Archive for September, 2013

Tips to stop bad spending habit

Monday, September 2nd, 2013

spending habitA lot of people these days have more personal debt than they can easily manage. The credit crunch is looking large and this has led to all the banks becoming extra strict with late payments. Are you struggling with more debts that you can handle? Well, if you are then you will have to understand that most people rake of their personal debts because they have bad spending habits. If you want to take care of your debts properly and put your finances back on track then it is very important that you bread your bad spending habit. Here is some help on the same.

To break your bad spending habit it is very important that you put your credit card away. If you think that it is impossible for you to resist making purchases with your credit card give you credit card to for some time someone you can trust. While going out for shopping, carry only cash. This will ensure that you make purchases only with the money that you have available with you. This will help you to develop a positive spending habit. Also, when you go shopping, along with the cash, carry a list. Prepare the list of things that you need to purchase beforehand and stick to that list while shopping. This will cut down on, or better still totally eliminate, compulsive purchases. The list will help you to focus and deter you from purchasing the things that you really do not need.

Secondly, it is very important that you set reasonable financial objectives for yourself. Make a list of things you spend unnecessarily on and try to reduce their number gradually. Cutting down your expenditure on small things will help you to save big.

Also taking to a financial consultant may help you to take a few smart steps.