When spending money, you never know if you are doing it the wrong way or the right way, until when your purse is empty, and you realize you haven't solved your major problems.
It doesn't mean you don't manage your finances well, but you have some bad spending habits you didn't know you have.
Here are ways to know if you have bad spending habits.
1. Spending without a budget
If you think you know what you need all in your head, and don't need a budget, wait until your salary comes in. You will realize how confused you are, and everything seems important to you.
The purpose of a budget is to help you avoid mistakes like buying what you don't need. A budget is a cautious plan, it helps you to know how much you can spend and how much you can't.
2. Spending to impress
If you find yourself spending on something you don't need, just because a friend has it, then you are spending to impress. You might be doing that for show off or just competition.
Anytime you mismanage your income, it's either you add more debts or you can't save any one.
Before you want to impress anybody, make sure it won't affect your finances.
3. Shopping without a list
When you go shopping without making a list of the things you need, you will end up picking things you didn't budget for.
It's not wrong for you to buy things you didn't include in your shopping list, as long as it doesn't make you go over your budget.
Try to stick to your shopping list, so as to avoid buying things you don't need, and forget the important ones.
4. Spending without planning
If you sit down to plan your life, do the same to your finances. Start to make proper plans on how you use your money. Make money work for you and not the other way around. Avoid impulse buying, instead save and invest your money wisely
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