Warning! : Top Five Bad Spending Habits that can make you Bankrupt in 2023

We assume that it goes without saying that living a financially secure life requires wise money management and income savings. Your future goals can be achieved with salary investments, and they can also assist you in staying out of debt. For long-term financial success, sound financial practises are always crucial but not everyone experiences it. When trying to save money from their pay checks or plan investments, many people struggle. It is as a result of poor budget planning.

Here a few habits that you need to keep in check to stop yourself from going bankrupt in 2023, let’s take an oath to not make any financial blunders in the upcoming year by avoiding these ‘bad spending’ habits

1. Impulse buying

When you make purchases without checking pricing, waiting for sales, or looking for discounts, this is called impulse shopping. You often end up purchasing stuff that you don’t really need just because it’s on the sale slot. Avoid impulse buying if you want to stop hurting your finances.

2. Not keeping any track of expenses

You may be overspending on things you don’t actually need if you run out of money by the end of the week and can’t recall where your money went. If you’re not keeping any track of your expenses you would be able to cut down on your expenses. This needs to stop. You can download some finance tracking app from the play Store if you don’t want to do it manually.

3. Swiping your credit card too frequently

The plastic card is the new luxury and we totally get it. But, if you don’t put a control over your urge to shop every week, this might get you into some serious trouble. Racked up credit card debt is something that you need to save yourself from. It is one of the most dangerous bad habit that you can ever have. Avoid it. Don’t get too used to it.

4. Ordering food online every now an then

Another bad spending habit that can surely make you go bankrupt. Try cooking instead of ordering food online. The food delivery apps are coming up with new tricks everyday to trap you into their unending loop of online food deliveries. Don’t fall for it. Cooking your own food just doesn’t help you in saving money but also makes sure that you’re hogging over some nutritious meals.

5. Subscription to numerous platforms,

Playing subscription bills every month for platforms that you’re not even using can empty your bank accounts in a blink of an eye. Analyse and cut down the platforms. Choose two maximum platforms and remove the rest. Prepare an inventory and eliminate those that are not necessary or frequently used. If you have any membership payments that are automatically deducted from your account that you may have forgotten about, check your bank statements in that case.