We often complain about never being able to save enough, or never having enough money to do the things we love – like travel, for instance. While much of that can be contributed to our salary amounts and price hikes, we need to take accountability of our finances and ensure we’re doing everything within our control to make our money work for us. Here are 8 bad money habits that cause your wallet to bleed, and if you are guilty of these, it might be time to kick the habit.
1) Overindulging in food and drinks
Malaysians love to eat and we’re well known for it. However, with everything in life, moderation is key. Avoid gluttony and train yourself to indulge in a fancy meal as a reward for a goal achieved, or perhaps a monthly treat. Stick to a budget of RM10 per day, for example, and once you’ve reached that, eat in!

2) Neglecting electrical appliances and big-ticket items
This includes your car, your phone, tablets, branded watches and handbags. It costs you a huge chunk of money to buy these items, take care of them to avoid having to get them repaired at a hefty sum. It also involves turning off electrical items when not in use, for example, your air condition units at home. Avoid sky-high electricity bills!

3) Alcohol and tobacco addictions
A good drink every once in a while, is fine, but if you find yourself going through a bottle every few days in a week, you may want to check yourself. Think about the money you’re spending for a drink that once you’re done with it, leaves you with a hangover. A pack of cigarettes can set you back about RM17, and if you go through a pack a day, that’s about RM510 on cigarettes alone! We think healthy is the new sexy for 2017.

4) Expensive hobbies
Do you sign-up for classes but don’t end up going? Evaluate your monthly subscriptions and assess if you can save some money by cancelling them. Instead of shopping as a hobby, how about embarking on outdoor adventures that cost you little to none. A hike with friends perhaps?

5) Expenses on your car
Are modifications to your car necessary? This is a depreciating asset so really, just ensuring it is properly maintained should suffice. Don’t miss out on maintaining your car, once it gets to a bad state you may end up paying more.

6) Digital games and apps
Buying an app is fine but do you pay a monthly subscription for an app that you barely use? Also, how many of you end up spending real money for digital currency in games?

7) Paying minimum on credit card debt
Try to always pay more than minimum. That’s the only way you’ll see your balance reduce even after interest in charged. And please, pay your bills on time.

8) Not having a budget
Those who spend without a budget in mind are either incredibly confident with their money management or don’t care enough. Plan a monthly budget and ensure you stick to it. Set aside money for allowances, necessities, food, and a little splurge for yourself.
