While some people find it easy to say no to items that they desire, or to have large amounts of money at their disposal, others may find those temptations to be far too strong. Looking into your current spending habits, you may potentially notice a cycle of overspending, or even trying to climb out of debt only to put yourself right back there. Learning some good money habits, and also reducing the option to be tempted, can help you to retrain yourself when it comes to your finances.

Invest Money

Putting money away where it can grow without you needing to lift a finger can be incredibly rewarding. Not only will you be making a mature decision with your finances, but you can also end up with more money as well. There are a number of different ISA accounts available for you to choose from – see more here for further information – ranging from those that will build on your money within the next 12 months, to those that will allow for a future house purchase. Even though you will have paid tax on your wages, if they are above the threshold, you don’t need to worry about paying tax on your ISA interest, as all of this will be fully yours to keep. Plus, without that money in your main bank account, you will be less able to spend it.

Use Cash

One of the risks of paying for everything by card is that you cannot physically see how much you are spending. For some people, handing over their card becomes so commonplace that the reality of their purchases isn’t made clear to them until they receive their bank statement or, worse, overdraft fees and warnings. Using cash means that you will be able to see in your wallet or purse just how much money there is left at your disposal. This can lead to people being a little bit more cautious with how they spend their cash, because once it’s run out, there will be nothing left to rely on. You could also choose to take a percentage of your money with you each day, to make sure that you are able to see yourself through to the next pay day.

Cancel Credit Cards

Last year, residents of the United Kingdom spent approximately £16 billion paying off loan or credit card balances, including interest. Although there may be occasions where it is understandable to need to borrow money, such as an unexpected expense, credit cards should not be used as a means of living beyond your means. Instead, it can be far better to learn some good budgeting and saving habits, rather than trying to ignore payments until the following month.

Stopping yourself from spending money doesn’t mean you have to live as basically as possible. By finding ways to maximise your money’s growth, and preventing yourself from making purchases that are either unnecessary or unaffordable, you can help yourself to avoid money troubles in the future.