Saving Money 3 Really Bad Habits That Can Destroy Your Budget

[Good-Guy]

Saving money is something many people want to do, but is it really that easy or simple to save money? Well, it seems like it is not that easy to save money because many people make many mistakes when it comes to saving money. There are many bad habits many people form when it comes to spending money. So, what are they?

Spending Without Keeping A Record

There are many people who just spend money in an extravagant manner and they never keep a record of their spending. Keeping a record may help you to calculate your spending and also help you to create a great budget plan, but many people just ignore this fact and spend money recklessly.

Spending Money On Unnecessary Things

When it comes to spending money. The very first thing you must ask yourself is: do you really need to do that? Of course we all need money in our life, but we need to make sure that we are spending money on things we actually need.

Not Creating A Budget Plan

Not Creating A great budget plan is another mistake many people make. It might be possible that a person might be stingy and try to save as much money as he can. If a person is fine with that, then it is his own choice. But no matter how extreme you are at saving money, you still need to create a budget plan in order to track your savings and save money.

 

[eldavis]

I am seriously falling short on number one and number two. Though I don't always create a budget, but most times I try my best to do so. I think one Major reason why most persons are unable to work with their budget is that they are unable to know the difference between their needs and wants. They end up spending all their money in purchasing what they want rather than what they need.

 

[Rachael]

There are bad habits that could destroy our budget and it is left for us to devise means in which we can salvage the potentials of incurring debts. There are some individuals who are so care-free when they come in contact with money such that, they fail to set their priorities straight. There are individuals who do not even work according to their finances and budget and those who falls under this category are prone to incur bad debts. However, there are ways in which these bad habits of mismanagement of resources can be avoided.

First, it is wise to have a budget, where you set out only the priority things that would be needed in a week or month and try to adopt the scale of preference. You should shun the habit of squandering money at any given opportunity and you should also try to deal with the pressure to spend beyond your budget. No doubt, there are cases where the budget requirement is expensive when the goods or services are being purchased and this only means that you might have to eat deep a bit into the available money. With practical steps and intentions, it would be easier to have a good budgeting plan.

 

[sincerem]

I know I do spend money carelessly at times, but not all the time. I have discipline on the funds I'm spending, I spend money based on budget, and not spending because I want to spend money.

I have an online bank that helps me manage my funds, I use the bank to lock my funds when I see that I'll be on an unnecessary spending spree. And again, I earn recurring interest as i lock the funds there, it can be monthly, bi-monthly, or in six months duration. I make use of the monthly duration locking option and not the six months type. It's too long locking the funds in the next six months, I have responsibilities to look out for, that's why I don't look into such long duration of time when it comes to locking my funds on the fixed deposit account of the online wallet app that has banking features. The name of the online wallet is Branch loan app'. It is loan app, with banking features, good for saving, which helps any user have discipline with his or her finance.

 

[Abigael]

Those are really grave mistakes that people make which prevents them from saving money even if they planned to do so. I think the biggest mistake is that of spending of unnecessary things. I think being a spend drift has really made so many people financially unstable. It is best to improve your spending self discipline.

Not budgeting your money is also a big mistake that will prevent you from saving money. This is because you have not really specified on how much money you are going to spend and how much will remain for your savings. So you need to start budgeting starting with you needs and putting your luxuries last.

Another mistake is that of not having a definitive account for saving money. I think money should be saved in an account where you cannot easily access. That way, you won't be spending from your savings easily. I prefer saving mine in a lock savings account.

You also need to increase your income so that you can start saving better. That means you need to look for a side income or something that will earn you more money than you do right now. Many people complain that they cannot save now because they are earning so little. So improve your earnings and save better.

 

[Jasz]

Alot of Bad habits can ruin your budget.
When you're trying to get your money in order, you may be focused on things like your budget and checking accounts. But the fact is that bad habits can completely derail all of your financial planning and leave you helpless to catch up with bills.

Here are a few bad habits that could have a negative impact on your bidget:

You don't take your budget serious.
Let's start with one of the most important things you should be doing for your is taking your budget serious. Descipline is the only way to take full control over your money, as it gives you visibility into every momey that comes in and goes out of your account. It can help make sure you're spending less than you earn and giving every monkey a job. If you don't know how to deal with your budget or need some guidance, check out some budgeting tools online.

You forget to track spending.
Even if you create a budget, it's not enough to just set it and forget it. You should be tracking all of your spending against that budget so you know where you stand at any given point during the month. If you don't track what's going out, there's no way to be in control and achieve your goal.