Impulse buying, going over-budget, showing off, buying everything that’s on sale are all signs of bad spending. When such a spending pattern turns into a habit it causes problems.
Bad spending habits have a huge impact on your financial well being. They are a blow to your budget & can increase your debt. They can also be very difficult to overcome. Marketers spend billions of dollars every year on packaging, promotions, advertising, conversion optimisation, consumer behaviour research & subliminal messaging – all to make sure you buy more & more.
All this psychological manipulation can sometimes feel overwhelming. You buy things you don’t need, wasting money that could have been better utilised elsewhere. But a few smart strategies can help. Let’s get rid of these bad spending habits with the help of the following tips, so that you can bring your financial life back on track: