes sending far to easy. Remember, treats are not something that happens every day!

‘But I never learnt’

That’s no excuse! Most of us have had no formal financial education, but we all have to learn through experience how to manage our money. Everyone can take control over their finances if they really try hard enough. Set yourself a budget (after you are clear on your expenses) and stick to it. Use your Monese app to see where you are with your money (our insta-balance feature is perfect for this) and don’t over-stretch yourself!

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