If you are struggling to spend less and save more, it might be difficult to achieve those changes purely through willpower. Overspending is a common problem and can significantly impact your ability to save. However, there are some strategies you can adopt to help you break this bad habit and stay away from debt.
1. Switch to Cash-Only Payments
Credit cards make it easy to overspend, but you won’t be able to use them if you don’t have credit cards with you. Leave your credit cards at home and rely on cash or debit cards for all your purchases.
2. Set Long-Term Goals
Do you spend large amounts on small purchases like coffee and snacks? Here’s a simple way to overcome this habit: choose something you want. It could be a vacation, a fat emergency fund, or paying off debt. Now, remind yourself of this goal every time you feel the urge to spend money on something unnecessary. Then, take the amount you would have spent and invest it in your goal. Before long, you will find yourself enjoying lying on a tropical beach or sitting on a pile of cash. Who knew breaking bad habits could be so rewarding?
3. Differentiate Between Needs and Wants
Do you need those new shoes, or do you just want them? Ask yourself this question every time you consider making a purchase. If it’s a need (and fits your budget), buy it. If it’s a want, spend some time evaluating the impact of the purchase on your life. What will these shoes do for you? Will they make you happy? Will they fill a gap in your wardrobe? Can you afford to buy them? Is there something else you want more? Be honest about how the purchase will affect your life, and then decide whether that want is worth the price.
4. Shop with a List
Have you ever walked into a store to buy a few things and walked out with bags and bags of stuff? Fortunately, there is an easy solution to these common spending traps: shop with a list. Write down everything you need from the store, and then only shop for the items on your list. If you find something extra that you like, make a note to add it to your shopping list for next time.
5. Give Yourself a Budget
Look at your budget and decide how much money you can afford to spend each week. Then take that amount out of your checking account at the beginning of the week and enjoy shopping without feeling guilty. Just remember: when the money runs out, spending stops. No exceptions.
6. Cooling-Off Period
Do you crave the latest fads in accessories and gadgets? It’s time to step away! Implement a 24-hour cooling-off period before purchasing any significant item. This period will give you enough time to decide if you really need it and can afford it. Are you still obsessed after 24 hours? Then go back to the store and buy it.
7. Find a Shopping Buddy
Do you find it hard to resist your shopping cravings? Find someone who can talk you out of it. Choose a friend or family member to be the voice of reason you can rely on and only shop when they can go with you. Or, go shopping alone, but call your friend each time you find yourself in a shopping frenzy.
8. Shop Without a Cart
Have you noticed how large shopping carts are? They are designed to keep you in the shopping process. Avoid these clever spending traps by only taking a cart when you have a lot to buy. Otherwise, carry a shopping basket or hold items in your hands. You’ll be less tempted to shop when you have no place to put your selections.
9.
Allowing Someone Else to Shop for You
If you’re unsure about sticking to your list or if shopping without a cart doesn’t seem helpful, you can always allow someone else to shop for you. Prepare your shopping list and give it to someone you trust. You won’t be able to add unplanned items if you’re sitting at home.
10. Review Your Selections
Before you head to the checkout line, take a minute to review your selections. Do you really need everything you plan to buy? Are there items you should return or reconsider for next time? Keep editing your choices until you feel satisfied. Then pay with a clear conscience.
If you follow these strategies, you’ll be on the right track to break the spending habit and steer clear of debt. It may take some time and practice, but with patience and self-reflection, you can achieve the change you desire in your spending habits.
Source: https://www.thebalancemoney.com/how-to-break-the-spending-habit-1388548
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