We all have bad spending habits. Some of us live paycheck to paycheck because we don’t know how to consciously budget for every day life. However, there are even those in the upper classes that also have bad money habits. A slip up here and a splurge there is okay, but make sure you’re cutting out the toxic spending habits by following these easy steps.
First off, know how much money you make and how much you have to spend. It doesn’t require you to fully budget the whole week or month out (although I would encourage you to) but keep an accurate number in your mind at all times of how much you actually have to spend.
This includes checking your accounts frequently. Set alerts on your phone or download a budgeting app that connects to your bank accounts so you can be alerted to low balances. Make it a habit to check your account every day so you don’t overlook automatic bill payments and other costs that creep up on you.
Lastly, don’t rely on credit. Even I’m guilty of this. Remember that credit is not your money, so even if you have a high credit limit, it’s all going to come back and bite you if you don’t take care of it. Try not to rely on your cards, and instead carry cash so that you have a fixed amount you can spend.
Follow all these tips and you’ll be breaking your bad money habits in no time.
