Saving money isn’t effortless, particularly when you feel that magnetic attraction towards the sale signs each time you even walk past a store you like. However, overspending can really put you in a bad financial situation in a few years, with regret being the only thing left behind.
Even though some mindless spending here and there might seem meaningless, it can damage your money situation and stop you from reaching your objectives (for example purchasing a house or getting rid of debt).
If you can relate, please don’t feel embarrassed about it. You will find thousands of people around you facing the same issue. You will learn some practical tips and tricks on how to stop spending money you don’t have and start saving more and more money for your financial goals.
Say goodbye to your credit cards
It’s quicker to take out a credit card to pay for a purchase than it is to have enough money on you all the time, but this usefulness is also one of the whys behind countless people’s overspending.
The disadvantage of credit cards is the luxury with which you can overspend; when we’re casually giving over our card to make a purchase, we’re time and again not conscious of how much these purchases here and there will add up to at the end of the month.
With cash, you tangibly see how much you own, and how much of your money is decreasing with every purchase.
Try to stop using your credit cards and stick to cash only to see if it will control your spending behaviors.
I’ve talked before about the benefits of budgeting, so you should have a financial plan before you start this cash only method.
You may have heard about cash envelopes for budgeting. The cash envelope system is a way to budget your discretionary spending visually. Meaning that you will probably find that the cash method is the best way to manage your money after paying bills, which you probably already pay online or have automatically drafted out of your account.
Keep looking at the bigger picture
As soon as you have a plan for your money or specific money goals, put them in a noticeable place so you have to see them every day. This will repeatedly jog your memory of why you’re cutting back on purchases or spending money you don’t have.
If the list isn’t sufficient, put up a photograph of whatever you’re determined to attain. Looking to purchase a house? Get a photograph of the type of house you like and put it on your wall.
Are you saving money for a certain school or university? Keep a picture of that in your wallet so that you look at it every time you take it out to make an unnecessary purchase. Being reminded of your goals will keep you on the right track.
Don’t go online shopping
This is hard for almost everyone who loves bargain hunting, catching a deal, or even window shopping. I know how it feels when you want to know how to stop shopping.
To evade online stores, don’t bookmark them or let them appear on top of your browser. Likewise, unsubscribe from all of those alluring emails informing you about sales and the latest available thing at a discount.
Truly, there isn’t a time of the year that there isn’t a sale going on or some new product being launched. You can sign up for emails again, but only when you need to make a purchase from that online store if you’re concerned about not finding out about sales or new deals.
Steer clear from debt/loans
If you’re serious-minded about getting your overspending on a tight rein, you have to abstain from debt seriously. All things considered, taking on more debt pinches from your income.
Not merely that, you’re also stuck paying on the loan or credit card (and more once you include interest) till it’s finished. It’s factual: Your debt holds you until you repay it.
In today’s society, we can pretty much put anything on credit which can give you a false feeling of financial safety. But that financial safety isn’t tangible.
It makes you believe that if you can have enough money for the payment, you can come up with the money for the new tv, computer, or a car, etc. But as a matter of fact, if you don’t have the money to pay for something immediately, you probably cannot truly afford it.
So, progress. Make the choice to hold off using your credit cards and stop spending money you dont have. .
Keep a list with you at all times
Sometimes, you just go out to buy a loaf of bread. But the moment you enter the grocery store, you feel the attraction of just walking down the aisle of new home decor that you’ve wanted to get. Oh and then you might browse the clothes and shoes aisle to see whats new. Ahem, Target run.
If you’re trying to avoid spending money you don’t have, a few seemingly undamaging impulse purchases just turned a quick trip to the store for necessities into a luxurious shopping trip.
But does anybody plan on getting distracted while they’re shopping for basics? Probably not! In such a case, it is simpler to take a list with you and just keep crossing off the things you need until you’re done.
Another good tip might be to go to a store that doesn’t have a lot of supplementary items and supplies other than the ones you need.
Pinpoint your triggers
The last step if you’re figuring out how to stop excessive spending is to regulate what reasons you to overspend.
Do you find you are recklessly spending with friends? Is it due to your social media? Do you shop for stress relief? As soon as you decipher what your spending triggers are, you can manage them. E.g. you could avoid going to the mall with your friends, or signing off social media for a while!
Whatever the reason might be, there surely has to be a way around it. Classifying and tackling your triggers, particularly in the initial stages of your working on your no spending or cut spending plan will help you save quite a lot.
So there you have it! More than a few ways that you can incorporate in your daily habits to have a fuller wallet at the end of the month! You can do this. Tell me your money goals and why you want to stop spending money in the comments below.
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