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Money has always been a terrible influence on me. Well I wouldn’t say it’s terrible but it’s definitely held me back in some respects. I’m a saver at heart so the idea of spending money makes me anxious because for some reason I feel like I could easily lose all my money if I left myself go. I try and curb my spending habits by spending a set amount each month, which I think has been helpful because we’ve just brought a property.
But not everyone has the same paranoia that I experience with money and in fact there’s a lot of temptation when it comes to parting ways with your money. These habits can definitely burn a hole in your wallet if you’re not careful so here’s a few habits that you might find are breaking the bank.
I don’t have a problem with people smoking because if that’s what they want to do then they are entitled to do so. It’s a habit yes but if it’s something they enjoy, then who are we to say it’s wrong? Smoking is a very expensive habit, especially for those who smoke a lot on daily basis. Research claims that a smoker who goes through 20 cigarettes a day can shell out £2,500 a year. I mean, that’s a lot of money when you take it off your annual salary.
Vaping has been around for a few years now and has become the new norm. Vaping is also a lot more affordable than cigarettes so if smoking is a habit you don’t want to give up, then consider vaping as a cheaper alternative.
Hair & Nail Salons
Hair and Nail salons for me are a treat. I’ve only just got myself into a routine of having my hair cut every 6 weeks which costs £26 and is Central London. I think it’s a bargain considering the average wash and cut costs around £40-£50. However, I know people who have a lot of pampering sessions that range from getting their nails done to having their eyebrows done and the cost must be astronomical.
Now there’s nothing wrong with pampering yourself, in fact we should be doing it more often in this day and age but giving yourself a budget to spend each month would be useful so that you don’t overspend and perhaps you can move one appointment to the next month to save.
This is where I tend to let myself go a little because there’s nothing more dangerous than seeing what a whole brand has to offer and buying more than you intended to buy.
My tip for spending less online is to only buy the products you need to get. Anything that ends up in your basket at the end that doesn’t belong there, chuck it out.
Coffee To Go
It’s a little luxury that for most Londoners tends to become a ‘oh I’ll just get the one coffee this week‘ but ends up actually being a daily cost. And the coffee isn’t cheap, especially if you’re like me and have syrup in your coffee. That small amount of £3-4 soon builds up to be quite costly.
Be strict with your coffee trips. Try to stick to the one coffee shop and make sure it has a good loyalty points system so you can make the most of the free coffee.
Overspending on the Credit Card
I am definitely a culprit of this but for me it’s because we had lots of house stuff to buy and it’s spreading the cost. However my limit is under £1,000 whereas I know some people who have a lot more. This can be very dangerous especially when it’s giving you the option of spending beyond your means. Just because you pay it back in small amounts, doesn’t mean you’ve spent any less than you should.
Limiting your credit allowance is the best way of keeping a hold on overspending. Keep it on a limit that’s just a little over your combined monthly spend to cater for emergencies.
Do you have any money spending habits? Let me know in the comments below.
*Disclaimer – This is a collaborative post. All words are my own.