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  • Emily Friday

7 Frightening Financial Mistakes to Look Out For this Halloween (And How to Avoid Them)

Are you guilty of any of these frightening financial mistakes? 😱

With only one day to go until Halloween, we’re dissecting the 7 most frightening mistakes you can make when it comes to your finances, along with tips on how to avoid repeating them in the future - so that you can stop feeling too afraid to check your bank balance 🫣.

1) Relying on your credit card

Depending on credit cards to get by until the next payday - or worse, to cover essentials like rent for the upcoming month - is a dangerous game that becomes even harder to stop playing. The best way to end this co-dependent relationship with credit is to remove the temptation altogether. You can start by removing pre-filled credit card information from websites, apps, and your phone, and also from Apple Wallet/Google Pay.

If you can't cut up that card for good, start by reducing your spending limits bit by bit and consider switching to a prepaid card like ImageNPay to help manage your spending. As you can only spend what's on the card, there's no risk of overspending, no interest fees, and no racking up further debt!

2) Not (regularly) checking in with your finances

We've all been there - the dread of checking your bank account after a fun night out can be overwhelming. However, ignoring your finances in the long run will only make the situation worse. The first step is to face the problem head-on - no matter how scary it seems!

Take an hour to sit down and honestly evaluate your finances, including your expenses, income, spending habits, and debts. Avoiding the issue will only increase your anxiety! After that, make it a habit to regularly check your budget to assess your spending habits over the past month and evaluate how successful you were in sticking to your budget.

Bonus tip: Turn on notifications from your banking or budgeting apps to get instant alerts and breakdowns of your spending. With ImageNPay, we'll always alert you when you're down to your last £5 to keep your spending in check.

3) Not having a budget

Creating a budget can be a daunting task for many of us. To overcome a budget feeling too restrictive, it's important to work on our mindset and start with a simple method like the 50/30/20 approach. This method involves allocating 50% of your income to your needs such as rent, bills, and food, 20% to savings, and 30% to wants such as entertainment, hobbies, and shopping. It is also important to not restrict yourself too much and set aside some "fun money" in your budget to indulge in things you love.

To make budgeting simpler, you can use a budgeting app like ImageNPay. With our app, you can monitor your transactions in real time and dedicate your prepaid card solely to a shopping fund!

4) Falling behind on your bills

Paying your bills and direct debits on time is super important, but sometimes we all forget things! If you're one of those forgetful types, don't worry, there are a few things you can do to avoid those pesky debt collectors knocking at your door.

First things first, make sure you mark all your due dates on your phone calendar and a physical calendar that you keep in view somewhere in your home. That way, you'll always have a friendly reminder of any upcoming bills. And if you have a friend who's also trying to manage their bills, why not team up and be each other's "accountability buddies"? That way, you can stay motivated and remind each other when needed.

5) Spending money impulsively

It's no secret that modern technology and the convenience of online shopping have made it harder to resist impulse buying.

The best way to overcome this is to delay gratification and wait at least 24-48 hours before making the purchase. By doing so, you will likely lose the urge to buy the item and may even change your mind about its necessity!

You can also try answering these 5 quick questions before making any purchase to determine if it's really something worth spending your hard-earned money on.

6) Letting your emotions take over

If you often feel the urge to treat yourself on special occasions or go shopping when you're stressed or bored, you may be susceptible to shopping under the influence of your emotions. While this can be difficult to avoid, the best way to cope with these impulses is to seek support from a friend when you're feeling the urge and adopt healthier coping mechanisms to deal with strong emotions, such as meditation or exercise.

Additionally, removing shopping apps from your phone can also be helpful and help you resist temptation altogether!

7) Not having a long-term goal

If you're finding it hard to stay motivated with your financial goals, or if you've been feeling discouraged because your dreams of becoming rich and successful haven't come true yet, don't worry – you're not alone!

One thing you could try is to revisit your long-term goals and figure out your "why". What's driving you to want to achieve financial success? Maybe you want to be able to provide for your family or follow your passions without worrying about money. Once you know your "why", you can start setting achievable goals that will help you build momentum and confidence. Don't forget to celebrate your progress along the way!


Are your finances in trouble? Do you struggle to gain control of your spending? The ImageNPay app can help.

With your very own digital prepaid card, you can set spending limits, personalise your card, and monitor transactions for peace of mind that you'll NEVER overspend again - and the only thing to fear this Halloween will be the trick-or-treaters at your door 👻

To find out more and download ImageNPay today on iOS and Android, just tap the button below!

imagenpay halloween digital prepaid card


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