Have you ever thought about how to stop yourself from spending money?
Spending money is the biggest part of our life and the truth is you can’t avoid it! Because spending is necessary, we need to spend money for our shelter, transportation, utilities, food, and lifestyle. See, money spending is in Everything!
With that said, when it comes to your budget, you need to make sure that those things are covered because these things are your needs and necessities.
On the other hand, we also spend money because we want to feel a certain way like maybe you want to be happy, fit in or maybe you like to have a certain level of affluence that maybe you don’t actually have. There’s really a lot of reasons and emotional issues why you do spend money on yourself.
Although spending too much is also one of the things that give us a lot of problems, keep us away in having savings where we can have a cushion to lean back on every now and then, and the worst is to keep us in having a lot of debts.
Just come to think of it, you brought those things that you’ll really want even you to know that you are preparing for some bills and you’re really tempted to buy it. And of course; You brought it and you feel very happy like if it is the best purchase ever! Until the bills come over to your doorstep and afterward you regret to brought that thing and wished your money will be back. That “temporary happiness”, Probably, you’ll get crazy right? For sure, like me, you want to avoid these mistakes and situations.
Nevertheless, it will be a rule of thumb up if you will have an idea of how to stop yourself from spending money.
Today, I will be sharing some of the important tips that can stop you from spending money that can help you figure out your priorities. So, without further ado, let’s get started!
Tips in How to Stop Yourself from Spending Money
Create a Budget Plan Technique
The number one reason why we spend too much money is that we don’t have a budget plan, by creating your own budget plan will open your eyes widely to determine your monthly income and calculate your expenses. Having a budget plan will give your idea on how to save money and get you out in debt.
Most of us usually spend more money than what we earn and that is the reason why we have debts.
Have a Financial Rule
Having a financial rule is a great strategy on how to stop yourself from spending money because it will give you the freedom to live debt-free and financially independent.
By having a 50-30-20 rule will help you figure out what your needs, wants and saving are which includes the ff;
50% needs are to your mortgage, rents, utility bills, insurance food, and living expenses
30% wants are to your fun, entertainment, hobbies, dining out and travel
20% savings are to your financial goal and retirement fund
Control Spending and Figure Out Your Priorities
These are the most important tips because if you know your priorities you can avoid spending too much, you always need to know if what are your priorities, control yourself spending from kinds of stuff that you don’t really need to buy and focus on the payments and bills that you need to prioritize.
Put the Things You Want on Hold
These are some of the great tips that you need to do to stop yourself from spending money because it is a way that will control yourself from spending money. In most places you go especially on the mall, you grab something that you really like, why not try to put those things on hold and walk away process yourself a little while before you buy it, I’m pretty sure it will really save you money.
Gauge your Feelings and Deal with your Emotions (30 days rule)
Another great tip that can help you stop in spending money because it will avoid you from buying something that maybe you want to mask a feeling or emotions that you feel during the situation. This tip will really a great tip that might help you have an emotional reality before you decide to buy something.
Most of us usually buy things unplanned, sometimes we just brought it because it is popular, social media hype or because we have an emotional problem that we want to rid of.
In this tip, you will learn to avoid emotional or impulsive buying and if you do it continuously, it will be your habit to learn to wait for the 30 days which becomes a chance that you will realize if you still want to buy that something or not.
Have a MINE Money Account Goal
This is one of the most practical tips that you need to learn to stop yourself from spending money. Be realistic and think if the money you earn is you want to keep by yourself or you just want to waste it for the things you want to buy.
By this tip, you will realize if where will you feel better in having the things you like or in having saved on your bank account for your future.
Have a Specific Goal
Another great tip is having a specific goal because it will teach you how to stop yourself from spending money and you can also learn to save money quickly. Having that specific goal can help you to focus on those goals and will give you motivation in achieving those goals.
Instead of buying things that you don’t need, just keep it, so you can spend it more on those significant things like paying your debt, buying a new laptop or trip that you want to go.
This tip will be a great way of stopping yourself from spending money so you can keep your goals in mind continuously and avoid spending money when you are tempted to buy things.
Do the Learn to say NO Rule
This tip is one of the best tools that can teach you how to stop spending money, we all know that one of the reasons why we spend money is because of our family or friends who usually invite us to go somewhere and hang out with them which can cost a lot of money. It is not a big joke if you spend money on watching movies, eat in fancy restaurants, drinking coffee or beers with them will almost spend you a lot. Do the learn to say no rule so you can avoid spending money with them and maybe it will be a great idea if you will also tell them about your financial goals.
Think the Money Instead the Items
Another great tip to help you stop yourself in spending money, this tip will help you be more conscious of where and how you spend your money in terms of time and money.
In this tip, you will just think if how many hours can you spend while earning that money that you will spend on the items that you want to buy. If it is worth it to buy or not. It will open your eyes widely to be wiser in spending your money and with that habit will stop you wasting your time and wasting your money.
Stop Being Generous
This realistic tip can help you also to stop spending money, being generous is not bad but you don’t need to be generous all the time, if you have a lot of friends or families that have the same birthday on a day or a month, try to send them birthday cards or greeting cards instead of buying them birthday presents. Come on you don’t need to be shy about those things because for sure they can also appreciate it. This tip will not just help you in spending money but also a way to see your friend’s real color if they don’t appreciate what you can give them then probably, they are not also your real friends.
Stop Riding Taxi and Start Walking
Another practical tip that can help you stop spending money stops riding or booking some expensive cab that might cost you more, walking is really a great idea it will not just stop you from spending money but it is also good for your health. Just start walking instead of riding an expensive cab especially if the weather is nice, for sure you will love to walk and have some exercise while going to school or to work. Imagine the win-win situation you already save money you also keep yourself healthy.
Change your Hangout Activity with Friends
This tip very helpful when it comes to stopping yourself spending money because most of the time, we spend a lot with our friends and you can even say no to them all the time especially if they want to go out shopping, watch movies, gimmicks, etc. Hanging out with your friends will cost you a lot of money and buy those things that you don’t plan to buy, it would be a good idea to invite them to your house, watch a movie marathon and eat some snacks and drinks. This changing routine and activities with them will give you more intimate quality time with time.
Avoid Online Stores
Another great and very helpful tip is avoiding online stores, online stores are always the reason why we are tempted to buy something because we see many beautiful things that they sell and promote. It would be a very good idea if we avoid those online stores that mostly get our attention to buying those kinds of stuff that we don’t need. Having a discipline not to buy those things we see in online stores will be the first step in helping ourselves to stop spending money.
Keep in mind its either Yes or No
This tip is one of the best tips that you need to learn so you can stop spending money, our mind can always take control of our human emotions, you can’t avoid buying a lot of things because you don’t control your mind.
One example is when you buy clothes and try it, and if you have one iota of wavering it’s not yes for you then why not put it back.
Having a good mindset when it comes to buying kinds of stuff will give will you a great sense of calm and peace.
We as a human being we make decisions either to move towards pleasure and away from pain and sometimes in our human emotion if we think we buy those things we want will make us happy, and the truth is yes, you can have fun in money and you can really enjoy it!
However, when it comes to spending money there are lots of people who make mistakes and they keep on making mistakes.
Perhaps, Yes, money can spend and money can earn but it can never buy your happiness, maybe it can give you a lot of fun things but we also need to keep in our mind that there’s really a time that you need to avoid buying some things you want so you can spend for what you needs.
Why not challenge yourself the next time you go to the mall before you buy something ask yourself first if it is still a part of your needs or wants. You can start training yourself already.
Always charge it to your experience, it’s too difficult when you don’t have money so make sure to control spending and figure out your priorities. You always need to keep in mind that buying something is not necessarily always the path to sustainable joy.
Therefore, I recommend to you to go through at least one or three of these tips and strategies that I mentioned above and think before you lay down some cash to make your spending decisions with open eyes, mind, and heart.