One common piece of personal finance advice seen online is a spending ban. A spending ban is a self-inflicted ban on spending for certain items as a way of saving money for a particular time period. For example, a person might say to themselves that they will not spend money on eating out for 6 months in order to save up for a vacation.
Spending bans, though they may work for some, are not a worthwhile solution to bad spending habits. Firstly, they are short term fixes for a lifelong problem. You can’t just put off spending until a later date and expect to save more over the long term.
Not to mention that spending bans decrease quality of life. Click here to read more.