You scrimp, save and bargain shop all in hopes of sticking to your monthly budget. While these are all practices designed to help you live a financially stable life, some of your well-intentioned habits may be causing more harm than good. Check out these seven financial habits that could actually be putting a dent in your wallet.
1. Your budget is too tight
You know when you follow a super-strict diet and eventually end up indulging in the foods you’ve been craving for months? Something similar happens when you follow an unrealistic budget. Following a budget is great. But following one that prevents you from spending money on an occasional indulgence isn’t healthy.
According to Affordable School Online, you’ll be more successful implementing small budget changes over time, while working toward a larger goal, such as cutting down on monthly expenses. Strict budgets limit your opportunities, meaning the chances you may have to experience something great or purchase something you need or want at a deep discount. You don’t want to get to the point where your budget feels like it’s causing you to miss out on once-in-a-lifetime purchases and opportunities, per Affordable School Online. Use your budget to prevent yourself from going on shopping sprees and impulse shopping – don’t let it control your life.