Bad Money Habits You Need to Discontinue

Humans as we are, we all have bad habits. Since it is bad, there will always be consequences but you know what bad habit makes a long-lasting consequence? The answer is simple – bad money habits. If you poorly managed your finances because of bad money habits, you are in great trouble. You will not live in prosperity for long.


Here in Singapore, there are many who successfully managed their finances and as a result, they became successful but there are others who still struggle every day to make both ends meet. For Singaporeans who are suffering from bad money habits, it is time that they break or discontinue it before it takes a toll in their life. The good news is that bad money habits can be broken. Here are some ways on overcoming it:

  • Do not live beyond your means: The secret of successful people is not spending or living beyond their means. You will know if you are living beyond your means if you have a lot of debts and out of cash. Your desire to keep up with your neighbours can have an impact on your finances. In simple words, do not overspend.


  • Do not buy items you will not use: You have to think before you avail or buy things. Buying things that you will not use will be useless and a waste of money. For example, you signed for a gym membership that you rarely use or paying a cable package when you seldom watch it. The best solution is to write an inventory of where your money is going. You have to think of what to continue or discontinue.
  • Do away with impulsive buying: Impulsive buying is purchasing a good or service without thinking whether you need it or you can afford it. Yes, resisting the urge to shop is challenging but you have to overcome it if you do not want to live in poverty.
  • Do think about your savings: There are people who ignore the importance of saving. This is not good. You have to see and realize the importance of saving. When you put money aside for “rainy days”, you will not have problems. For a start, you can cut costs.

Hopefully the things above can help you with your money problems. We all struggle at some point in time but the difference is that there are people who manage it better than us. If you are really serious about breaking your bad money habits, it is time to act.