5 Spending habits to break

Our spending habits play a fundamental role in determining how well we can save our money. If you wish to save more efficiently, it is important to recognise a bad spending habit when it occurs.

Watch out for these 5 common spending habits.

Eating Out
Dining in restaurants or grabbing take away most nights in the week is a good way to deplete your finances. Save money by eating out one or two nights and cooking the rest of your meals in bulk at home.

Impulse Buying
Purchasing items without a second thought is an easy way to lose money. A good way to avoid this can be to ask yourself if you are buying something because you ‘want’ it, rather than if you ‘need’ it?

Gym Memberships
Going to a gym is a great investment for your health and wellbeing. But if you find yourself not using it often, then your investment may well go to waste. There are many cheaper alternatives to exercise out there that do not require a pricey gym membership.

Credit Cards
A credit card is an easy way to spend money you may not have. Living beyond your means is a fast way to fall into debt. Avoid this problem by thinking of your credit card as an emergency- only option.

No Budget
Remember, if you want to build your savings then having a budget is an essential way to keep track of how much money you can spend each week.

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