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How To Curtail Bad Spending Habits

Walzy is a young champ with a promising future. He has been into different things and has finally found a calling in graphics designing. Although he studied architecture in college, Walzy loved drawing and designing things. So, he eventually finished school but did not practice architecture. Instead, he started freelancing as a graphics designer and started worked with some media houses. Now, he works as an art director with an advertising agency, and we can say that life is going good for him. However, Walzy has money issues, and he isn’t proud of his monetary lifestyle. Of course, one can say that he doesn’t lack since he always gets jobs. But, he does not know how to save because he has bad spending habits.

Walzy believes that life has to be enjoyed. So, he lavishes money once he gets it and does not have any savings. Lately, he has realized that this isn’t the way forward, but he does not know how to curtail his bad spending habits.

This article targets people like Walzy who wish to curtail their bad spending habits. Although he wants to enjoy life, he also knows that he has and needs to save.

Are you like Walzy? If yes, you should continue reading this article and note down the tips as they come in handy.

At the end of this article, you will know how to balance having healthy savings account while still enjoying the good things of life.

Tips on Curtailing Bad Spending Habits

1. Have a budget

We often see that people do not have a spending budget when they get money. Instead, they have the full money at their disposal and can spend it as they please. However, this is a recipe for disaster as it would have you spending more than you should. And you would end up not having healthy savings.

It is always important for everyone to have a monthly spending budget and ensure that they do not go above it. For example, it could be that you do not want to spend more than 50,000 naira monthly. There is no rule to the amount you should budget for spending. Instead, it should depend on your earning power.

So, once you get money, you must have a list of things you want to get within the month and ensure that it doesn’t exceed 50,000. It is where self-control comes in, as you need to work within your budget.

Once you notice that you are likely to spend more than your allocated spending budget, you need to start cutting down your expenses. Of course, it may seem hard to stick to the budget initially. However, you will get used to it with time if you stay consistent.

2. Know your spending triggers

Are there things that you cannot see and not pass? If yes, then those are your spending triggers. It would be best to know them as they take a greater part of your expenses.

Some people might say that they cannot pass junk food or ice cream without getting them. It could be that these people never planned to buy these food items that day. However, because these are their spending triggers, they spend unbudgeted money on them. Therefore, it leads to bad spending habits.

In a chat with Walzy, he admitted that he was a huge lover of artworks, and he also loved to buy food. So whenever he sees good food, he cannot resist buying it even if it means going above his spending budget for the day.

Unfortunately, some people are not aware of their spending triggers and do not pay enough attention to them. Thus, it is easy for them to get carried away and continue their bad spending habits.

If you do not know your spending triggers, it is time for you to do a self-awareness test. And, allow us to tell you that cutting down on bad spending habits is easier when you know your spending triggers.

3. Stick to cash

Most people are guilty of preferring card payment to cash payment, and it could be that you are one of such persons. A study on human behaviour towards card payment and usage shows that 80% of the population preferred cards over cash payment.

Of course, it is easy to argue that card payment is more convenient than cash payment as it is easy to carry a card around, and you do not need to bother about getting a change when you are paying with a card. However, we also see that using a card payment option encourages bad spending habits.

We have seen that people often get carried away when they are paying with a card, making them less money conscious. Since it is easy to pull out your card and swipe, you can get carried away with shopping and spending. But the reverse is the case when you have to pay with cash.

People become more conscious when they have to part with their cash, becoming more calculative. Therefore, it helps them cut down on unnecessary expenses as they would be reluctant to pay for these things when they use cash payment.

4. Be familiar with your statement of account

Interestingly, we see that some people do not like to check or know their account balance. These people say that knowing or seeing their account balance makes them anxious and keeps them on edge.

However, when you are not familiar with your account statement, you are more likely to get carried away with spending, and you won’t be able to curtail your bad spending habits.

The idea of being familiar with your statement of account isn’t to cause or give you anxiety. Instead, it helps you stay up-to-date with your financial status. And you would see that you would make better financial decisions when you know your statement of account.

For example, it could be that you desire to buy a certain bag, but you are not familiar with your statement of account. Unfortunately, you assume that you have adequate money in the account, and you go ahead to get the bag.

Next, you want to get food and your card declines due to insufficient funds. But, of course, you would feel embarrassed in such a situation, and you would wish the ground should open up and swallow you.

But you could have made a well-informed decision and avoided such a situation if you were familiar with your statement of account.

5. Have an accountability partner

We are sure that you have always heard people talking about having an accountability partner in different contexts. It could be getting a workout or study accountability partner. One can have an accountability partner for always anything, including curtailing bad spending habits.

Suppose you are confused and need more clarification, allow us to throw more light on this concept. The act of having an accountability partner is like having a voice of reason. Such a person is there always to help you make the best choices.

So, if your accountability partner notices that you are about to go above your spending budget for the month, the person is there to drag you back and talk sense to you. The importance of having an accountability partner cannot be overemphasized, especially as they help you stay on track. It is safe to say that you would have better chances of sticking to your goals with an accountability partner.

In addition, allow us to add that no man is an island, and you will always need help in different things. For example, if you excelled at curtailing your bad spending habits, we are sure that you will not be reading this article. Therefore, it shows that you need help. So, do not hesitate to reach out to someone and ask for them to be your accountability partner.

6. Have financial goals

What are your financial goals? Some people may argue that this should have been the first factor and tip on our list to curtail bad spending habits. After all, your goals pave the way for doing or achieving certain things.

In the case of curtailing bad spending habits, your financial goals are helping as they serve as a reminder. For example, if you have a financial goal to invest in real estate and own a home before the end of the year, you are sure that you will not spend excessively. So, instead of engaging in your spending triggers, you would always look for ways to put money in your real estate investment.

The idea here is that you have a financial goal, and you wish to accomplish this goal. Therefore, the goal becomes your primary thought, and other things becomes secondary.

They say that having a financial goal change how you see money, and we agree with this thought process. So, we encourage everyone who wishes to curtail their bad spending habit to have a financial goal. It is one of the first steps you should take to make the journey easier.

7. Reward

When we spoke with Walzy about this tip, he laughed and asked if we thought he was a kid. However, he later realized that it was a helpful method, and we see that he is even recommending this method to other people.

So, allow us to explain how it works and how it helps curtail bad spending habits. We often see that people give children rewards when they do something right. Thus, we would also say that you should reward yourself if you could stick to your monthly spending budget or financial goal. After all, is there anyone who doesn’t love getting rewarded?

The idea here is that you have something important that you can only get when you stick to your financial goals. It should be something you love so that you can value it when you get it. So, you begin to anticipate this thing, making you stick to your monthly spending budget and curtailing your bad spending habits.

We are sure that you can now see why Walzy felt it was a feasible method for only kids. However, it works for both children and adults and always proves to be a feasible way of curtailing bad spending habits.

8. Have a savings account

Do you have a special savings account? Unfortunately, we see that many people use their regular accounts for everything. And, it is not a feasible method as you wouldn’t be able to curtail your bad spending habits if you are always using one account.

Therefore, it is important to have special savings account to curtail your bad spending habits. It will also come in handy if you can save lock your money in that account so that you wouldn’t always have access to it.

So, it could be that you wouldn’t get a card to that account as it would be easy to spend and use the money there if you have a card for it. Thus, when you get money, you should always spilt it. A certain percentage should go to your savings accounts while the other would remain in your regular account as your spending money.

Once you see that you cannot easily access the other money, we are sure that you will curtail your bad spending habits. After all, no one likes stress.

We recommend Mintyn bank as an excellent bank for savings as it does not cut out of your money in the name of charges. Instead, you even earn interest when you save with Mintyn Online Bank.

Importance of Healthy Savings Culture

The idea of having a healthy savings culture centres on curtailing your bad spending habits. And some of the reasons why you should have a healthy savings culture include:

1. Emergency Situations

One would always get involved in unpredictable situations, and your savings can save you from such a situation. For example, Walzy’s car broke down one day, and he didn’t have any money to repair it as he had lavished his money. Therefore, it became inconvenient for him to get to work and commute for some weeks. After that event, he realized that he needed to have a savings culture. So, having a healthy savings culture is always important.

2. Financial Independence

When you do not have a healthy savings culture, you will not gain financial freedom. Instead, there are times when you would become a burden to those around you as you would always need their financial assistance. In such a case, it becomes tiring to those people. They may even not want to be associated with you anymore. And we know that you do not want such to happen.

3. Debt Payment

We have seen that people often get into debt for one reason or another. But what matters is how they come out of the debt. Can you repay your debt if you take a loan? Of course, you will find it difficult to repay the money if you do not have a healthy savings culture.

4. It curtails bad spending habits

We have already established that having a healthy savings culture curtails bad spending habits. But we would not get tired of repeating this fact. When one focuses on saving more than spending, they do not lavish money anymore. So, if you are looking to curtail your bad spending habits, you should start a savings culture.


Many people feel that curbing their bad spending habits is challenging, but it isn’t if you decide to follow the tips above. Instead, you will see that life become more fun as you have a healthy savings culture.

It’s time to start saving more and spending less!

Download and start using Mintyn Online Bank now as your preferred savings bank option and enjoy all that it has to offer.






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