There are some spending habits that push us to waste money we otherwise wouldn’t. If we don’t avoid or discard them we risk our financial health. Here are five spending mistakes that may be responsible for your poor financial health.
Shopping in the company of people who love impulse buying
You may be a person who can make and stick to a budget or a shopping list, but when in the company of people who love impulse buying, you risk being influenced negatively. This may ruin your budget and saving plans. When shopping, especially on a strict budget, avoid going along with people who are into impulse shopping.
If you can go alone, that’s better. People may call you frugal, but you will be on a path toward saving and perhaps it will help you recover from financial turmoil.
Shopping without a purpose
If you are the kind of person who goes shopping without a purpose, you need to ask yourself the following questions: Is what I am buying going to make life easier? Will it provide me with lasting pleasure or is filling some void in my life? If the answer to these questions is no then do not buy anything. You will thank yourself later for this decision.
Shopping as a recreational activity
You may hear people say that shopping is their favourite pastime. If you have this mentality, look for another recreational activity that encourages sensible spending, or none at all.
Being easily influenced by advertisements
If you are the kind that is easily influenced by adverts, you will end up spending more on things that you may not need. Let adverts entertain you, but don’t allow them to dictate how you will spend your money.
Avoid specialised products
Instead of products suited for one purpose only, go for dual or multipurpose products. At least you will have bought two products in one. Don’t forget to ensure that they are standard, high quality goods, otherwise you may end up regretting it when you find yourself back at the store.