Bad spending habits you need to stop right now!

Posted: 7th July 2020 15:58

We all have bad habits. Biting our nails. Leaving our dirty clothes on the floor. Swearing. The list is endless. While some habits can be just be distinguished as irritating and or grating on others, some bad habits can have a surprisingly negative impact on your future.

Bad spending habits are incredibly difficult to shake, and in some extreme cases can leave you in a precarious financial position. Debt, overspending, nothing set aside for the future – click here for the latest in ISAs from Wealthify -  it all adds up to a lot of stress and worry.

This is why kicking those bad spending habits to the kerb is so important. Wondering if you have bad habits you need to shake? Check out the spending habits you need to stop right now!

Unused subscriptions

We all have them. Whether they were free in the first month and we’ve since forgotten about them. Or we just don’t use them as much as we thought, monthly subscriptions are a huge drain on your bank account. And signing up for them on a regular basis is certainly a bad spending habit you need to stop. Sure it only seems like a few pounds each month, but all those pounds quickly add up and they’re much better off in your pocket.

Online gambling

These days you don't have to drag yourself to a betting shop to have a flutter. It's all in the palm of your hand. From bets on royal baby names to horse races, football league winners and of course all kinds of sports fixtures, you can even play blackjack, roulette, bingo and slot games. These games seem like harmless fun, but again the costs can quickly add up. Especially if there are minimum joining fees and minimum bets.

Emotional spending

If you’ve had a bad day at work and you know that expensive pair of shoes will make you feel better, then you could find yourself in a sticky financial situation. This kind of bad spending habit can quickly spiral out of control, especially if you have created a link between personal contentment and spending. You may enjoy your quick “spending” fix, but it’s a vicious circle that you should avoid.

Late fees

Haven’t paid your credit card on time? Or maybe you haven’t paid back your overdraft in time? Fees and late penalties due to poor money management can end up costing you hundreds or even thousands each year! The best way to tackle this bad spending habit is by taking better control of your finances. Make yourself aware of payment due dates and get your head out of the sand!

And finally, spoiling the kids

We all want what's best for our kids, they shouldn't have to pine for anything. Sadly, in our haste to spoil them as much as possible, it's easy to spend, spend, spend and worry about the financial consequences later. Try to find free or budget-friendly ways to spoil your children rather than maxing out your credit cards and heading to the toy store.