Tips To Get Your Spending Under Control

May 14, 2010

Many of us purchase something on an impulse without giving it much careful planning or forethought. Doing this can get you into big financial trouble. This doesn’t mean you can’t buy anything fun, it just means you need to have a good handle on your discretionary income, or money that you have left over after paying necessary expenses. There are many ways to control impulse purchases and prevent getting yourself into debt. Here is some advice to get your spending under control.

There will be no shortage of bad days, but rather than seeing material things as a way to make you feel better, try focusing on your more important goals. If your goal is to get out of debt, then look at making senseless purchases as an obstacle in your way of achieving that goal. If you want to make a large purchase like buying a new car or paying extra on your mortgage, take the money you would normally spend frivolously and squirrel it away.

Some of the ways to get your spending under control are:

  • Try not to overindulge in fantasies. It’s okay to want to impress a friend with an expensive dinner or wow everyone at work with a really nice new outfit, but don’t act these out because it can become costly.
  • Pay close attention to the things you buy. Some people shop out of boredom. To avoid this, only shop when you really need something and keep a track of what you put in your cart.
  • Beware of small purchases because they can quickly add up. You may feel less guilty about buying something that’s cheap, but then you may feel like it will be okay to buy more cheap things.
  • Stay away from retail situations. Try to avoid going to the mall, shopping on eBay, or being drawn in by catalogs. All they want is to get your money and it’s so easy to overspend in those situations.
  • Treat yourself every now and then. If you do you will be less likely to impulsively spend large amounts of money. Just plan ahead. If there was some new tech gadget you wanted to get, save for it. You’ll feel much better about it and it won’t disrupt your financial security.
  • Acknowledge the feelings that make you want to spend more. If you notice the emotions that are making you feel the need to buy things, you might be less likely to act them out.
  • Try also to come up with your own unique solutions. You could try reading a book to get you through a boring day rather than shopping. You could also just have a friend or two over and watch some TV or movies. There are many ways to have fun or get through the rough patches without wasting a nickel.

    Tags: , ,

    • Twitter
    • Facebook
    • Digg
    • Delicious
    • Reddit
    • Stumble
    • Design Float
    • LinkedIn
    • MySpace
    Subscribe   Share/Bookmark