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July 18, 2024
PI Global Investments

Financial expert explains the bad habits that are causing you to spend more

We’ve all been there – you check your bank account balance and wonder where all of your money went. In today’s world of convenience and instant gratification, it’s alarmingly easy to lose track of our spending habits.

However, being budget-conscious is crucial, especially in times of economic uncertainty. Like many countries around the world, the UK is slowly exiting a cost of living crisis. While inflation is falling, many products are significantly more expensive than they were a couple of years ago.

Jason Higgs, Senior Deals Strategist at Bountii, explores four habits that may be costing you more than you realise and how to break free from their grip.

Impulse Purchases

Ah, the allure of a good deal or a shiny new gadget! Impulse purchases are the silent killers of budgets. Whether it’s that ‘buy one, get one free’ offer or the latest tech craze, these spur-of-the-moment buys can quickly add up. As Jason warns, impulse purchases are the enemy of financial freedom. They trick you into thinking you’re saving money when you’re actually spending it.

Jason’s tips to break this habit :

  • Practise the 30-day rule – whenever you feel the urge to buy something unnecessary, wait 30 days before purchasing it. The urge often passes.

  • Unsubscribe from promotional emails and unfollow brands that tempt you to spend.

  • Leave credit/debit cards at home and only carry cash for essentials when going out.

Subscription Services

In the age of streaming and subscription boxes, it’s easy to accumulate a plethora of monthly charges. From music and video platforms to meal kits and beauty boxes, these seemingly small fees can snowball into a significant financial burden.

As Jason advises: “Review your subscriptions regularly and cancel the ones you no longer use or need. Those $10 charges add up quickly.”

Jason’s tips to break this habit :

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