How To Ditch Money Wasting Habits

We all have bad habits and guilty pleasures. We all have difficulty resisting temptations, and giving in to temptation is one of the first bad habits that need to be broken if you want to save money. If you’re hoping to curb your spending and save up your hard-earned cash, here are some tips to help you ditch your money wasting habits.

Step 1: Keep track of your spending

If you want to ditch your money wasting habits you first need to find out what those bad habits are. While it might be tedious and longwinded, making a list of your spending habits is a great way to find out where you’re going wrong with your spending. Use your phone or a notebook to write down everything you spend money on and, after a week or so, read it over and see for yourself what you’re spending your money on.

Step 2: Don’t pay other people to do what you can do for free

If you’re aware that you can do something yourself, why would you pay for someone to do it for you? If you can make your own lunch, why are you buying your daily lunch from the shops outside your work? Why would you pay someone else to change your car tyres when you could just as easily do it yourself? Learn how to do basic things, like cook and perform basic repairs around your home, to save money that you don’t have to spend.

Step 3: Stop being fussy

If you only have one particular brand of something you will always buy then now might be the time to try something different. Break the habit of being fussy in you want to save money. Instead of buying branded options, look form unbranded and inexpensive options. The same can be said for expiration dates on food and clothing items from certain shops. Try out some less expensive alternatives.

Step 4: Get your bills organised

If you want to stop money wasting then you need to break the habit of leaving your bills and payments until the last minute and not reading your contracts properly. When you don’t keep track of your payments you could end up overpaying, underpaying or not paying bills at all. When this happens, you could end with some pretty severe fines and piled up interest. Pay your bills on time and in full to avoid negative consequences. In the event of a financial emergency, you could use a payday loan from Wizzcash to pay back what you can’t afford and avoid any additional debt that might come your way.

Step 5: Learn mindfulness and self-control

Sometimes we spend without even thinking about it – it can just happen without us noticing. If you want to break some of your bad spending habits you need to start being more conscientious about what you’re buying. As you’re walking up to the cash register to pay say to yourself ‘do I need this’? If the answer is ‘no’, then you need to learn to be able to put it back and walk away. This may be difficult at first and it will take some conscious effort, but after a while you will start getting used to second guessing everything you buy.

Generic advice is not a service regulated by the Financial Conduct Authority.