Money management isn't a complex affair, yet so many people struggle with the very simple concept of saving wherever possible and tracking money coming in and out.
According to recent research forty per cent of us in the UK have 'bad money habits'. This covers overspending, failure to monitor finances on a regular basis and a lacklustre attitude to finding the best deals for our finances.
Sound like you? Read on to see if you fit most of the criteria for having these poor financial habits - and, more importantly, learn what can be done to get you out of this black hole.
One of the biggest faults of people, according to research gathered from a recent Quick Loans survey, is the failure to shop around for the best deal. One of the biggest problem areas is mobile phone and energy providers. Despite numerous warnings about not getting tied down to one service provider, people are still too lazy to check comparison sites and because of this are spending hundreds of pounds a year more than they need to. It's barmy. Comparison sites need to be utilised on a regular basis in order to keep fully abreast of rises that may affect your bank account.
Wherever you can you need to try and bargain as well. Go to different mobile phone providers and see who is willing to give you the most minutes for the least money, it is that simple and will literally take you minutes of your time.
Other bad behaviours that have been highlighted include; not tracking spending, overspending and then borrowing from parents, and putting off saving and not setting up a savings account.
All the above are easily rectifiable if people get their heads out of the sand and appreciate that money isn't just going to drop out from the sky.
Saving needs to be done correctly and combatively. There needs to be structure with regards where money goes and how much goes in.
Bad habits, regardless of what they are, can always be broken, and it is better to break financial bad habits whilst you are young. If you leave it until later on in life, you will have missed out on thousands of pounds that you will never get back. Habits are also easier to break whilst you are young. The longer you leave the poor behaviour, the more likely it will just become a part of normal life - which could cost you dearly.
We hate to sound like a stuck record but people shouldn't be so lacklustre when it comes to finance. It is bread and butter stuff. Save where you can, don't spend what you haven't got, invest where you think there is money to be made and always, always budget.