Circuit break your bad spending habits
Written by R. A. Stewart
Bad spending habits can quickly add up and cost you a small fortune over a period of time. Buying coffees downtown may cost you a fiver but if you are doing it daily then that is $25 per week which you could have used for some other purpose.
A bad spending habit can be very hard to break so why not use a circuit breaker. That is, decide that you are not going to do this bad habit for 24 hours. See how you go.
Coffees
Have you ever thought about how much you are spending on coffees when you are downtown? Let’s think about it, $5 spent on a coffee + whatever you choose to eat with your coffee adds up to a small fortune. If you are spending $5 on a coffee and $4 on a couple of sandwiches then that is $45 per week. That is assuming you work Monday-Friday. Do the maths and your $45 per week adds up to over 2k per year. If you need to find an extra 2k per year to balance the budget or to go towards your other goals then this is a good starting point.
Eftpos card spending
Using the eftpos card is so convenient, so many of us do it without even thinking about how it is affecting our bank accounts. There is a cost to prolific eftpos use and that is high bank fees at the end of the money. Breaking out of the habit of using our cash instead of cards helps us to understand that it is real money we are spending. Putting a 24 hour halt to our eftpos card use will help us to break this costly habit.
Buying lunches
This is another area where you can save a bit of money. If you are into the habit of buying your own lunch instead of making it then why not decide that you will not buy your lunch for today. If you can put a circuit breaker on this habit then it may help you to form the habit of making your own lunch.
Credit card spending
If you have a credit card spending habit then the question has to be asked, “Are you living beyond your means?”. I know lots of people who have never owned a credit card yet are on benefits or low paid jobs. Lifestyles can be adjusted according to your level of income but the problem is when you have accumulated debts then all of a sudden have lost your job. If you have made a habit of using your credit card then make a habit of not using it for a day at a time then after a week or two it will become a habit and your finances will be in a better shape. Adopt the motto, “If I don’t have the money I don’t buy it!”.
Gambling
This habit can destroy a family’s financial future. Placing a 24 hour break on all gambling activities will help you to break the habit. Unfortunately, some people are addicted to some forms of gambling. If this is you then, it is time to seek help.
Internet spending
This is another drain on your finances. Surfing the internet looking for stuff to buy can drain your bank balance. This is money which could have been put toward some investment.
Alcohol, smoking, and making unnecessary trips in your car are other drains on your finances.
It is not how much money you make which will enable you to get rich, it is how much you save and invest. It is the old saying, “Different outcomes are due to different choices,” therefore if you want a different outcome in your life from what you are experiencing then make different choices.
About this article
The information in this article is of the writer’s own opinion and may not be applicable to your own personal circumstances therefore discretion is advised. You may use this article as content for your blog or website.
Read my other articles on www.robertastewart.com
