3 Sneaky Habits That Could Be Draining Your Wallet—And How to Stop Them
15th August 2024
As a parent of young children managing your finances is crucial for both your family’s well-being and your peace of mind. While earning more money might seem like the answer to financial stress, it’s often our spending habits that need a closer look.
Harvard professor Arthur Brooks suggests that fixing bad spending habits is the real key to financial happiness. Here’s how you can do just that by tackling three common habits that could be draining your wallet.
1. Impulse Buying
We’ve all been there—popping into the store for a few essentials and leaving with a bag full of extras. In fact, 1 in 10 Brits makes an impulse purchase every time they shop. It’s not just a lack of willpower; stores are designed to make you buy more. But before you grab that unplanned item, ask yourself three questions:
- Do I really need this?
- Can I afford it without messing up my budget?
- Will this truly make my life better?
Taking a moment to pause could help you avoid those unnecessary buys.
2. Retail Therapy
When life gets hectic, shopping can feel like a quick mood boost. But relying on retail therapy can quickly add up and strain your budget. Instead of hitting the shops, try stress-relief alternatives like:
- Taking a walk or doing yoga
- Reading a good book
- Catching up with friends
These activities can lift your spirits without lifting money from your wallet.
3. Subscription Creep
From TV to meal kits, subscription services are everywhere. It’s easy to sign up for a free trial and forget about it, or to keep paying for services you don’t use. Regularly check your bank statements and cancel any subscriptions you don’t need. You might even try rotating services to save money.
By curbing these habits, you’ll have more cash to put towards your family’s future goals.
Please note:
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
Contact Flying Colours
If you need guidance about protecting your wealth, we are here to help. For a free, no-obligation consultation, contact Flying Colours on: 0333 241 9900 or visit: www.fcadvice.co.uk to book a call.
For further information on insurance and protection, visit: https://fcadvice.co.uk/about-you/protecting-your-family/
About George:
I’ve been working in financial services for more than ten years. Based near Liverpool, I look after clients across the North West. I’m passionate about assisting my clients with investment and pension planning, retirement planning, and financial protection planning. As well as assisting clients who are preparing for retirement and later life, I also enjoy helping my younger clients to achieve their financial objectives and plan for the future. I really enjoy finding innovative and creative solutions which will help you to achieve your financial goals and objectives.
Qualifications:
- Level 4 Diploma in Regulated Financial Planning (CII) – The RQF level 4 Diploma in Regulated Financial Planning meets the FCA’s qualification requirements for retail investment advisers, developing core technical knowledge and financial planning capabilities across six core areas.
- CeMAP Certificate in Mortgage Advice and Practice (LIBF)
Links:
Profile page: George Tuck | Independent Financial Advisers | Liverpool (fcadvice.co.uk)
FCA Register: George Henry Tuck (fca.org.uk)
I’ve been working in financial services for more than ten years. I’m passionate about assisting my clients with investment and pension planning, retirement planning, and financial protection planning. As well as assisting clients who are preparing for retirement and later life, I also enjoy helping my younger clients to achieve their financial objectives and plan for the future. I really enjoy finding innovative and creative solutions which will help you to achieve your financial goals and objectives.
