1. Rainfall spending. This involves spending more money. Buying more things not because you need what you are buying but because you have more money in your pocket and you just feel you should buy. It is licensed to how people waste water when rain is failing (please get a copy of my book: Money management in marriage. A whole chapter is dedicated to this topic in the book. People spend more when they would have loved to, this is rainfall spending. Spend based on budget not on money available.
2. Impulse buying. This is a situation where you buy things just because you feel it is okay without considering whether it is sensible or not. People are fond of buying things because it was advertised or just because it is available, not because they need it or had a budget for it.
3. Competitive spending. This involve buying something just to compete with your neighbors, friends, colleagues, etc that just bought the same thing, not because you have the money or nees what you are buying.
4. Environmental purchase. It involves buying things around you instead of going far or to a larger market where it can be bought cheaper.
5. Pleasure spending. Can you believe that some people enjoy spending money just for the fun of it? Yes, that is what is called pleasure spending and it is a very bad habit.
6. Negative giving. Giving money to the needy is a good and wonderful. Infact, it brings down the glory of God upon the giver. But giving down becomes negative when you give for negative reasons. Being generous to ladies so that you may sleep with them is negative giving; buying alcoholic drinks for everybody at the “beer parlour” is a very foolish way to spend your hard earned money.
7. Bit by bit purchases. It is very wise to buy bulk as it reduces cost, buying what you need bit by bit makes you to spend more and it is not a wise way to spend money.
8. Buy now and pay later. Buying cloths, wrist watches, shoes, bags, etc. that will take you twelve months to pay for is a very foolish way to spend money. It is not a wise thing to do at all. Wear and eat only things you can afford.
9. Extravagant lifestyle. Spending lavishly in a foolish way will land you in trouble. When you spend money in a wasteful and careless way you are living dangerous. Food is a necessity wine is a luxury.
10. Spend all lifestyle. An extravagant lifestyle will always lead to spend all lifestyle, where you spend all your money that comes your way without saving or investing anything.
11. Luxury purchases. Extravagant lifestyle also involves luxury purchases where people buy expensive things that they don’t really need, just to show-off their wealth or just to feel good.
12. Eating out. Experts say cooking at home is so economical that it is 100 times better than eating out. So, I is very wise to eat at home and save money.
13. Shopping as a hobby. Somebody put in an application for the post of a cashier in a company with “shopping” as her hobby. Of course, they did not employ her because they believe she will be stealing their money to satisfy her hobby. It is similar to saying spending money is your hobby.
14. Planless spending. without a budget, you will end up with a Planless, spending habit, wasting a lot of money as you buy impulsively.
15. Rush-time purchase. Most people will not buy until few days or few hours to Christmas thereby buying inferior things at exorbitant prices.
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