Does money seem to burn a hole in your pocket? Are you the type of person who logs onto Amazon or hits the mall every time you run into a little extra cash?
Being a spender can be problematic in that it leads to unwanted debt, a hoard of things you do not need, and worse… lack of a savings account.
If you find yourself spending too much money, read on to learn ways to control your spending and get in control of your money.
Create a Solid Budget and Stick to It
Knowing how much money you earn and where it all goes is the first step in creating a budget.
In order to stop spending money haphazardly and gain control over your finances, you should have a visual representation of your money so that you can track where it comes from and where it goes.
Keep track of all your bills and monthly expenses, so you can make cuts and adjust your spending accordingly.
You do not need to stop spending money all together, but creating a budget will allow you to determine how much money is needed for bills, necessities, and savings each month.
If there is left over money after your bills are paid and you have tucked some away for an emergency, feel free to splurge a little with the leftover cash.
Save Some Money!
No matter what your monthly budget looks like, start saving some money, now!
If you have enough money to spend on clothes, shoes, hobbies, designer purses, energy drinks, etc., then you have enough money to save.
Whether you can afford to tuck away $100 a month or only $20 a month, your saved money will add up over time and translate into a healthy emergency fund.
When you have a solid savings account, you will be able to afford to pay for unexpected expenses and will be less likely to need to take out a loan that will put you into debt.
Shop around for the highest interest rate savings account you can find so that you can maximize the growth of your money.
If you have a hard time keeping your money in your savings account, forego keeping an ATM card so that you will be forced to go to the bank to withdraw your cash.
The time and energy that it takes to go to the bank should deter you from making unnecessary withdraws.
Buy Necessities in Bulk
Purchasing necessities in bulk can save you a lot of money over time. Look for 10 for $10 sales at your favorite grocery stores, or head to your local warehouse store and stock up with members only savings.
Buying items like toothpaste, sugar, cereal, shampoo, and other items that you consider to be necessities in bulk, or when they are on sale, will allow you to save money on your items and keep you out of stores.
The less you have to go to the store, the more able you will to be able to resist the temptation to purchase things that you do not need.
Once you get your bulk buys home, be sure to repackage them in a way so that they will not spoil before you get a chance to use them. Split perishables, like meat, into meal size portions and stick them the freezer.
Packaged prepared foods, milk, and cheese, can all be placed into the freezer in the packaging they came in and will stay fresh for months.
Use Savings Apps
Savings apps are another wonderful way to collect back a little money on things you were going to buy anyway.
Savings apps work like coupons in that you can check out the offers in the app and then purchase items to collect a small rebate; the difference is that with a savings app, you collect money into an account until you are eligible to withdraw your money instead of the savings being deducted from your total at the checkout stand.
Popular savings apps such as Ibotta, Rakuten, and Checkout 51 allow you to collect savings, based on their offers, and cash out once you have hit the minimum limit. You can save up money over time to pay off bills, purchase something you really want, or just to have on hand for a rainy day.
Stay out of Stores
The easiest way to stop spending money is to stay out of stores; this applies to online shopping too!
Find other activities that stimulate your mind and keep you from spending money.
Whether you enjoy taking a walk in the park, going to the library, strolling along the beach, or hiking in the wilderness, there are countless ways to get out of the house and enjoy the world around you without spending money.
For some, shopping is like an addiction that fills a void. Some shop for the emotional high they get from making a purchase, while others shop because they have nothing else to do at any given time.
If you find yourself shopping because of boredom, or just can’t resist the temptation, find a hobby or activity that keeps you out of stores and off of the computer.
Before purchasing an item that is not a necessity, think about it for 24 hours and see if you really still want the item after that time period.
Many times purchases are done on impulse and you will decide the item is not that important after 24 hours has elapsed.
Shop with a Purpose
Be mindful of what you are spending your money on and make sure you are purchasing items that serve a purpose.
Instead of buying multiple cheap quality clothing articles because they are on sale, invest your shopping dollars more wisely and purchase one to two high quality items at a time.
When you purchase quality clothing items, each piece can last for years and will save you money in the long run.
This same concept applies to other purchases you make, including on home decor, appliances, etc.
Higher quality items are less likely to break and tend to last years longer than their low quality counterparts.
Use these helpful tips to better control your spending and save more of your hard earned money.
When spent wisely, you will have enough money to cover all of your monthly expenses, put some into your savings account, and have a little left over to have some fun with each month.