Bad Money Habits That Rob You Blind!

Are you forever falling into bad money habits? Could you be saving money instead of spending it? Drop these bad habits and enhance your finances and get back on track. Read our top tips on how to combat these habits for good.

Credit Card Debts

Store and Credit Cards If you have unpaid credit card debts then you may as well be throwing money down the drain as the interest builds up. Paying just the minimum charge on overdue credit card balances means the interest will end up costing you more than the loan and it will take you forever to pay it off. The best thing to do in this scenario is to devote every spare penny you have into getting rid of the debt. If you can’t afford to pay off the debts then don’t spend the money in the first place. Make it a habit to pay off the entire bill every month and you won’t spend beyond your means. Another top tip is to never throw your bills away - always face your debts rather than hiding from them or guessing roughly how much you think you owe.

Shopping Around for Services

Before signing up for insurance, internet and other monthly services it is likely you will have used a comparison site to shop the best deals. You may be missing out on the best deals if you do not continue to compare prices once a year. We suggest setting aside around an hour once a year price shopping your monthly services and seeing if you can get better deals. Keep a spreadsheet with each companies name and your monthly payment amounts so you can easily compare when it comes to shopping around.

Lunch Time Slip-ups

LunchDo you buy your lunch every day? Are those morning latte runs ruining your budget? Save money by making your own lunch and skip that Starbucks coffee for a homemade one when you get to the office. These small purchases all add up and could be draining your budget without you realising. Take-away meals and trips to the restaurant also eat into your budget and can be avoided with preparation. For more tips, read our article on ‘Save Yourself From Eating Your way Into Debt.’

 

Ignoring Deals and Vouchers

There are loads of deals and vouchers available for many of your favourite restaurants and shops; you just need to look for them! Check daily deal websites, search for vouchers online and sign up for company newsletters to be informed of any deals straight away. Join the BB4BM Facebook Group for some great daily deals and start saving money today.

Retirement

RetirementA lot of us put off saving for our retirement and make excuses but none of these will matter when you reach retirement age and realise you don’t have a lot of savings. If your company offers matching pension contributions then take this up sooner rather than later - it’s free money after all! Picture yourself at retirement age and really think about your surroundings, your family and how you plan to spend your time. The more you think about it, the more realistic it will become and the more likely you’ll want to invest in your future. Use online retirement calculators to play around with different goals and scenarios to see how much money you need to save. A great one to use is The Flexible Retirement Planner.

Failing to Prepare

A lot of expenditures can be avoided by adding a little bit of preparation into your routine. One example is failing to prepare meals. It takes only a few minutes to come up with healthy meal ideas for your family for the week and if you write a shopping list and stick to it then you won’t need to overspend on unnecessary ingredients that won’t get eaten. Prepare for social events and meals by doing a quick internet search for any vouchers which could save you some cash eating out.

Shopping Frivolously

Spending money gives us a good buzz which can be extremely addictive but can lead to you spending money flippantly and seriously damaging your budget. Try giving yourself a spending ban and only allow yourself to buy essentials. Remove your name from any catalogue lists and stay away from those online sales to avoid the temptation to buy things you don’t need.

Ignoring Budgets

BudgetsIgnoring your budget is a big no-no when it comes to building better money habits. When your bills are all paid you need to formulate a spending plan for what money is left and consider putting some aside into savings or an emergency fund. Make cuts where you can to build up any spare funds and allocate accordingly.

 

 

 

Television Services

You may be paying over the odds for satellite television and not making the most of your TV viewing package. Track your viewing habits for a week and see what you’re watching. Are you paying extra for the movie channels but only watching them once a week? Maybe it’s time to consider alternatives - it may be cheaper to rent a DVD once a week than pay monthly for the movie package. See if you can get by just using Freeview channels to see if it’s really worth spending all of your money on hundreds of unused ones.

Telephone

The same concept as the above applies to your landline. A lot of people have mobile phones these days and communication comes via text messages or Social Media rendering our landlines unused. Work out how often you’re really using your landline to see if it’s worth even paying for one. The same can apply to mobile phones. You may be paying for an expensive contract in order to get unlimited internet data but if you’re only using 1GB a month then it may be worth considering downgrading your plan to a cheaper option.

What is the Verdict?

MoneySavingPigDo any of these bad habits sound familiar? Will you be more careful with your money in the future?  We love feedback so please use the comment section below. 

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