But there are other bad spending habits that my husband and I have developed:

• Buy way more food than necessary when people come over.
• Feel like we have to have something “fancy” when others come over.
• Getting takeout once a week, in addition to going out to eat once a week.
• Failing to plan meals ahead of time.
• Propensity to buy things we like (books for me, video games for him) rather than renting or borrowing.

While separately, these spending habits probably won’t cause a huge problem, the fact of the matter is that all this spending adds up. I calculated how much money we wasted this month so far, and discovered our spending habits have resulted in about 8% of our income going to waste.

We’ve been doing better financially, thanks to some great opportunities, and we’ve sort of become lax in terms of frugality. But I’m thinking that it’s time to start moving back into the frugal lifestyle.

Breaking bad spending habits

A great post over at Cash Money Life offers some great tips for ways that one can break bad spending habits. As I read over the list, I reviewed my own spending habits. Here are some the things to think about when you are ready to break your bad spending habits:

• Know why you spend. Sometimes, I realize, I spend just because I can. I can afford a new book, so instead of checking it out at the library, I buy it. Even if I am fairly certain I will dislike the book. (Exhibit A: Breaking Dawn by Stephanie Meyer.) Other reasons you may spend can include: Trying to look good in front of others, the rush you feel, for something to do.
• Acknowledge bad spending habits. This is, of course, the point of this post. I have some terrible spending habits that are creeping back after years of keeping them at bay. Now that I know what they are, though, I can start to tackle them and change the way I do things.
• Avoid your weaknesses. My biggest weakness is books. This is why I try to avoid going into a bookstore. Your weakness may shoes, snack food or eating out. Come to think of it, eating out is one of mine and my husband’s joint weaknesses. The fact that we love food is also why we buy so much of it when we go shopping — even if we don’t need it.
• Change your habits. This is, of course, easier said than done. However, I find that one of the best ways to get rid of a bad habit is to replace it with a good habit. So maybe we make a meal plan and then create a shopping list based on that. A meal plan would also help us cut back on eating takeout. And, instead of buying a new book twice a month, I could go to the library once a week. And put the money I save into a high yield savings account.

Do you have any bad spending habits? Do you have tips for breaking bad spending habits?

image credit: sxc.hu

Post from: EveryJoe

Breaking Bad Spending Habits