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Are you guilty of any of these ‘spooky’ spending habits? 😱
Sometimes, we can unconsciously repeat these habits without realising the dangerous impact they’re having on our finances. Doing these every now and again may not be cause for concern, but if these habits are becoming a common reoccurrence in your life - your finances may be in trouble!
1) Relying on your credit card
Using your credit card sensibly and strategically e.g. paying off your balance in full every month is unlikely to do you harm. But, relying on credit cards to pay for the essentials like rent, food, bills etc. is likely bad news for your financial future!
As well as this, you may also neglect to check your credit score as often as you should (or at all) and make a habit of using your credit card to get you by until payday rolls around.
2) Not checking in with your finances
You're tapping away day in and day out without thinking about the consequences. You avoid checking your bank account for fear of what the number will say, and you likely also procrastinate opening those bank statements or debt collection letters.
You prefer to live in the moment, but in doing so your finances are suffering and you've found yourself in bad financial situations that could easily have been avoided!
3) Not having a budget
Going through life without a budget in this day and age - and the current economy - is just plain risky. But, you believe that having a budget will restrict you and so don't bother with one at all.
You assume you'll fail to stick to your budget, but in reality, it's only causing you to spend more money than you can afford.
4) Not paying bills on time
You're either not paying off your credit card balance in full each month, or are continuously late paying important bills. As a result, you may often find yourself in arrears with rent, council tax, or other debt repayments.
These late payments are causing you stress, but they're also having an adverse effect on your credit score - which means more stress!
5) Spending money impulsively
You don't think - or wait - before you buy. You succumb to flash sales and believe you're getting a bargain - even if you never planned on buying that brand-new toaster.
You may also struggle with peer pressure and try to avoid FOMO by going out to an expensive dinner with friends even when you really can't afford it.
6) Letting your emotions take over
We all let our emotions get the better of us sometimes, but if your emotional state dictates how - and why - you're spending money on a frequent basis, your finances may be in trouble.
This is especially true if you currently don't have a plan in place to combat these feelings, and as a result, end up spending money when you're happy, sad, stressed, or bored!
7) Not having a long-term goal
Your money lacks purpose and you haven't given yourself a reason to save up e.g. retirement or emergency fund. Without a long-term goal in mind, you spend your money on things that bring short-term pleasure and instant gratification.
By the time your retirement comes, or an emergency arises, you may find that you're falling short financially and wish you had saved up sooner.
If any of these habits sound like you, tune in to our post next week & follow us on Instagram for PART 2 of our Spooky Spending Habits series for how to eliminate these bad habits from your life - once and for all.
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