Beat Bad Financial Habits to Boost Savings

Breaking a bad habit is not an overnight act; Heidi Beckman a psychologist at the University of Wisconsin Hospital and Clinics says it depends on an individual’s eagerness and determination to make it work.

John Ulzheimer, the consumer education president of SmartCredit.com agrees with Ms. Beckman’s statement, and further explains that if changing bad habits was so easy then everyone would be richer and well off, no one would be struggling from debt and most especially, no one would be suffering from bad credit.

According to Beckman, actions would be the fastest and surest way to change a habit. To prepare yourself for action she gave these three tips: first, picture out in your mind what you wish to happen in the future, pretend you have got rid of the bad habit, and then use a more negative picture to keep yourself from being tempted to fall back into the bad habit. Second, recognize your good habits and stick by them, this will help boost your self-esteem. Finally, make rules to prevent yourself from spending or flailing back into a habit you already got rid of.

Impulsive purchases are a big no-no says experts, being unable to control yourself to pay with your credit card will be a sure setback for you. Spending with a credit card instead of using cash to purchase will increase your bills before you can settle the old ones you already incurred.

You should learn to say no to your spending reveries. Here are some ways that may help you with that: try to convert your attention, make a call or text. Do anything you can until the urge passes. Make a rule to purchase only with cash, be smarter with your purchases. Check if you have enough money to pay for your credit purchase, and double check the date if you can make the payment on time.