10 Bad Spending Habits You Should Avoid

As the saying goes, “ignorance is bliss” but when it comes to spending money, ignorance will only shelter you for so long. Someone who spends money irresponsibly and in an unsustainable way will eventually find themselves in debt, which in turn can lead to a load of problems.

For example, you may find it difficult to get yourself a mortgage or a loan, or even a car lease. In some cases, employers may even check your credit score which can be low because of unpaid debts to credit card companies or other lenders.

If this sounds like you, it’s time to contact a certified credit counsellor and begin to get your finances in order. They’ll be able to advise you on steps you can take towards living a debt-free life, and even recommend that you put a stop to these ten bad spending habits.

1. Eating Out and Ordering In

This is a common habit that people have. The reality is that if you are not cooking at home then you are probably spending way more money than you need to be.

2. Clothes Shopping

Are there clothes in your closet that still have the tags attached? If so, then it’s time to put the brakes on clothes shopping until you truly need to buy something.

3. Smoking

Smoking – whether if it’s with traditional cigarettes or if it’s e-cigarettes – is a seriously dangerous habit that can affect both your health and your wallet.

4. Drinking

It doesn’t matter if you’re just a casual drinker, even going out occasionally with friends to the bar can end up costing you.

5. Coffee

How many times a day do you buy coffee? Instead, make yourself coffee at home and bring it with you to work or wherever in a thermos. 

6. Streaming Services

Netlfix, Amazon Prime, and Hulu, are all examples of television streaming services that you may have subscriptions to. Ask yourself if you can live without these services in order to cut down on monthly costs.

7. Gym Memberships

How many people sign up for the gym but never attend? If you’re not using your membership, then it’s time to quit and cut your losses.

8. Electronics

Do you really need the latest smart phone, or can you live with the one you currently have? It’s time to start appreciating what you have and avoid unnecessary purchases.

9. Hobbies

It’s nice to have hobbies, but not when they are cutting into your monthly budget. Consider choosing an inexpensive hobby that won’t require expensive purchases or memberships.

10. Impulse Buys

This can be anything from a small purchase of something you saw while standing in the check-out line, to a large purchase like that brand new TV you’ve been wanting for a while. It’s time to stop buying on impulse and instead buy only what you need or what you’ve properly budgeted for.

Start Today

It’s never too late to break bad spending habits. Just be conscious of every purchase you make – break the veil of ignorance, and be accountable for your decisions. With the right attitude and some patience, you’ll eventually start to see healthy improvements to your finances.

The Top 5 Christmas Gift Ideas for Kids Under $25

Most parents would intuitively choose to gift their kids their favorite toys or video games on Christmas Eve. This is what makes their kid happy. But this Christmas, you can do the right thing by presenting them something that can change their lives forever. To do so, you don’t have to spend/pay a fortune. There are a plethora of life-changing Christmas gifts for your kid under $25.

The Top 5 Christmas Gift Ideas for Kids Under $25

1) Government savings bonds

Government savings bond or also known as the US saving bond that offers a fixed rate of interest over a fixed period. The money you deposit in this account is tax-deductible. This is what makes it one of the best gifts for your kid.

I understand that it could be difficult for a kid to understand how this savings account works; particularly if your kid is too young. But in the long run, your kid will have saved thousands of dollars by the time he/she finished formal education. And yes, you can begin with investing just $25.

2) Toy Cash Register

A toy cash register is a fake cash register that you can gift your child on this Christmas Eve. This gift is meant to be a bit different than the obvious one as it will get your kid to help to learn arithmetic and math skills. These skills are essential in the real world. Besides, you don’t have to worry about paying too much. You can surely purchase a fake cash register online for less than $15.

3) A 529 plan

Similar to the US savings bonds, a 529 plan is a tax-advantaged savings plan offered by the state. However, a 529 plan is tailor-made for kids who wish to save for their college education right from a young age. This is why it is legally known as a “qualified tuition plan”. You can open a 529 account for your kid today for just $25.

4) Stocks

Not all cheap stocks are worthless. If you do your diligence, I am sure you will find a genuine company that is selling stocks for as little as $25. Imagine what it could do for your child’s future if the stock goes up in the next few years. With cheap stocks, you have nothing to lose.

5) Monopoly


Playing Monopoly involves a lot more than just pushing around little pawns around on the board. It is one of the most popular board games on the planet. Moreover, it will cost you no more than 10 bucks.

It was created by Lizzie Magie and Charles Darrow during one of the worst financial crises in the history of the US. Since then it has never lost its appeal. Even in 2019, it is fully relevant and has a lot to offer in terms of economics and politics.


Gifts like toys, video games, or clothes won’t last that long. In the above post, I have mentioned not only tangible items but also non-tangible things like stocks and bonds that will continue to grow in value and can also last for generations.

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