10 Bad Financial Habits To Break

Money is an important part of life because everyone needs it. Just it can’t but everything but you still need it either way. The best way to ensure that it works for you and not the other way round is to learn how to manage it. This can be done by breaking those bad habits that leave you depressed because you’re broke a week before payday and worse thing is you don’t know what you did with it. If you focus on breaking these habits, you should have a better month than usual.

1. Swiping

Carrying bank card has made it so much easier for us to spend carelessly, even if you do have the amount in coins. When going to the shop, go with the item you want to buy in mind and nothing else that way you can also prepare your pocket. Also only swipe for big amounts, the rest should be covered by small change and extra notes.

2. Carrying unnecessary cash

The fact that you are carrying cash in your wallet makes you think that you have money therefore making it easy for you to spend recklessly. If you do have cash in your wallet, know what it’s for. It its change, put it in the section set aside for change.

3. Spending out of your budget

Setting a budget for yourself might seem old school but it could save your finances. By doing this you can eliminate impulsive spending because you won’t be spending money that you don’t have. Plan your monthly expenses and set a little aside to spend when you go out with friends. If you still have some extra left, don’t splurge. Put it aside and start saving up. Also buy only what you need.

4. Eating out

There’s nothing wrong with having take-aways, now and then put try to limit it to twice a month. Not only is take out unhealthy, cooking your own food will make sure you control what you eat. If it doesn’t save your wallet, it will defiantly save your health.

5. Unplanned travelling costs

It’s so easy for friends to call you up and suggest that you come over just to hang out. But keep in mind that it costs money to there and this isn’t 1994 when fuel used to be R10 a litre. You’re going to need to spend. If you can’t afford it, set another date and plan accordingly. Also don’t be too generous with lifts because you’re saving someone else’s wallet and compromising yours.

6. Unmanaged Phone bills

With the upgrades of phones, your participation on social networks is dependent on the data on your phone. Set priorities so that you don’t need to spend as much time on your phone. If you can, use the wifi at work or the mall where possible but avoid the chain of constantly buying data. This is one of the hardest habits to break.

7. Not keeping track of expenses

Keep your all your bank slips and purchase slips so that you can do a review at the end of the month on how exactly you spend your money. Yes, little bits of paper in your wallet can get annoying and messy but if you store them away orderly, you should cope just fine. One you’ve gone through them, you will know exactly where you done fall is and have a plan of fixing it.

8. Ignoring bills

Ignoring bills is not the smartest thing to do because they pile up. If there are too many of them, work ou7t a plan of how you can pay them off one at a time. This might take some time but with time and patience you will get through them. Till then pay them off with loyalty and avoid taking out any other debt. Buy only what you can afford especially when it comes to small items.

9. Complaining about how much you earn

You can’t complain about how much you earn if it was clear from the onset. The only thing that would make you complain is the fact that you want to do things that people with more salaries than yours are doing. Learn to live according to your pocket and leave the big spending to those who can afford it. Your turn will come if you work hard enough…

10. Money isn’t happiness

Money can’t buy happiness but it can buy you comfort. Spending money isn’t fun because as you pass t to the lady on the other side of the counter, it decreases in your pocket. Your happiness should therefore never be linked to this exercise. Use money but never let it use you. Love what you have and work for what you want.