Overspending is such a common problem. So many of us are guilty for overspending on something. You can even go broke trying to save money.
It’s frustrating, but you can put an end to it. Let’s look at tricks to stop overspending.
Know Where Your Money Goes
First things first. Track your expenses for a couple months to see where your money goes each month. Track absolutely everything. This can be an eye-opening experience that shows you just how much you’re overspending.
Avoid Your Triggers
We all have triggers that cause us to overspend. It may be going to your favorite store or an email that lets you know about a sale. You want to avoid these tricks as much as possible. Unsubscribe from emails, avoid going to certain stores, etc.
Make Saving Money a Game
Saving money doesn’t have to be boring. It can be so much fun to walk out of a store with a $100 worth of groceries for $50 or less. It’s also fun to upload your receipts and get money back from places like Ibotta and Checkout 51.
Think of it as a game and see how little you can spend each month.
Start a No-Spend Streak
A no-spend streak is simply when you make a conscious effort to not spend money. Obviously, you can’t stop spending all together. You’ll still need gas, milk, bread, fresh vegetables, etc.
But you can choose to not buy items you don’t need more of. For example, if you are a couponer, and have an overflowing stockpile, don’t buy more. Live off what you have for a while.
Instead of blindly making large purchases, take the time to research. Not only can you seek out lower prices, but you can find out which products hold up. The last thing you want to do is buy something like a washing machine and have to replace it a couple years later.
Wait on It
Instead of buying something right now, wait. We often see things we think we simply must have. Instead of buying that item, wait at least 24 hours. If you still want the item, buy it if you have the money. In many cases, you’ll actually forget about it.
Use the Envelope System
Last, but not least, force yourself to stick to a budget by using the envelope system.
The envelope system works by placing money into an envelope for certain purchases. For example, each week you might get $200 to spend on groceries and that’s it. This forces you to really think about your purchases and not overspend.
Overspending is something that many people struggle with. If this is a problem for you, try the tricks listed above. Soon you’ll find that you’re more conscious about how much money you’re spending and will work to spend less.