10 Bad Money Habits To Get Rid Of Today !!

Hey guys! First, I would like to apologize for being away and not being able to create new write-ups and connect with you in the past few months but I am back now and today I am bringing to you the 10 bad money habits that are stopping you from saving and investing to create the future of your dreams. 

Getting rich is easy but staying rich is not. We have all heard so many stories of lottery winners who end up being as poor as they were earlier or sometimes even worse. There are so many people who complain that wealth doesn't stay with them. They lose all they earn in some way or another.

After a little research and a few experiences gained from my personal life, I have come up with 10 such bad money habits that make you poor. Now, these habits may not seem like a big deal when you look at them individually, but together they can make a great difference in your financial strategies and status.

1. Saving at the end of the month: Most of us save what is left with us at the end of the month. We receive an income, we use it for our expenses, and then if anything is left, we save it for the future. But this does not make saving your priority and if you don't save enough, you cannot invest enough. So, as I said earlier - Pay yourself first. Decide how much you want to save and then spend whatever is left of it.

2. Eating Out / Buying Coffee every day: It may not seem like a huge amount when you look at one single bill for a meal or coffee but overall, it makes a huge difference. You can confirm this on your own. Just collect all the bills or note the amount down every time you eat out and at the end of the month just sum up the expenses. You will be shocked to see how much it impacts your budget. Try to make your coffee at home and eat home-cooked meals as much as possible. Not only is this good for your pocket but also your health.

3. Food Deliveries at home: Home deliveries of food through Zomato/ Swiggy have also exponentially increased our meal expenses. Not only have they increased our tendency to eat outside meals but also, they overcharge you for everything even after all the attractive discount coupons they provide. It is not that we do so intentionally but piling up these bills seriously hinders our capacity to save.

4. Buying Grocery Without a List: One of my worst habits that I have changed over time is that now I go to the grocery store with a list. Earlier I used to think that when I saw a thing, I would know that I needed to buy them and that there was no need for a list. I couldn't be more wrong. The Grocery stores are designed in a manner for you to make impulse purchases. Many times, I ended up buying dozens of things I did not actually need and still miss a few items that were actually needed (for which I had to make a second trip). Now when I make a list of the things, I actually need I have less wastage and I have curbed down my grocery expense by almost 20%.

P.S. I still buy more than what is on the list. So, I am not telling you not to buy anything that is not on the list. But buy what you feel is needed.

5. Spending Money You Don't Have: The worst money habit is falling into the debt trap. We feel so blessed with an increased credit limit but that is exactly what we need to avoid. When the credit limit is higher or when we take loans to spend today and have no plans on repaying them, we fall into the debt trap. Take loans for assets and not for liabilities. Do not spend the money that you don't have. 

P.S. Read Rich Dad Poor Dad by Robert T. Kiyosaki

6. Paying for Convenience: Paying for things which may not be that useful to you but makes things a little convenient once in a while is another trap that most of us fall into. Delivery charges for groceries because you don't make a monthly list, Getting better visa card so that tap payments become easier (also if spending is easier, you'll spend more) are just a few couple of examples of how you are wasting your money.

7. Subscriptions You Don't Use: Newspapers, Magazines, OTT, and Apps subscriptions that are of no use but you take them anyway. Sometimes you just don't care enough to unsubscribe even when the work is done. Such subscriptions increase the load on your wallet sneakily without you realizing how much they are squeezing out of you. Be alert on every renewal and think twice if you really need that subscription.

8. Retail Therapy: Just because you are feeling sad, depressed, and lonely is no reason to go shopping. Though the term retail therapy has really been popular these days in reality it stresses you more than it relaxes you. Most of us are under the impression that things give us happiness, but in reality, it brings guilt, stress, more work and more load your way.

9. Impulse Buying: Items on sale, limited edition, gift offers, royalty points etc. are a few of the marketing gimmicks that we easily fall prey to. Buy the things you need. Be smart to use your royalty points and sale offers but do not buy things which are not needed just because they are on sale.

10. Upgrading: From iPhone 10 to 11 to 12 to 13, as soon as an upgraded model is available in the market, we rush to get it. Either on exchange or we buy new. Ask yourself, is it really necessary to get every upgrade possible? Most of the time we do not even require the feature that has been added to the gadget but we purchase it anyway just because it is the upgraded model. 

You may not have any, a few or all of these habits without even realizing that they exist. Hence, this is only to make you aware of the habits that exist. If you think there is something I missed, please add it below in the comments. 

Here is the solution on how you can break these habits:

Minimalism : Be more with less

Even if you do not plan to become a minimalist you will still find helpful solutions in this book to break these bad money habits.