10 Bad Habits That Pile Up Your Debt Fast

10 Bad Habits That Pile Up Your Debt Fast


July 22, 2024 | Eul Basa

10 Bad Habits That Pile Up Your Debt Fast


Be smarter with your money

To live frugally, you need to be wise with money. This means eliminating unnecessary expenses and avoiding common spending behaviors that hinder financial goals. Breaking these habits can help you save money for a more stable life.

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1. Keeping Up with the Latest Gadgets and Fashion

Avoid constantly buying new gadgets and fashion items to save money. Opt for high-quality items that last longer, and consider buying second-hand for cost-effective alternatives that are just as good as new ones.

Sales consultant advises man who chooses new smartphone in storeORION PRODUCTION, Shutterstock

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2. Not Tracking Your Spending

Not monitoring your expenses can lead to the unexpected accumulation of small purchases. For frugal living, understand your money flow by tracking all expenses for a month. Identify areas to reduce spending by using budgeting tools like apps or spreadsheets.

Portrait Photo of a woman keeping track of her finances.Trismegist san, Shutterstock

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3. Ignoring Sales and Discounts

Don't miss out on money-saving opportunities by ignoring sales and discounts. Get into the habit of watching for sales, using coupons, and joining loyalty programs. Also, only buy sale items if needed, not just because they're discounted.

Red stand with big 70 percent discount price in shopping centerWizard Goodvin, Shutterstock

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4. Paying Full Price for Everything

Paying full price for everything can quickly deplete your budget. To avoid overspending, shop smart by following #3 (i.e. seeking discounts and waiting for sales), buying in bulk, or purchasing second-hand items. This saves money without compromising quality, ensuring a balanced budget.

Red discount sign on a store in a shopping mallzhu difeng, Shutterstock

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5. Not Planning Meals

Uber Eats is expensive. Save money by planning meals ahead, making a grocery list, and cooking at home. Cooking at home is not only cheaper but also healthier. Also, freeze any extra portions for future consumption.

Overhead photo of a woman preparing meal at home.cottonbro studio, Pexels

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6. Using Credit Cards Irresponsibly

Irresponsible use of credit cards can result in difficult-to-pay, high-interest debt. To change this behavior, strive to fully pay off your balance monthly. Refrain from using credit cards for everyday expenses unless promptly paid off. Consider cash or debit cards to manage finances responsibly.

Close Up Photo of a person passing a credit card to otherenergepic.com, Pexels

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7. Neglecting to Create a Budget

Living without a budget hinders effective financial management. To allocate income wisely, create a budget listing monthly expenses and income. Identify areas to cut back on, set realistic goals, and regularly review and adjust to stay on track.

Portrait Photo of Man using smartphone calculating receipt payment, monthly expensesLek_charoen, Shutterstock

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8. Impulse Buying

Impulse buying leads to unplanned purchases that can harm your finances. Combat this habit by creating a list before shopping, taking time to consider purchases, and questioning the necessity of items.

Sales Person Passing Shopping Bags to Customer in a StoreKampus Production, Pexels

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9. Dining Out Frequently

On top of Uber Eats, actually going out to eat is pricier than cooking at home. Reserve it for special occasions. Plan meals, make a shopping list, control ingredients, and promote healthier choices by preparing meals at home.

Two Women Eating Bruschetta in a RestaurantAdrienn, Pexels

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10. Overlooking Subscriptions

Review all subscriptions, cancel unused services, share with others to save money, beware of free trials converting to paid subscriptions, set reminders to cancel unwanted subscriptions.

Person explaining to other person how to pay for monthly subscription onlineDragon Images, Shutterstock

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