You can hold the reins of your spending habits by thinking about the triggers. In most cases, identifying the triggers, which could either be emotional or physical, can help you overcome your excessive spending habits. Finding out these triggers could be a hard job, you will be impressed with yourself, for you would know what to do and not do to help your case.
The next time you take your wallet to head out to the mall; keep these points in mind;
Time of the Day
It might sound bizarre, stupid even, but the time of the day can affect your spending. Different people experience different levels of energies around the day, for example, some people are more energetic at night – the ones we call night owls – whereas some people are more energetic during the daytime. Choose the part of the day you feel least stressed or tired of shopping. When you are relaxed, you will feel wiser decisions while purchasing and think rationally about your spending.
This one is hands-down the worst of all triggers and affects just about every person suffering from the excessive-spending disorder. Think over it; do certain environments make you feel obligated to spend? Jot down (your memory should do the trick, but if it doesn’t) the certain environments and situations. It could be craft fairs, or stores and malls, shows, holidays, etc. which can cause you to spend impulsively. Make your list and try avoiding such environments – or should we say temptations – one by one.
Likewise, if you are a fan of some brand or have a habit of aimlessly wandering down the aisles in your favorite stores or shopping malls, try working on avoiding going to such places. Do so gradually, and if it doesn’t work, the only option you would be left with is saving your credit cards and notes from yourself.
Overspending is a habit usually found in people who are dependent on their moods or have no control over it! The certain mood does some weird things to our brain, making us crave to spend impulsively. Many people, especially females, when stressed or upset, consider ‘retail therapy’ as a quick-fix for their mood. These retail therapies are more dangerous and cause you to spend irrationally and impulsively. If the mood is the trigger in your case, try to go to the gym or a walk to the park instead of going to your favorite e-store or a shopping mall.
For some people, a certain lifestyle can cause them to spend excessively. It is the most dangerous, for people with such lifestyle take retail therapies seriously. It is good to identify the problem and nib it at the bud before it grows into an enormous cactus and start hurting you, for a lifestyle bigger than the budget cannot possibly keep you happy for too long. It can get you into a never-ending cycle of debts and loans.
Track Your Spending
To avoid remorse and bad credit by the end of the month, you must pay attention to the littlest purchases needlessly. These purchases add up silently and roll around at the expense of your budgetary target. Thus, tacking charge of your expenses by keeping track of even the little purchases and account for every penny spent. Once you are maintaining track of your spending, you will find yourself in a much more flexible and stable credit position. This practice will not only save you money and will also enable you to invest in more rewarding things.
However, many buyers begin tracking their bigger expenses first, forgetting the importance of paying attention to small leaks that cost them could cost them big. Frequent hanging spending with friends, dining out a lot, picking up every next movie for cinema, all such things can badly affect your budget.
Only If you could save as little as $5 each day, you can end up saving up to $150 a month! That’s how great a difference these small cut downs can make.
Stop Relying on Credit Cards
We all know how tempting it is to whip out and swap a credit card to pay for the purchases without having to worry about the bills at that moment. But this little convenience can give you a real headache by the end of each month. Every time we are nonchalantly using our credit card to make a purchase, we are unaware of the burden of overspending adding up to our accounts.
It is why it is smarter to pay cash because you are aware of how much you are spending and how rapidly how funds are diminishing. By using physical currency, not only you know about your wallet also you refrain from extra expenses that could cost your pocket. If you are serious about curbing your spending habits, then free yourself from carrying a credit card and instead use a debit card only to withdraw cash and spend accordingly.
Disregard Impulse, Wait Overnight
It is famously said that when you sleep over a decision, you make extra consideration and choose wisely between your emotions and needs. Therefore, spend some and give yourself a night to calm down on your impulse to restrict yourself from boozed with the buzz!
Once you have taken control of your impulse, the chances are that you will wake up with a new perspective and ask yourself whether the stuff you were about to purchase matters. If so, then you may proceed with the purchase, otherwise, decline the idea.
Moreover, watch out for bumper deals and countdown items-don’t let these temptations rush you into making a loss. Such sales will always come around, but you might end up wasting your emergency funds for the sake of minute allurement.