Do you spend way too much money: Do this

[Deleted member 13140]

Do you somehow feel like you spend way too much, Here, Answer the following questions honestly:
1.) Do you have a partner or spouse who complains that you spend too much money?
2.) Do you get startled each month when you get your credit card bill and see how much more you charged than you expected?
3.) Do you have more shoes and clothes than you can reasonably wear in your closet?
4.) Do you buy every new gadget before it sits on a store shelf collecting dust?
5.) Do you buy products that you didn't realize you wanted until you saw them on a store shelf?
So well was your answer yes, to any of this - if so, you are an impulse buyer, in simple terms you spend way too much money.

Impulsive spending will strain not only your budget but also your relationships, I didn't even need to mention that, we all know it already
To solve the problem. Here is the one thing you need to learn, distinguish between necessities and wants.
Advertisers bombard us with their products 24 hours a day, seven days a week. The key is to give yourself a period of time to think before you buy something you haven't planned for.
Make a list and only take enough cash to pay for what you intend to buy when you go shopping. Your credit cards should be left at home.

 

[Kingsley]

You are indeed right there are people who really spends more than what they earn. They even undermine their savings as it keeps depleting and some have even exhausted everything in their savings and now depending on loans to keep up with the trends. This indeed a poor spending habit and always lead people to becoming broke and they later result to doing things they are not suppose to do in other to keep their body and soul together. But again we might want to blame the economic situations for this challenges because we might not really blame the seller's they will have to sell acoording to what they buy.

 

[Mellorando]

When it comes to managing your finances, you can set out with the best intentions but still make mistakes because, well, you're human.
Maybe you feel discouraged when you make a budget but overspend anyway. Or, you tell yourself you'll only order one glass of wine at dinner with friends but end up drinking three instead. You might challenge yourself to save $50 every month, but find yourself with only $25 in savings once you pay your bills.

* UNDERSTAND YOUR SPENDING TRIGGERS:

In many cases, knowing how to stop spending money has to do with identifying the emotional and psychological triggers that cause us to spend. If you remove those triggers, you’ll remove the temptation and opportunity to overspend. So the next time you head out the door, keep these in mind:

1. Time of Day
Do you find that you have more energy during certain periods of the day? If so, shop during times when you have more energy and feel less stressed. You’ll make wiser spending choices and think more rationally when you’re relaxed and less pressured.

2. Environment
Are there certain environments that make you want to spend, or make you feel obligated to spend just because you’re there? Craft fairs, shopping malls, home shows, and even when you’re on holidays are all prime examples of times when you’re more likely to spend impulsively. So, take away the temptation by either steering clear of such environments, or only taking a few dollars with you. Likewise, if you have a favorite store and you find yourself wandering through the aisles looking for great deals, do all you can to limit your opportunities to go there. If going to your favorite store is unavoidable, keep your money – and credit cards -- safe from yourself (see more about this later).

3. Mood
Different moods and emotional states can alter our energy resources, making us more prone to impulse shopping. For example, if we’re upset, stressed or anxious we may seek some retail therapy to feel better. But instead of hitting the mall or your favorite internet shopping site, hit the gym or the park. Going for a walk or doing some exercise will do wonders for lifting up your mood. Other moods can tint your shopping with rose coloured glasses, and everything begins to look like a great deal. What’s important is that you identify the moods that affect your spending behaviour, and to find ways to avoid shopping during moods that will cause you to impulse buy.

4. Peer Pressure
Man Feels Pressure to Spend MoneyDo you tend to spend more money than you normally would when you’re hanging out with your friends? Even the most well-intentioned friends can be a bad influence on us, especially if they have bad spending habits themselves. If you can’t afford to eat, shop, and vacation the way your friends do, it’s okay to decline their invites. Instead, suggest plans that won’t require you to shell out a lot of money. Meeting for coffee instead of brunch, exploring new hiking trails instead of checking out the latest concert, or having a potluck dinner at home instead of going out to a restaurant are a few money saving tips worth considering. You won’t be able to splurge on expensive vacations or fancy dinners, but you can still enjoy a fun social life without shelling out a lot of money. Don’t be scared to let your friends know that you’re trying to spend less; perhaps they’ll help you on your journey, and some may even follow suite! What’s important is that you surround yourself with friends who will support you as you work toward your financial goals.

5. Lifestyle
If you’re accustomed to a certain lifestyle, it could be difficult to give up when you suddenly encounter a financial hardship. But, if your lifestyle ends up becoming bigger than your budget and you don’t know how to stop overspending your budget, you could end up in worse shape.
Your upbringing also has an effect on your lifestyle choices. If you grew up in a household where money was always tight, you may feel the urge to overspend to compensate for all the things you were deprived of growing up. Similarly, if you grew up in a household where money wasn’t an issue, you may feel compelled to spend money you don’t have in order to maintain the lifestyle you grew up with.
The easiest way to start living within your means is to create a budget, and to stick to it. You may have to sacrifice some creature comforts, but it will be worth it when you see your bank balance coming out of the red.

 

[Deleted member 28127]

You should have a calculator on your phone where you include expenses and earnings and calculate this could be something helpful for me so I purchase and this is not something helpful or could be delayed so I did not purchase next month as simple as that.

 

[Abigael]

Impulsive spending is something that I have faced in the past and did not realize it until I was in so much debt and broke. Those questions you have asked for self assessment are really important. This is because most impulsive spenders don't realize it until it is too late. That is why self awareness is the first step to finding resolution against this habit.

Once you become aware, then you need to practice so much self discipline so as to stop. Having a budget is great, but if you don't have self discipline, you won't stick to what is on your budget.

I agree with you that you should specify your necessities from luxuries. That way, you focus on satisfying your needs rather than doing impulsive shopping. And it is a great idea to actually have a shopping list prepared and only go shopping with the amount that is enough for what you need to buy.

It is also important to have an accountability partner who oversees how you spend your money. It should be someone who won't be lenient on you when you spend too much. Having someone to be accountable to teaches you to have self control. Once you have rewired your brain against impulsive spending, it becomes easier for you to budget and spend with discipline.

 

[Deleted member 13140]

Am going to relate all of your points to myself, well starting from one
I don't have a partner or spouse but I do have a sister who use to say I spend money (not now though becusee I don't do that anymore)

As much as this tip for spending less money is valid, I would say its not completely valid and here is why, what if for instance you make a list of somethings that you need and you reach the market and then you actually need more things, or okay let's say you make a list and you get enough cash but you reach the market and then, the cash isn't enough, you'll have to get home again, this tip is good, but I don't really think it'll work all the time