In this article, I give you a few tips on how to control your spending habit. It’s nice outside, and you have nothing to wear! You saw the new shoes and… you just couldn’t control yourself because of your spending habit.
You are human and you deserve to look nice, comfort yourself, but after you came home and tried to put your shoes in the closet (unsuccessfully) and in addition shove new pants, a T-shirt, and a beautiful spring jacket into the wardrobe, you realized. There’s no room. You are overwhelmed by a feeling of remorse and a bitter taste in your mouth. So how do you pay for all that when you get your monthly card bill? You are already in debt over your head.
When you find yourself in a situation where you are spending far beyond your means and you just don’t know how to get out of financial difficulties, it’s time to stop and do a brief analysis.
Where are you (with the amount of debt) and how to deal with it (debt repayment, but also excessive spending)?
The best way to bring order to the way you spend money (and amounts) is to introduce self-discipline into spending habits. If you estimate that this measure is also necessary – cut the card and thus cut the vein that allows you to spend (what you do not have) in the future.
Your decision that you do not want to sink further into debt will be the beginning of a solution – return to a positive bank account balance. But that’s not the only thing you need to do.
Every time you want to buy something, think about it: how much will that purchase help you build what you actually lack – self-esteem. Namely, the most common reason for excessive consumption is often a feeling of inferiority (if you compare yourself to a friend who “has everything”) or unfulfillment in some area of your life (“and so and so I have no satisfaction in life”).
It is necessary, therefore, to notice what it is that is for you a source of immediate satisfaction of needs, which ultimately pushes you deeper into the abyss of dissatisfaction in the long run. Once you notice your habits, you need to replace them with a new way of making a purchase decision, considering the benefit-price relationship that pleasure has.
When it comes to overspending on the card, the thing is simple: the best way to get rid of the problem of overspending on the card is to simply stop using it. Also, do the following:
Begin (self) analysis by cleaning your closet: are there things you (almost) haven’t worn once? Separate things you no longer want to wear and give them to a charity. That way, you’ll become aware of your real situation: it’s not that you have nothing to wear! Make the decision not to buy any new items this season! Excessive spending is a bad habit and you will need a lot of self-control to give up that habit. Give yourself time and step by step to conquer new terrain.
The next thing you need to do is start the savings program plan right away. Exactly how much do you owe, how much money do you earn and how much time do you need to repay the debt? Is there a way to make more money with some extra work?
Remember that the biggest problem with debt actually default interest, which could soon cost you more than you know how to count.
What goal do you want to achieve after that – saving for something that is more valuable in character and with which you will feel that you have managed to overcome your bad habit. Ask yourself – “What do I want to achieve?”.
The following tips on how to control “excessive spending” can also help:
- Introduce self-discipline into your life.
- Recognize what drives you to spend and then self-disciplined avoid such situations or moods. Also limit trips to places that “inspire you to shop” (shopping malls, supermarkets, the city center with glittering shop windows…)
- Control how you spend your money.
- Don’t let money control you, bringing you into instant ecstasy, followed by remorse. Set a weekly limit and a spending plan that first covers your “living” amounts. Notice the ways in which you can achieve certain savings (lower expenses for necessary things). Keep records and stick to a specific budget. In any case, it is necessary to avoid unplanned purchases that are not foreseen – the budget. In the case of a high debt that has already arisen – it is strictly forbidden to spend money that you do not have.
- Shop only according to a pre-made list or decision.
- Put everything you need on your list before you buy, include it in your budget, and think again if you really need it (or what you will actually get with the purchase). It is good advice to let the decision “stay a few days”, and if after 7 days you still believe that you “need something” so much – buy.)
- Make yourself responsible for spending money on someone you trust and respect. It’s amazing how much easier we stick to our decisions if we’ve committed to someone (other than ourselves) with something we’re going to do. The Life Coach you are willing to pay to help you is a good choice.