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Do you spend way too much money: Do this
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[QUOTE="Mellorando, post: 206321, member: 37973"] 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. [/QUOTE]
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Do you spend way too much money: Do this
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