Money is not everything, but everything needs money, don’t you agree? Have you ever or often experienced running out of money at the end of the month? It’s a total disaster when it happens. It may be caused by these 3 bad money habits. Read on.
3 Bad Money Habits to Put Behind
1. Following a whim or an impulse
You may use up most of your money because you cannot resist a whim or an impulse. You want the same new bag that your friend has. A friend gets a haircut in a trendy salon and you think it’s cool. So, you end up going to a barber to get that hairstyle.
Making these unplanned purchases is a money-consuming habit that needs to change. If you manage to get rid of this habit, there will be no such thing as not having money at the end of the month.
How to stop spending money quickly by bugeting with the Jago Pocket
It takes a strong determination to avoid temptation, but that doesn’t mean that you can’t. Of course, to change habits you can’t immediately take drastic steps. You can start by taking simple but powerful steps by starting to set a budget for these spending urges.
You can create a Pocket for this kind of spending in the Jago application, a life-centric financial application designed to make life easier and make you good at managing money.
After the Pocket is created, you can set a budget. Ideally, the portion is smaller than your routine needs, such as paying monthly bills and daily food. The principle is simple, as long as there is an allocation of money in this Pocket, you can use it. But, when there is only little money left, it’s time to refrain from the temptation to spend.
2. Buying everything that is on sale
If point #1 is more about following temporary urges or emotions and then deciding to buy the item at any price, point #2 is more about buying everything that is on sale.
Some people think that buying discounted items is a good habit because it saves money if you compare the discounted prices with the normal prices.
Actually, there’s nothing wrong with buying discounted items, as long as you only buy what you need.
If you buy everything, including what you don’t need, you will end up wasting money, even though your initial intention is to save money. In addition, there are stores that offer discounts on certain conditions. For example, buy 10 at x price. It’s when you need to rethink your decision to buy. Do you really need to buy 10? Will they end up collecting dust?
Also read: 5 Surefire Ways to Control Spending Urges
3. Paying admin fees for banking transactions
Admin fees, whether they’re monthly admin fees or fees charged when topping up your e-Wallet or transferring money to other bank accounts, are considered ‘voluntary’ spending. If you are charged only once or twice, it’s still okay. It’s not that fun when you have to pay a lot of admin fees.
But, that doesn’t mean there is nothing you can do about it. There is always a solution.
Having a Bank Jago account frees you from many admin fees
By having a Jago account, you no longer need to pay monthly admin fees for banking transactions. Transfer fees to other bank accounts and top-up fees? No such fees as there is a free quota for interbank transfers, top-ups and withdrawals at other banks' ATMs.
Let’s start putting the bad money habits behind.
