Many people set new year resolutions at the beginning of the year. This includes some financial resolutions.

While some may have met their resolutions probably others did not. This can be because of some poor financial habits we need to unlearn in order to be better.

In 2019, do away with these bad financial habits if you are guilty.

• Impulse buying

The urge to buy without planning will not go away. But you need to discipline yourself. It will not be easy to scroll up and ignore the online store with beautiful accessories and clothes. But you need to learn to stop impulse buying. It will help you save a fortune.

• Personal vices

You drink alcohol, smoke, parties all day and all night, driving around when just to see the town, you leave your air-conditioner on, you do not turn your electrical appliances off after use. These are just a few personal vices you need to do away with.

The extra money you spend on these things could be used for other important things.

• Not being prepared for emergencies

Some of us do not have an emergency fund.

Because of this when you have an emergency situation, you go borrowing or you just run away from your responsibilities.

• Saving money without having fun

Do not mistake this to mean that you are not to save. This means save but also budget for fun or entertainment.

You cannot use all your money for entertainment either can you save up everything. There must be a balance.

• Not having a budget

Prepare a weekly and monthly budget. It will help you not overspend and also teach you to save.

• Spending more than you earn

You should put some money aside for saving before you start spending what is left.

If you do not do this, there is a possibility you will spend all of your money before you remember to save.

• Never saying no to the demands of family and friends

In your budget allocate an amount you can give out to relations when they are in need. Make sure you work within your budget and do not allow pressure from family and friends to cause you to give them all your money.

Sometimes is you never say no, you are causing your own financial woes.