5 Daily Spending Habits You Need To Stop Doing Now
Whatever your economic background, there really is no difference how you should spend your money, especially when it boils down to the basics. You may have grown up blowing everything your parents give you or with your family having lots of debt and without any idea how to handle them. Teaching yourself to be financially smart is actually more doable than it looks – and these start with those little daily things you do. There are just some habits you just have to get rid of. Here are some of them.
You see so many nice things on Instagram all the time and chances are you get tempted to join the bandwagon. Retail therapy gives you a short term high. In reality, it is actually not much different from gambling or other unhealthy spending habits. Research shows that around 96 percent of Americans said that, at some point, they have shopped to make themselves feel better. Of that population, 85 percent said that they really did feel better after.
While we have to admit that buying things does make us happy, the high we get does not last very long. In fact, it can set you up for a long-term low if this becomes a habit. Always remind yourself that the happiness that you will get from a purchase is only temporary. The best time to buy things is when you have a purpose that is rationally driven.
You Are Tempted Too Easily
Advertisements are everywhere and their job is to get you to buy things. Open your phone, and one of the first things you will see is some product that you will immediately consider trying. There are also those social media posts that tell you about what look like great deals or terrific steals. When you are exposed to all these, you are placed in the position of making purchases which you might not have even considered in the first place.
Everyone gets tempted, but it is important for you to learn to discipline yourself when it comes to buying stuff. Getting tempted to click the “buy” button too easily is a habit that you really need to stop. Worse, it will render you broke after.
You Are Impulsive
When you are not in the right state of mind, money can slip out very easily toward items that you do not need. You are likely to realize after a while that you do not really need such item and you would have been good in keeping the cash. This is why it is important to set limits for yourself and stick to them. This is a discipline that you have to develop to reach your financial goals.
One way of curbing this bad habit is for you to remove your credit card details from your favorite online shops. This will make it harder for you to shop there. To take it a step further, you can also get rid of your PayPal account if this has been causing you to spend more.
Always Remember That It Is Okay to Buy Nothing
Shopping can take time and resources. If you are too used to buying things, you might get a false feeling that these resources are wasted if you do not make a purchase. You can score great deals from outlet malls, which typically require a long drive, but actually, end up spending more.
Never fall for the notion that you are wasting your time and money if you do not buy things. Neither should you have a mindset that you have to enjoy your hard earned money by spending it on things you do not need.
Focus on the Bottom Line
You get tempted a lot by great deals or freebies, but if you give it a second look, these are not really the reasons why you have to make a purchase. You make a purchase because you need the thing you want to acquire. Other than that, the words “deal,” “sale,” “free” and a lot more are very much used in marketing, which has worked wonders in making shoppers spend more.
Big financial goals require a lot of hard work and discipline. That means losing these bad habits and developing healthy saving habits for you to reach them. Do you have more tips to add this list? Share with us your thoughts in the comments below.
More in Investments & Savings
Crowdfunding Tropicfeel can Lighten The Load Off Your Next Vacation
Lucas De Gispert and Alberto Espinós are serious travellers and they love it. With their base in Barcelona, Spain, they have...November 12, 2018
You Won’t Believe How Much These Pieces of Jewelry are Worth
Jewelry has always played a very central role in our culture for many millennia, whether we speak of remote Ancient civilizations...November 9, 2018
The Richest Pastors in the World: Private Planes, Big Real Estates and Fancy Cars Galore!
It was once said by Scientology founder, L. Ron Hubbard, that a person who wants to get rich should start a religion....November 8, 2018
Tame the Beast that is Your Credit Card Debt
Let’s face it, credit cards are a handy tool but they also give us anxiety. So while collecting credit card rewards...November 6, 2018
Fixing the Gig Economy with Crowdfunding 2.0
If interested in small businesses or startups, you have surely heard the term initial coin offerings or ICOs. TechCrunch opines that the...November 5, 2018
How Charles Lazarus Turned Toys R Us Into a Toy Empire
On June 29, 2018, the biggest toy store in the country finally closed all of its doors worldwide, ending the toy...November 2, 2018
Here’s the Inside Scoop on ‘Citizenships For Sale’
Citizenship-cum- investment programs offer rich tycoons a chance to acquire a new desirable nationality and are yet another accessory for every...November 1, 2018
Your Average Millionaires Have Surprisingly Simple Living Habits
You have undoubtedly heard about the billionaire living in a ordinary home? Warren Buffett, estimated by Forbes to be worth $75.6...October 31, 2018
Here are Some Sure Signs That Your Partner has Been Financially Unfaithful
When financial advisers recently met with a married couple, their meeting led to uncharted waters and certainly did not proceed as...October 30, 2018