How to Change Your Bad Spending Habits for Good

Here it is, one more week till payday and you find yourself frustrated once again. Scratching your head wondering how you burnt through the last paycheck so quick. You’re not alone, everyone has to confront bad spending habits at one time or another.

When it comes to achieving long term financial stability, overcoming those tendencies and behaviors is basic, yet most of us still struggle. Let’s take a look at a few great ways to put those bad spending habits to bed for good and when to get emergency title loans.

Learn How To Change Your Spending Habits

The First Step Is Admitting You Have Bad Spending Habits

That’s right, I know it may sound funny, but sadly its true. Most folks have bad spending habits. Just take a moment and try to remember, when was the last time you went a whole day without spending any money?

Our lives revolve around spending. How many internet-based subscriptions you have? Amazon, Netflix, Hulu, Spotify and the list goes on. All of them providing that must have product or service, on demand.

It’s easy to rationalize all of the spending in the moment. It certainly doesn’t seem like a bad spending habit; I mean everyone else has one. I should be able to afford one too. It doesn’t take much to get sucked in.

Focus on Your Target!

If you want to identify bad spending habits, start by recording your purchases. Recording your spending throughout the day keeps you accountable in the moment.

An invaluable exercise when it comes to personal finance, recording expenses not only helps you focus on bad spending habits, it is essential to building an accurate personal budget.

You don’t need to track your purchase for a long time period to see the benefit. In fact, start by tracking your expenses for a week. When the week is done, review your purchases.

Grab two highlighters and take a look at your list. Which purchase were real needs and which ones could you have done without? Consider each purchase and label it. When you’re done take another look, the bad spending habits begin to appear.

Make A Budget

One of the best ways to conquer bad spending habits for good is to create an effective budget. Effective is the key, lots of people make budgets, but very few follow them. The main reason? The budget is too restrictive.

So, make sure your budget covers all of your needs and a little bit extra. A good rule to follow is the 50/30/20 trick is good one. That means budgeting 50% of what you make on real needs, then 30% on the wants and 20% on financial goals.

Be realistic, achieve manageable spending goals by following a functional budget.

Cut Up Those Cards

We’ve all probably heard this a time or two. Credit cards are a wonderful tool to have in a pinch but they can also be a terrible temptation. It’s all too easy to whip out that plastic, and online shopping? Forget about it!

You may not need to go as far as cutting up your cards but keeping them out of the wallet isn’t a bad idea. If you don’t have the card, you’ll have a little more of an opportunity to consider purchases before you commit.

At the end of the day, bad spending habits usually present themselves as little crimes of opportunity. By limiting your spending ability, you avoid the temptation.

Try this simple exercise; review all recurring expenses attached to your cards and cancel them. It’s time to budget for those expenses and use your debit card as an alternative.

Emergencies Happen To Everyone. Here's What To Do!

Bad spending habits are one thing, but financial emergencies happen to everyone. The major home or car repair that seems to come out of nowhere, that trip to the emergency room or unexpected travel demands.

We all face money challenges and scramble to bridge the gap. Thankfully, people living in Missouri have some options. The dedicated team at Missouri Title Loans, Inc. are here to help. Missouri Title Loans, Inc. offer short-term loans that can be easily secured with your clean car title.

A Missouri title loan is different than other more traditional financing options. With a title loan there’s less paperwork and it takes a lot less time to apply. But the great thing about Missouri Title Loans, Inc, is we are easy to work with all and accept all kinds of credit backgrounds.

You can even start the process online. Fill out the simple form online and a member of the team will contact you directly to answer all of your questions and get you started.

All you need is a state issued ID, a lien free title to your car and your vehicle (for inspection purposes).

Missouri Title Loans, Inc. Helps in Emergencies

We all have to face down bad spending habits, but in times of financial emergency it’s good to know there is help available. Missouri Title Loan, Inc. is in your corner when you need it.

Spending doesn’t have to be something to be ashamed of, just do it right! And if you have a little trouble, remember you always have the option to use a quick car title loan to get you out of a financial jam.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.