Types of Good and Bad Spending Habits

Are your finances feeling a bit tight?

Struggling to make ends meet due to unexpected costs and rising expenses? 

If so, you’re not alone.

Many of us have faced uncertain financial times at some stage in our lives.

Some, like me, are prone to having financial disasters come into our lives!

The worst was in 2016….

….we went bankrupt in January from lawyer and medical bills that were unavoidable, but piled up and drowned me under them either way!

We had some hard years after that, and I learned to be very intentional and mindful with our money.

So whether your hands were dirty in creating your disaster or not, it can be hard to break out of the cycle if we don’t make positive changes in how we approach money.

Good financial habits can go a long way in getting your finances back on track and helping keep them that way. 

The best way to start is by establishing good spending habits.

Developing good spending habits is key to building a healthy relationship with your finances, but many people find themselves falling into bad habits without realizing it.

Although a ‘good’ habit may look different for everyone, there are a few common tips to help use good spending habits as consistently as possible.

And help you to avoid the bad spending habits as much as you can.

I’m here to tell you that managing money is not as difficult as it seems.

Working out the best spending habits just takes a little common sense and I’m going to help you start taking action today.

The Good Spending Habits You Should Be Following

We’re about to get down and dirty with some good spending habits that will make your bank account sing.

Let’s face it, most of us could use some improvement when it comes to our spending habits.

It can be tough to resist splurging on that shiny new gadget or treating ourselves to a fancy dinner.

But being mindful of our finances now can pay off big time in the long run.

Instead of living paycheck to paycheck, we should aim to save a portion of our earnings, pay off debts, and invest in experiences rather than material possessions.

And hey, there’s nothing wrong with indulging every once in a while, just make sure you’re doing it within reason.

With a little discipline and determination, we can all develop good spending habits that will set us up for a brighter financial future.

Investing in yourself – Education, Learning, and Self-Care

Listen up, folks – it’s time to start investing in the most valuable asset you’ve got: yourself.

That’s right, I’m talking about educating yourself, learning new skills, and taking care of your damn self!

Because who runs the world?

You guessed it, those who invest in themselves.

Don’t sit around waiting for someone else to make you better – take matters into your own hands!

Sure, it may take some effort and a little bit of cash, but trust me – the return on investment is worth it.

Take a night class, read a book, join a yoga studio – whatever floats your boat.

Just remember, when you invest in yourself, you’re making a commitment to being the best version of you.

Remember, YOU are your best asset.

Being frugal – Finding ways to save money on everyday purchases

Let me tell ya, being frugal is on trend!

It’s all about finding ways to save those coins on everyday purchases. And yes, it’s easier than you think.

To save money on everyday purchases, get creative!

• Say bye-bye to those fancy coffee shops and hello to that good ole drip coffee maker at home.

• Pack your lunch instead of blowing all your dough on takeout.

• And don’t you dare buy those pre-packaged meals, I mean have you seen the prices on those? Instead, plan your meals ahead of time and cook at home.

• And did you know that there are apps that can help you save money on groceries?

• Don’t be afraid to dig through those clearance racks for hidden treasures.

• And, let’s be real, who needs a gym membership when you can get your workout from chasing down those coupons?

Oh, the money-saving possibilities are endless, my friend.

So, embrace your inner bargain-hunter and start getting a little frugal!

The Bad Spending Habits You Should Avoid

Alright, let’s talk about some bad spending habits that you absolutely need to avoid like the plague.

• Firstly, let’s get one thing straight- retail therapy is not a legitimate form of therapy.

You know we all have that one friend who loves to spend money like it’s going out of style.

And hey, who are we to judge?

Sure, splurging on a new outfit or gadget might make you feel good for a hot minute, but the guilt that follows when you’re left with an empty wallet and no savings to show for it? Not worth it.

• Please, please, please….stop relying on those credit cards like they’re your lifeline. Trust me, that low-interest rate will eventually catch up to you.

• Another habit to ditch is dining out constantly.

I get it, cooking is a hassle and there’s something magical about someone else preparing food for you.

But trust me, those restaurant bills add up quicker than you can say “I’ll have the lobster.”

• Don’t even get me started on subscription services you don’t actually use! Cancel those damn things!

• And finally, for the love of all things holy, please stop living paycheck to paycheck.

It’s time to start saving for a rainy day because, let’s face it, we never know when that storm is going to hit us.

So, let’s make a deal- we’ll all work on avoiding these bad spending habits, and in turn, we’ll have more cash to treat ourselves to something really worth it.

Deal? Deal.

Impulsive spending – Buying things without thinking it through first

Here we go, let’s talk about impulsive spending.

The evil root cause of ruined budgets everywhere!

You know, that feeling of seeing something shiny and new and just having to have it?

It’s like you have some magical power that makes every shiny object you see seem like a must-have item. “Squirrel!!”

It happens to the best of us.

But let me tell you, that moment of instant gratification can really sting in the long run when the credit card bill arrives.

Trust me, I’ve been there.

Save yourself some regret (and some cash) and try to break that habit of impulsive spending.

Before you swipe that card, take a moment to really think it through.

Do you really need that new outfit or gadget?

Or is it just a temporary fix for boredom or stress?

Next time you’re ready to buy something on a whim, ask yourself, “Do I really need it? Or am I just under the spell of impulsive spending?”

And if all else fails, put down the credit card and walk away.

Trust me..your wallet (and sanity) will thank you.

Keeping up with the Joneses– Trying to stay on trend by buying expensive items that you can’t afford

Listen, honey, I know we all want to keep up with the Joneses.

But let’s get real here. Its time to stop.

The Joneses may have the latest and greatest gadgets and gizmos, but at what cost?

Just because your neighbor has a fancy car or the latest iPhone doesn’t mean you need to follow suit.

Don’t let their flashy lifestyle make you forget about your own financial goals and priorities.

Buying expensive items that you can’t afford just to stay on trend is not the way to get to your goals.

I’d rather have a full bank account than a closet full of designer clothes any day.

Besides, who says you have to keep on trend anyway?

Fashion is about expressing yourself, not conforming to what everyone else is wearing.

So put down that credit card and step away from the Gucci purse.

Let’s start living within our means and enjoy the simple things in life, like a good movie and a bowl of popcorn.

I mean, who needs a fancy purse when you have a buttery snack by your side?

How to Implement Good Spending Habits

Here come the truth bombs!

It’s high time to learn how to implement some good spending habits in our daily lives.

And no, I’m not saying you need to become a stingy miser and stop spending altogether.

What you need to do is to become a smart spender.

Yes, you heard it right. Smart spending is the new cool.

It means spending on the things you need and also on the things that bring you happiness, but within your means.

Start asking yourself if you really need that item or if there is a cheaper alternative that works just as well.

You must learn to differentiate between wants and needs.

Trust me, that designer handbag is not a need (even though it may feel like it at the time).

Secondly, if you want to have good spending habits, you need to know where your money is going.

Budgeting isn’t just for accountants or old people.

Implementing good spending habits may not be as exciting as a shopping spree, but it’ll keep you financially stable in the long run.

Set a budget and keep track of your expenses

It’s time to set a freaking budget and keep track of your expenses.

Budgeting is the good stuff!

Yeah, I said it!

You can’t keep swiping that shiny credit card like it’s a magic wand that will solve all your financial problems.

Let’s be real, debt collectors knocking on your door are not a cute accessory to your apartment decor.

This isn’t rocket science, just basic addition and subtraction.

Allocate your money to necessities like rent and bills, then prioritize other expenses like entertainment or shopping.

Figure out how much you need to spend on essentials (like rent and groceries) and then give yourself a fun allowance.

And NO, that doesn’t mean you can spend your entire paycheck on margaritas every weekend.

It means finding a balance between being responsible and enjoying your hard earned dollars.

And dang it…. make a conscious effort to save!

Put some cash into a savings account every month, even if it’s just a small amount.

You MUST create a budget and stick to it.

Yes, it may seem tedious, but it’ll save you from drowning in debt.

If you’re not setting a budget for yourself and keeping track of your expenses, then what are you even doing with your life?

It’s time to get on top of your finances and stop living like a baller on a budget that screams “financial disaster.”

Sure, it might be tempting to ignore budgeting and live in denial, but trust me, it’s not worth the stress in the long run.

So, break out that dusty spreadsheet (or notebook or app) and start tracking those expenses like it’s your job.

Oh wait, it is your job- to live within your means and save for your future.

It may not be the most exciting thing in the world, but hey, neither is living off ramen noodles for the rest of your life.

Get it together and set that budget like the boss you are.

Put away money into savings every month

Let me tell you, saving money ain’t easy, but it’s necessary.

Putting away money into savings every month is like giving yourself a weekly dose of self-care.

Which is the same as investing in yourself.

Pay Yourself First!

Sure, it may not be as glamorous as buying a new pair of shoes, but trust me, your future self will thank you.

And who knows, maybe one day you’ll be able to buy those designer shoes, but this time with money that you’ve saved up instead of swiping that credit card.

You can’t rely on that paycheck to be there forever, so it’s time to start putting some dough away.

And I ain’t talking about the delicious, carb-filled kind 😉

Set yourself up with a savings account and make it a habit to toss some cash in there every month, even if it hurts a little.

Think of all the fancy vacations and shopping sprees you’ll be able to splurge on once that savings account starts adding up.

Plus, it just feels pretty darn good to watch that savings account number grow each month.

So, don’t be afraid to put that cash away into your savings account, because you’ll never regret taking care of your finances.

So let’s get to it, shall we?

How to Break Bad & Unhealthy Spending Habits

Oh honey, we’ve all been there.

You walk into Target with the intention of buying one thing, but somehow you end up at the checkout with a cart overflowing with items you didn’t even know you “needed”.

Breaking bad and unhealthy spending habits can feel pretty daunting, but have no fear, I’m here to help.

First things first, take a look at your spending history and identify your triggers.

Are you an emotional spender, or do you just love browsing online shops late at night?

Once you know what sets you off, you can start making a game plan to combat those urges.

Trust me, with a little bit of self-awareness and discipline, you’ll be on your way to a healthier financial future in no time.

Breaking bad and unhealthy spending habits can be hard but it isn’t impossible.

So, put down that unnecessary item and start assessing your spending.

Make a plan for what you will do if that urge hits…do you put down the card and think about a purchase for 24 hours?

Do you assess each item as you put it in the cart if it is truly a necessity?

Your plan and how you do it is up to you. Just make sure you have a plan in place!

Reframe your mindset from “I want” to “I need” when shopping

It’s time to step up your shopping game.

Let’s reframe that mindset from “I want” to “I need.”

Because let’s be real, do you really need that fifth pair of black boots? No, you don’t.

When you start thinking about your purchases in terms of needs instead of wants, you’ll start making smarter, more intentional choices.

Plus, you’ll be less inclined to impulse buy because you’re actually considering if the item is a necessity.

And we all know that impulse buying does not equal financial stability.

Plus, it’ll feel pretty damn empowering to resist those impulse buys and focus on the things that really matter (like paying rent or bills).

So, the next time you hit the mall, ask yourself, “Do I really need this?”

And if the answer is no, then walk away, honey.

Your bank account (and future self) will thank you.

Make an effort to be more mindful about your purchases

Now it’s time to start being more mindful about your purchases.

You wouldn’t want to end up with a closet full of clothes you never wear, or a kitchen full of gadgets you never use.

Trust me, I know from experience and its kinda embarrassing.

So, take a moment to really think about your purchases.

That limited edition lipstick may look amazing in the store, but do you really NEED it?

Are you going to stay on budget if you buy it?

That trendy unicorn coffee mug is so cute!!! But is it going to cause you to overspend?

And let’s be real, do you want to be the person who gets excited about a sale only to have a closet full of clothes with the tags still on them?

No, you want to be the person who makes intentional and thoughtful purchases, and rocks them with confidence. Right?

So do yourself and the planet a favor and start putting in a little effort before hitting that “add to cart” button.

Ambitious Thoughts –

Overall, it’s important to develop and maintain good spending habits, while avoiding the bad ones.

Really evaluate how you allocate your funds and why you do it – is it because of a genuine need or just a mere want?

Breaking unhealthy spending triggers isn’t always easy, but being mindful and conscious can go a long way.

It’s also important to set financial goals in order to help you stay on track with your savings plan.

So ask yourself one more time: what’s your biggest spending trigger?

Even better – what are you going to do about it?

Once you have identified which areas need improvement and developed actionable plans for those areas, your money management habits should fall into place easily!

Thanks for coming to my TED talk. 😉

Let me know in the comments what triggers you to making a bad spending decision?

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