6 Tips On How To Break Your Bad Money Habits

Most, if not all of us, have been guilty of bad money habits at some point in our lives.

Others have been living beyond their means for all their lives and end up poor. To put your spending habits under control can be very difficult. Just as it is as addicting as smoking cigarettes, spending extravagantly can be as addicting as well. Soon, money problems come in, bills stack up, while your savings keep on going further in the red every passing day. What can be done to break your bad money habits once and for all? Quitting on your bad money habits require a lot of discipline, self-control, and willpower​.

It’s not your salary that makes you rich,
it’s your spending habits.

Charles A. Jaffe

To realize your goal of having a more abundant financial life,  here are some tips to break your bad money habits:
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• Before heading to the mall, budget what you just need. If your budget is just for a thousand bucks, just bring that amount. Leave all of your debit and credit cards at home and just spend within your budget. Some would suggest that you never go to a grocery hungry because you tend to buy more!
• Set your goals and avoid changing decisions about your money as often as you like. Be firm in setting aside an amount from your paycheck into savings and for your long-term goals. Pay yourself first or consider your savings as the first “bill” you have to pay. Get used to living on what is left from your income or paycheck after setting aside the amount for savings.
  
• Find out reasons that make you spend. How did you feel that last time you splurged on some items? Did you buy on impulse, out of depression or boredom? By knowing your spending triggers, you may find ways to prevent yourself from doing the same thing the next time and look for some other cheaper options. 
  

• Try to do a financial fast. Take a certain period, let’s say a month to cut down on your “wants” and focus only on your “needs” or your necessities. This will give you a temporary break from unnecessary spending and will give you a chance to determine what matters on your finances. It can further test your will power and your resolve to spend your money wisely.
• Always bring a list of items to buy when you shop. When you go shopping without any list, chances are you will end up buying items you don’t need at the moment. Have a plan and stick only to that list. 
• Don’t easily fall for sales pitches. Be careful when you see these deals at the stores and think twice before you fall for any of these:

Limited Time Only
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Usually done to move items that are about to expire. As such, check the label on the items to make sure that you won’t end up buying items that you can no longer use.

Buy One, Get One At A Discount
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This may appear attractive.  However, more often than not, the store’s profit is already included in the promo price. To know if it’s a good deal, check and compare the price per item with that not included in the promo.

Buy 1, Take 1
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Not all free items are of good value. Inspect on the free item closely and  again check if this deal won’t bring your money down the drain.


There you go! I hope you picked some tips!

To a better you!