As a bachelor who is still trying to find his feet or a man who has to take care of his family, it is important for you to move aside from anything that might be taking away your hard-earned cash. The problem, however, is that you really cannot fight an enemy you don’t know. It’s not possible for you to move away from these habits if you don’t know which ones they are.
That’s where we come in. As you can probably imagine, we’ll be using this article to help you see the top five bad habits that are taking away your hard-earned cash. They are:
1. Making your savings account too accessible
Your savings account is where you’re supposed to be keeping your emergency money to make sure that you don’t spend it unnecessarily. Unless you specifically put it there just for the sake of it, it’s really not wise for you to constantly spend money from there. But, if your account is easy to access with an ATM card or a banking app that allows you to get money anytime you want, that’s definitely a bad habit.
2. You justify your poor spending by saying that it’s cheap
If you’re going to buy a commodity, it is much better for you to ensure that it’s something that has a significant amount of quality and would be useful to you over an extended period of time. Unfortunately, instead of thinking this way, some people believe that it’s good as long as it’s cheap enough. If you’re one of those people, you should know that that’s a bad habit. The cheap things you keep buying will continue getting spoilt prematurely, causing you to need a replacement often. This will eventually end up costing more than just buying a good one.
3. You make big purchases impulsively
A big purchase doesn’t necessarily need to mean buying a house whenever you feel like it. No, a big purchase is largely relative to your earning power. Having said that, if you are constantly spending above your means and getting things that you could otherwise wait for, you’re indulging in a bad habit.
4. You don’t set any goals for yourself
Goals are the things that drive us to become better people. Without them, we might as well be a bunch of kids walking around in the dark looking for their mummy. So, set goals for yourself because if you don’t, you’re likely to maintain your current spending power, never really getting enough money to improve your quality of life.
5. You don’t write and/or commit to shopping lists
Shopping lists help you to prevent yourself from going overboard when you’re spending money. If you’re the type of person who merely goes to the shop without a game plan, you might need to reconsider this because it’s a bad habit that is taking away your hard-earned cash.