You can stop spending foolishly! A huge part of becoming debt-free and striving for financial freedom is learning to control your spending habits. Easier said than done I say!
Our debt situation started by spending money thoughtlessly without knowledge. You could say it was normal. We bought what we wanted without thinking twice about it, it didn’t matter if we could afford it or not.
I’m going to share with you, how we started to make progress towards a debt-free life. The first thing we had to do was stop spending money like complete idiots.
Learning how to end the cycle by stopping any unnecessary spending was vital to our success. You won’t learn it all overnight, it will be a slow and hard beginning. Nobody showed us how to do it exactly, nobody took us by the hand and helped. We had to figure it out for ourselves, and for our financial future.
Through trial and error and never giving up, we are going to crush our debt! And you can too!
Let Me Show You Some Ways You Can Stop Spending Foolishly!
1 | Trigger
Like it or not your mood and current emotions play a big part in your spending habits. Emotional spending… everyone is guilty of doing this.
Emotional spending is when you make a purchase something you don’t really need. You don’t buy things you need, instead, you buy because you were triggered by your inner emotions. We do it to make ourselves feel better in the moment.
This could be in the form of online shopping or fast retail shopping at a mall.
For example, this could be going on your favorite clothing site for a quick shopping spree, because you are sad or upset, either way, you feel that this is going to make you happy.
Even if you are feeling sad, angry, or possibly happy…You need to sit down and really like over the purchase before you take the plunge. Some people don’t even just stick to clothing shopping they go for big-ticket items that really can put you on the fast track to financial ruin. Make sure it is spending that can be justified before you make the choice to tie yourself into debt.
In order to control your spending, you need to learn your emotional triggers. This means recognizing your spending stimulants.
2 | You Do You, Stop Caring What Other People Think
Trying to keep up with friends in ways you can not afford is silly. This will only bring financial suicide. Only you can plant this burden on your self.
Stop trying to impress your friends or coworkers with your ability to purchase material possessions. It is a very common thing that people get wrapped into, unfortunately.
A good friend doesn’t care what you’re able to purchase anyways, it will be the friendship they value most, not your possessions.
Learning how to stop comparing yourself to others is crucial to learning how to stop spending money. They go hand in hand.
We need to ask ourselves, will this purchase better my life? And how is it going to impact me financially?
3 | Track All Spending
If you make a purchase, track it. There are no excuses for this one, you simply must track all of your spendings. This will help you realize exactly how you are spending foolishly.
Personal Finance is a habit you should take seriously and start. However, you must be in it for the long haul and stay accountable if you want a great outcome.
Saving challenges are great and they sure help you realize the value of a dollar fast but they are not sustainable for a long period. It is only a short-term solution to cut spending expenses and save quickly.
No matter how well you do at saving challenges they should only be intended for short-term results. They will not help you change your habits and stay successful. In order to have long-term success, you must first develop habits such as budgeting and saving.
By tracking your spending you are helping yourself stay accountable to your goals. This will give you the power to see your poor spending decisions and allow you to adjust quickly.
4 | Cancel ALL Credit Cards
It has been proven that most people who overspend use credit cards. This is because it is easier to spend than taking cash right out of your hand.
Most very cash as the “real” money so using a credit card only allows people to spend without feeling the reality of parting with cash.
To solve this cut up your credit cards and be determined to only spend with cash or our debit card. My advice is to use your debit card. It is easier to track your purchases this way than with cash. Also, I hate carrying cash so that is also why I use my debit card only.
For me using credit cards was all I used before starting my journey to living debt-free. Switching to my debit card and cutting up my credit cards was a big step to seeing my goal become a reality.
5 | Stop And Think It Through
Do you ever stop and think if you really should buy something.
Honestly, everyone should do this. Instead of just laying your eyes on an item and deciding to buy it take a second to think about if you really need it and how it is going to affect your monthly budget. Every dollar in your budget has a purpose.
Check out My 6 step guide to budgeting.
This will help you avoid regretting a purchase that puts you in a position where you can’t afford the necessities you need for the month. One helpful tip that I have implemented is using my impulses to plan out my next big purchases. Create a wish list, if the item you had an impulse to buy a few months earlier is still there and you can now afford it go ahead, purchase that item.
However 80% of things we want and put on our wish list we will no longer want in a few months. So let’s take a second to think, do I really need this before spending? Let’s be on our way to a brighter financial future.
6 | Goals
Keep your financial goals fixed in your mind. You have to actively keep your thoughts on why you are changing your ways. Have that goal firmly set. Doing so will deter and frivolous spending to occur.
If you are determined to meet a goal you will be that much more determined not to stray from your goals or financial plan.
Goals have superpowers when it comes to spending foolishly. They will help you stay on track with the determination to need to succeed and not give up.
Your Financial Future
Use to above six tips to start gaining control of your finances. It perfectly normal to feel overwhelmed and clumsy at first and make mistakes. I have been there trust me, I know what it feels like, but the best thing you can do is just get back at it with full determination and move forward.
Let nothing waver you and you will be successful on the road to a secure financial future. Often difficult things in life are the most rewarding. Remember that when you are feeling like you can’t handle it.
It is possible! Believe in your own abilities!
I’d love to hear all of your saving tips, share them in the comments below!
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