4 Awesome Tips for Quitting Bad Money Habits
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Bad money habits are some of the easiest to fall into and can mean that you're struggling to make ends meet. We've come up with some tips that you might find useful when managing your income and decide to invest in online trading.
Keep a record of your spending
One of the easiest bad money habits to fall into is not keeping a record of your spending. With contactless payment, online shopping and multiple accounts, you can end up spending money before it's even entered your account. The best way to quit this is to keep track of how you're spending. Try downloading your bank's app so you can check your statements whenever, making a note every time you fill up your car with gas or notice when your monthly subscriptions are coming out of your account. By keeping a record of your spending you can find out where you can save and what you can change.
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Don't buy things you can't afford
With easy credit available on everything from sofas to mobile phones, it can be easy to say yes to expensive things knowing you can pay it off over time. However, with interest, penalties for repayments and the tough financial environment, it's unwise to take out plans on things you can't afford unless it's really necessary.
The internet is an amazing tool for saving money. Instead of just buying whatever you're used to, do a little research. Maybe your grocery shop could be done way cheaper elsewhere, or maybe you can find some coupons or discount codes. If you're making a big purchase, like a car or a TV, make sure you look around through a range of sites and get the very best price you can.
If you've found you're spending way more on your card than you think you are, try using cash. If you're going on a night out or meeting friends, take the amount you're comfortable spending out in cash and leave your card at home. If you really want to test yourself, take out enough cash for a week and try not using your card at all - seeing a few coins left in your wallet is a lot more vivid than just tapping your card.
At Trading Education we want to help and guide you so that you can be able to make the most of your money. A great way to do that can be to make sure you're not falling into bad money habits. Money saved can become money to invest.
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