Spending habits that are bad for you

Money By


Rachel Murugi

Everyone has an element of either being a saver or being spendthrift. Depending on your upbringing and attitude towards money, the habits you adapt in spending will present themselves in full force. There are some spending habits that you should avoid at all costs since there are alternatives to them and you can save more money in avoiding them.

Paying for unused subscriptions

Almost everyone is jumping into the bandwagon of paying for premium packages of apps that aren’t useful. If you do not use the subscription often (probably you watch Netflix once a week), paying for the whole month or annually subscription is totally unnecessary. Get to go through the monthly or annual subscriptions you have paid for and do a check on how often you use them. If it’s less than thrice a week, consider stopping that subscription.

Eating out too often

Agreeably, cooking at home is not only cumbersome but can also be demotivating. Hence the ease that arises from ordering takeout services and eating out. In truth, it’s more expensive to eat out than to cook for yourself. Unless you’re making a lot of money and actually have a budget set aside for eating out, it’s not economical to do so and in other times, may not be as nutrition oriented as you’d like it to be, could you have been cooking at home.

Constant dry cleaning costs

Dry cleaning all your clothes could be the reason why your salary is so slim and your bank balance is always on the low. Considering that you change clothes daily, how many times will you be taking clothes on the dirty cleaning? Yes, they will be spotless, but there are other options.

Impulse buying

Do you shop with a budget or do you buy whatever comes your way? Such a habit is detrimental to your finances due to its unplanned nature. If you’re constantly spending money on items you probably don’t need, or you hadn’t told yourself you need them, you’re spending money from a wrong perspective. Plan on what you want to buy and stay disciplined while at it.

Shopping on every deal or offer

Nowadays, brands have known that they can hook consumers more by bringing new deals every now and then. These deals may get you spending money that was not on the budget at all. If you get a thrill from such purchasing, sit and evaluate yourself on how best to stop as you’re constantly spending money that was very Unplanned.

Buying duplicate items

Imagine you bought a carrot peeler last week and misplaced it. Since you can’t find it, you decide to buy another one. One week later, you find your initial one. Now you have duplicate items. Avoid buying things for the sake and discipline yourself.

Get to learn more about saving your finances and being more deliberate in how you want to spend or save. Your life will never be the same again after eliminating such bad habits.