Tips for Maintaining End of Year Finances from Toxic Money Habit

Finances at the end of the year are usually vulnerable to running out, isn’t it true that Finplan is medicine? Considering that there are lots of onslaught of promos from various kinds of products or services, which is quite tempting to faith. Generally, this moment is one of the reasons for the emergence of a toxic money habit , especially among millennials and gen Z.

But don’t worry, Finplan friends do n’t need to worry anymore. Through the following article, you will be given insight regarding tips for stopping toxic money habits, so that the financial condition of your Finplan friends at the end of the year can be maintained. Listen and understand, ok!

What are Toxic Money Habits

Before starting to understand how to stop it, you must first know the definition of a toxic money habit itself.

By definition, a toxic money habit is a condition in which a person has bad habits in terms of financial management. The bad habit in question is the inability to maintain personal financial stability. So if it happens continuously, it is possible that someone’s financial condition will collapse or experience a crisis.

Of course, the financial crisis has many negative impacts on a person, for example the inability of individuals to meet their needs, and even increases the chances of mental disorders. Indeed, it is not wrong to reward yourself by spending money to fulfill certain desires.

However, you need to understand that this must be done within reasonable limits. So that it will not disrupt the financial stability of Finplan friends in the future.

Traits of Toxic Money Habits

Bad money management habits don’t just happen out of the blue. Starting from a wasteful habit that is not realized until in the end it is done repeatedly by someone.

As a result, over time, a toxic money habit slowly emerges in a person. These unconscious bad habits can be in the form of dependence on credit cards, rarely saving, giving excessive self -rewards, and so on.

So, what are the characteristics of someone who has a toxic money habit ? The following is an explanation of the following points.

  • Lazy to prepare financial budgeting
  • It’s easy to be tempted by discounts or shopping promos
  • Save at the end of the month with little money left
  • Tend to buy something based on wants rather than needs
  • Reluctant to invest in yourself
  • I really like ordering expensive food through online delivery services
  • Often underestimate small expenses

How to Stop the Toxic Money Habit

After thoroughly knowing the definition and characteristics of people who have a toxic money habit .

Here are 5 effective tips that you can do to stop bad money management habits, both for yourself and for others (friends, friends, family, etc.).

1. Change Mindset First

Generally, the mindset comes from oneself and others. Therefore, it is very important for you to be able to filter all existing things or information before studying it further.

The basic step you can take is to change your own mindset. In essence you should be able to find a point. Where in it there is a circle of friends or networks, which can provide positive things for the development of your personal financial management.

2. Set a Financial Budget Consistently

The next tip is to set a financial budget according to each income or financial condition.

You have to do this second step consistently. Therefore, it takes determination or a great desire from oneself, to be able to change for the better in terms of managing personal finances.

3 . Enrich Financial Insight with Literacy

Apart from acting as a window to the world, literacy culture can also help you get rid of the toxic money habits that have been holding you back.

Reading more books or financial literacy will gradually change your mindset. With current technological developments, you can easily find financial literacy materials through search engines for free.

For example, now you can read articles related to the world of finance through various informative blogs that have spread on the internet, for example , and so on.

4. Give Enough Rewards for Yourself

Don’t forget to give yourself a reward , for those who have worked hard to become a better person.

Just enough, you don’t need to overdo it so that previous bad habits are not triggered to reappear. The most important point is to do this fourth step consistently. This method will further increase the chances of success for you to escape from toxic financial mindsets.

5. Don’t Hesitate to Ask for Professional Help

If you find it difficult to control your bad financial mindset independently.

So don’t hesitate to immediately ask for help from related professionals, for example financial consultants, and others. With the presence of a consultant, you can receive guidance on optimal financial planning. As a result, all your financial goals can be realized properly.

Not only consultants, you can also ask for help from family, friends, or friends who have the capability to deal with the problems you are facing.

This is a presentation of information related to this topic. Hope this is useful, my friend.