We are all guilty at some time of our lives at developing bad habits, particularly when it comes to money. However, for some of us, when these bad habits are left to form they can make all the difference between being able to achieve financial freedom or forever being laden with debt.
These are just a few areas that most of us fall into bad financial habits:
Buying on A Whim Without Shopping Around
Many of us will see something that we think we may need and immediately; purchase it without a second thought, or indeed before shopping around. Only when we look at our bank balance the next day, do we begin to wonder why we rushed into such purchases.
Why not develop a mantra of seeing a product and then giving it 24 hours to find out prices of similar products elsewhere, before you make that final decision?
Never Putting Anything by for A Rainy Day
While the term life is short is banded around often these days, a considerable proportion of us will live for many more years to come and, hopefully, well into retirement age.
It’s understandable that people don’t always want to keep money back, which they feel they could be enjoying now, but by placing a small amount aside each month, you give yourself the opportunity to enjoy your time in the future.
Sticking with The Same Businesses and Banks
With so many different companies on the market, and nearly all available at the click of a mouse, there is no reason not to shop around for banks and businesses in the twenty-first century.
This applies to insurance cover, accounts, accountants and lawyers. Make sure that you revise your current terms and conditions with each one and set this against what you are paying for such services every few months, ensuring you get the best deals.