3 Most Common Bad Spending Habits


When it comes to spending money it is a lot easier to spend it unwisely that spend it wisely.  There are so many temptations out there and a variety of ways to get yourself into trouble.  In order to improve your spending habits the first step is identifying where your weaknesses lie.  By keeping an eye on what your triggers are, you can take the situation by the reigns and assume control of your wallet.

Although no two people are the same and there can be plenty of factors which can individually influence a person’s spending habits, there are a few habits that stand out as being the most common.  Here are some of the habits that you will see the most and how to remedy them.

Eating And Drinking Out Too Much

Going out to bars and restaurants several times a week is a huge hole in your wallet.  With food and drink prices costs as much as 10 times what it would cost to make the same thing at home, you are paying more for the experience than the product itself.

Therefore, try to ask yourself whether this meal or drink is actually worth the ambiance that you are paying for, or if you can skip it and try to save some money by eating at home.  If it is alcohol you are spending most of your money on, it may be time to make a bigger assessment and ask yourself if you have a drinking problem.  

Impulse Clothing Shopping

Many people experience this particular spending addiction.  It seems that you just can’t pass a store or a sale without having to buy something.  Often people who are impulse buyers never even actually end up wearing the things that they bought impulsively.

The easiest and fastest way to reel in impulse clothes shopping is by forcing yourself to go home and “think about it.”  This means even if you love something with all of your heart and there is a chance it could be the last one on the rack, you have to force yourself to go home and sleep on it.

If you find yourself still thinking about this item 2 days later, you can allow yourself to go back to the store and see if it is still there.  You will find that more and more that you have forgotten about the item after only a few hours.

Online Shopping

The convenience of one-click buying can get a lot of people into trouble.  Some people don’t have the self-control to stop themselves if they see a great deal with discounted shipping.  Next thing you know they have 5 boxes showing up at their house on a daily basis and know their mailman by name.

The key is self-control and moderation. Limit yourself to a few purchases a month.

Posted in: Business