The top 10 signs you’re bad with money

Australia’s biggest credit card comparison website, creditcardfinder.com.au* has released it’s list of Top 10 Signs You’re Bad With Money, to help Australians realise their poor spending habits.

Spokesperson at creditcardfinder.com.au, Michelle Hutchison said the results showed there were two clear types of bad spenders: the bargain hunters and the self-entitled spenders.

“Whether you prefer to justify your bad spending with the savings you made because it was on sale or if you tell yourself that you deserve to buy things because you earned them, it doesn’t mean you necessarily needed them.

“It’s easy for bad money decisions to become a habit, which can end up costing you a lot more down the track if you don’t control your spending or credit card debt.”

Top 10 Signs You’re Bad With Money

1. You spend more on takeaway and restaurants than your weekly grocery bill

2. Your daily deal vouchers expire before you get around to using them

3. You bought a top of the line iPad but only use it for playing Angry Birds

4. You have clothes with the tags still on them in your wardrobe

5. You can’t go to Ikea without buying something

6. You feel like you’re being cheap if you buy something on sale

7. You’re obsessed with reward points but don’t pay your credit card bill

8. You own a Snuggy (or a ShamWow)

9. You have a gold-star rating on eBay

10. You own an expensive steam mop and free set of steak knives

Source: creditcardfinder.com.au

Mrs Hutchison said that Australians can combat bad spending habits by being more conscious of your budget and where you’re spending your money.

“While you may not say ‘yes’ to everything on this list, and splashing out on a restaurant is an occasional treat, it’s when your spending becomes out of control but you can still justify your purchases. That’s when it becomes an issue.

“If you’re constantly wondering where your money is going, have a think about where you’re spending it and keep track of every transaction by using a budget. You may realise you’re spending on things you don’t need, and it can be something as simple as the wrong credit card.

“For instance, rewards cards generally have higher interest and annual fees, which outweigh any rewards points earned if you don’t spend enough or you don’t pay it off in full each month.”

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Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's been once agin been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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