If we go through the definition, a quirk is nothing but unnatural gesture or behaving. You may believe it or not, our financial quirks practically harm our life. To be more precise, we are damaging our financial life with our own hands.
Many of us feel ourselves financially vulnerable, and often fear about money matters. We use various ways to make the things right. Sooner or later, these ways often become drastic financial habits.
Do you believe your financial habits need attention? Try to find answers of these below-given questions and evaluate yourself:
1. Are you getting affected by the money quirks negatively?
2. Does it take too much hard work to stop the quirk?
3. Do your loved ones also getting worried about you due to your money habits?
4. Is your money quirk hampering your work, relationship, or other things?
If all of the above-mentioned questions indicate towards the answer “YES”, then let’s put some light on those money quirks or bad financial habits:
1. Avoiding the issue
One of the most significant bad financial habits that can lead you into serious financial hardship is ignoring that issue at all cost. People somehow manage to block their minds and ignore account statements, balances, or credit score. As a result, they miss important financial changes, starting from monthly payment due date to false buying.
If you don’t track your money, it’ll lead you to many serious issues that can damage your finances, including your credit score. So, being ignorant about your financial health is not wise.
2. Stress spending
Another bad would be spending like freaks. More or less all of us have experienced a time when we spent like hell due to the heat of the moment. But, when we realized our mistake, it was too late. As a result, we are getting stressed and start spending more.
The concept is like - “Oh, I’ve already messed up, some more will have no effect on me.”
This is bad. We need to stop ourselves the moment we realize that we are spending limitless. Don’t go with the flow, or else you’ll kill your finances soon.
3. Spending due to anxiety
An anxiety disorder may cause abnormal spending behavior. Some people may feel temporary relaxation by personalized spending. It’ll make them feel like a person they actually like to be. As a result, people spend more to get out of their anxiety.
So, you must treat the core problem, your anxiety. If you don’t, you’ll ruin your credit over a series of unwanted things.
4. Ignoring your future
Being teenagers, we often ignore thinking about our future at the very beginning of our live. We earn, we spend like hell, save very little and forget everything.
But when we reach our 30s and plan for marriage and kids, we realize what a grave mistake we have done in our early life. We will require funds to meet emergency expenses but we don’t have that much saving.
Saving money is an integral part of our future planning along with marriage, kids and everything else that we could have in future. If we don’t save today, there will be nothing left to spend tomorrow.
5. Living under the shadow
No matter what we have done in the past, we must recover ourselves from their shadow. We can control our habits, and change the way we treat our finances all the time.
So, learn how to control your impulses, change your unnatural spending behavior and concentrate on saving.
Few important money-managing tips:
a. Try to place your bills in your wallets in as per the date. It’ll help you to find the bill that you need to pay immediately. You can also order them by denomination.
b. Always wrap the smallest bill around larger bills. This way you won’t forget any single bill, not even worth a dollar.
c. Don’t always try to buy goods in “twos.” If possible, pick only one while shopping. Some people have a weird tendency to like things in pairs. Somehow, they tend to gather things in even numbers rather than odd ones.
Make sure that you find the reason behind your insane money habits. Don’t ignore the matter and take it seriously.
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