How to Break Your Overspending Habit

Spending money is easy but saving money, now that’s another story. Dinners out, new clothes, vacations, activities for the kids the list goes on and on.

If you’re looking to regain control over your finances, here are three strategies to help you stop overspending.

Know your limit
Before you can control your spending you need to know how much you should be spending. In order to create a budget, figure out your total income and then track your spending for a few months.

Consider your financial priorities then see if your spending habits are reflecting those goals. Set specific limits especially in the areas where you seem to have trouble.

Share Your Goals
Let others know about your financial goals. Confide in a friend or family member about your desire to spend less money. You can even consider using social media to update your followers about your progress.

Sharing your failures and successes will keep you accountable because you don’t want to admit to your social network that you’ve slipped. Telling others about your aspirations will help make your financial goals a reality.

Avoid Spending
Stay away from things that might tempt you from spending more money. For example, if you want to take every trip you see then don’t browse the last-minute vacation deals online.

If you friends want to meet up for dinner, it can be hard to stick to water and a side salad. Restaurants are designed to get you to spend more. Suggest having a potluck at your place instead. That way you are in control of how much you spend and won’t be persuaded to overspend.

How have you avoided overspending? Leave us a comment below or on Facebook (click here)!

 

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