A strong belief can be hard to shake, especially when it concerns money. But there are certain spending attitudes that aren’t helpful at all — luckily, these can be easily changed into more positive, healthy financial habits. 

Here, we explore the most common mindsets holding us back financially, and how to turn them around. 

Fear of investing 

In spite of the potential benefits on offer, many people seem to fear financial investment. Take mortgages, for example — more of us are choosing to rent over buying property. Though a steep rise in house prices over the past decade is partly to blame, there are other factors involved. A key one is that UK economic growth is considerably slower than it was during periods like the 1980s, which saw homeowners and investors benefit from a boom in the economy. In addition to issues like Brexit uncertainty, this could further deter people from investing in property. But as long as it’s made wisely, an investment is typically a good idea. For those unsure about it, why not seek out financial advice from a trusted, accredited advisor?  

Stubborn spending habits 

Most of us like routine — and this extends to our shopping habits. Once a person has got into a routine of where they shop and how they budget, they tend to be reluctant to change — they essentially develop a spending comfort zone. Ever met someone who refuses to shop elsewhere, even though it’s practically guaranteed to be cheaper? If so, they likely struggle with this common mindset. This doesn’t just apply to the supermarket shop; it easily relates to bigger investments, too. 

Take mortgage deals. Some of us may be spending more than necessary on our current one — but if we found and switched to a cheaper competitor, we could save heaps of money. It can be all too easy to stay in the spending comfort zone — but it isn’t always cost-effective. The solution to this? Research the market and explore price comparison websites to keep track of the cheapest shopping options and mortgage rates currently available. 

Embarrassed to ask for help 

“I could really benefit from financial help, but I’m too embarrassed to ask for it.” This is a common concern among people, but it doesn’t have to be. Contrary to popular — and largely uninformed — belief, asking for help, particularly if it’s financial, is not a sign of weakness. In fact, it displays immense maturity. After all, you’re brave and smart enough to know that you need assistance — and you’re showing this by asking for it. Once you’re back on your feet, you’ll be in a position to once again master your finances. 

Insufficient planning 

Sometimes, when people begin to earn a high salary, they forget about budgeting and saving for rainy days. However, much you earn though, both can occur — and that’s why it’s vital to sustain a contingency fund, whatever your salary looks like. Putting aside £20, or whatever you can afford, each month will soon add up. Don’t forget your pension pot either!

Though it can sometimes seem like it is, a mindset is never fixed — even if it’s about something as crucial as our finances. Follow our top tips, and you can stop unhelpful views from holding you back financially.