02 January 2015

Bad financial habits to avoid in 2015

Want to make 2015 a better year for you financially? We’ve put together some ways you could do just that. Here are some bad financial habits to avoid this year.

Impulse buying

When did you last give in to temptation and buy something on impulse? Whether it’s a takeaway coffee or a pair of shiny new shoes, we’re all guilty of an impulse buy from time to time which can soon add up.

By contrast, September 2013 findings from Government - backed pension scheme NEST has found we've become better at managing our finances:

  • more than two-thirds of British consumers think twice before making even small purchases
  • more than half of us don’t plan to spend as freely as they did pre-recession 
  • people are less likely to have unsecured debt

Each month, try to calculate whether you have any 'disposable income' after your bills. Knowing how much you could be saving or even overpaying on your mortgage could help keep those impulse buys at bay. If you’re able to save but not doing so, Nationwide has a range of savings accounts if you’d like to find out more. 

Not keeping track of avoidable spending

Whether you’re prone to leaving your lunch in the fridge and nipping out to buy a sandwich, enjoy a takeaway coffee every day or you buy train tickets last minute instead of in advance, try to train yourself out of any 'last minute' spending. 
You could keep a log of your outgoings – in no time you’ll be able to see what constitutes necessary and unnecessary spending and then put plans in place to budget better. If you’re registered for Nationwide's Internet Banking, our mobile banking app features 'Impulse Saver' which allows you to regularly put away small amounts of money.

Not having a rainy-day fund

Alongside regularly saving, a rainy-day fund could be a good idea too. Having some money set aside for an emergency – such as boiler repair, urgently needing to buy something or being made redundant – can help you out in times of need.

Treating an ISA like a regular savings account

Saving into a Cash ISA remains a popular choice, as any interest you earn on money saved in a Cash ISA isn't taxed. 

As there are limits to how much you can save tax-free each year, it can be worth resisting the temptation to dip into this type of account if you can help it. If you're new to this type of savings account, you may find our introduction to tax-fee savings helpful.

Tax-free is the contractual rate of interest payable where interest is exempt from income tax. The tax information provided is based on our current understanding of current law and HM Revenue & Customs practice which can change.

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