If there’s one thing we can get into trouble over, it’s money. Many of us develop bad spending habits from a young age, which boil down to not being properly educated about financial matters. Money is often treated as some form of gratification by many of us – we get it, we spend it, and then we feel bad for not having any left. Sometimes, in order to make ourselves feel better, we will then spend some more on something to help cheer ourselves up. It isn’t hard to see how a vicious cycle can easily begin. But being frivolous with money can have potentially devastating consequences on your family, especially if you end up getting into debt. If you are already aware that your spending is out of control, bear in mind that it’s good that you’ve recognized the issue at hand. Once you know you have a problem with spending, you can then take steps towards dealing with your problem and developing a better relationship with money.
Stop impulse buying
When most of us think of an ‘impulse buy‘ we tend to picture something like a dress we know we’ll only really wear once, or maybe a fancy piece of kitchenware that the advert has convinced us we desperately need. But if your impulse buys are a little more – ahem – fancy, you might want to rethink them. An impulse buy of over $100, for example, could easily eat into your weekly budget and could leave you having to compromise on essentials like food and energy. If you find yourself tempted to make a purchase on a whim, go home and sleep on it first. If you’re still thinking about it in a few days time and can honestly justify the purchase to yourself, fair enough. But if you find yourself uninterested, don’t bother!
Make some extra cash
Paying the price for years of bad money habits? It could be a sign that you need to make a little bit of extra cash. If you can’t get any more hours at your current job, don’t fear. There are plenty of things you can do on the side to supplement your income and thus pay off any debts you have much faster. One such example is completing online surveys that pay you for your participation – keep reading about them online to find out which ones are legitimate. You could also sell some of your old, unwanted items and you can even make money from blogging too.
Many people tend to bury their heads in the sand when it comes to their finances, and this is why so many of us have spending habits that are out of control. It may pain you to do so at first, but sit down with all your financial information in front of you and start to make a plan for the future. You could break this down into weekly or monthly budgets – whatever works best for you. When you factor in major events like birthdays and Christmas, it also gives you time to save up in advance so you’re not stressing about it days before.