Habits that drains one's budget.

In this economy we are in, it is expedient we track our spending and work fervently on our budget because it's so important on our journey to financial freedom. A budget is a list consisting of incomes and expenses. In a list, there should be a limit to one's income that should be spent on expenses and spare funds to save and invest. Meanwhile, there are some habits that should be cut out or acted upon moderately because it wouldn't be ideal to tell us to scrap them off completely. We just have to strike a balance and manage our income while cutting down on some expenses in order to save too.

The habits that drains budget are;

Impulsive buying: When you purchase something without thinking about it which leads to overspending could hamper your budget and disrupt your goal of financial freedom. Before I started getting intentional about my money and learning how to budget wisely, I have always purchased items merely seeing them in stores as I never made any plans for them. When I get home, I would wonder why I bought them because they were of no use and the last thing would mean dashing it out to someone who needs it. I learnt my lesson and started thinking twice before getting something because I would ask myself the question if I truly need them or not.

Eating out frequently: It's not a problem ordering food outside once in a while when you feel like it, but when it becomes your daily habit or buying food at restaurants, eateries or ordering from home, it can drain your budget. At least, buying food outside means you are treating yourself to good meals and trying to celebrate yourself, but when it turns into a frequent activity, it becomes something you would be addicted to and find preparing meals on your own an issue.

Not tracking expenses: I love using myself as an example because it is what makes the content real and relatable. Many times I have found myself wondering how and where my money goes as I don't seem to understand how I have spent it. But ever since I have been intentional about budgeting and tracking my expenses, it was easier to see where my money goes into. When you are someone who loves to spend anyhow without remembering how it happened, it becomes a big problem for your financial freedom. Apart from this, when you fail to track your expenses, it makes you overspend and stop you from making decisions on where to cut back on.

Paying for subscriptions and memberships: I have subscribed and become a member of the Medium platform, a place to write and read people's articles. I did this so I can be following up with other authors and check their articles, and without subscribing, I won't become a member and I would only be allowed 2 articles to read per month. I subscribed twice but I couldn't keep up with checking the site. I saw this was causing a problem for me as I get notified of money being deducted from my account, I had to stop it immediately while the money goes to something else.

When you sign up for subscriptions and join memberships, not using them frequently can be a big problem for your budget, you need to cancel them.

Not negotiating bills: If you are one who only shops at a place without visiting other shops to compare prices before you pay money, it would require you to pay more than the usual amount you could have paid for. Assuming you are getting an item for $5 at a place, whereas it could be sold at $4 somewhere else and you do not negotiate, that could affect your budget and this habit can be a hindrance to building your financial life. It is important to try out different places before settling for a price. A friend taught me how to negotiate when buying onions and I discovered I have always been cheated, not until I got the strategy, I was able to save my money instead of spending all to get the onions. Same with other items, I don't settle for a place, even if I do, there would be me, negotiating the price before payment is done.

Impulsive online buying: Many people now find online buying more convenient than stepping out to get what they want. This is good but when it's becoming a habit that you engage in frequently, it can be easy to spend beyond normal without realizing it. This can be tempting many times as you would want to keep ordering for everything you find online instead of making decisions before jumping on them. This habit of impulsive online buying can be a major detriment of draining one's budget and one needs to make a balance on all of these. It is not possible to stay away from them completely, but it's necessary to moderate them in order to help your financial status.

Thanks for your time on my blog.