It can be all too easy to see that amazing offer on fashion and immediately rack up an order because it was on sale. The issue with spending your money in this way is that you end up struggling with money for 90% of the month after your splurge.
It can be very difficult to give up a life of overspending. Many of us end up giving in to deals we see online and in stores and it spirals out of control. To avoid having to start looking for guaranteed personal loans to get yourself out of the mess, you can always take on board some of these tips…
- Understand Your Triggers
The first way to stop your spending is to identify what your triggers are. Having the temptation in front of you is one of the main reasons we overspend, therefore you need to know what is causing your spending to keep it away from you.
You might find that email newsletters are the main thing that draws you into websites, so it might be a good idea to unsubscribe so that temptation isn’t there. The time of day can also affect your habits if you often spend the evenings looking through social media or online. At this time you will likely be inundated with adverts and deals, so try to avoid looking online for too long.
- Track Your Spending
Sometimes the only way you can stop spending is by actually seeing where your money goes each month. Next time you get your monthly bank statement, take some time to go through it and see exactly where your money is going. It could be that you but the odd shirt because it’s on sale, or get a coffee in the morning from work… these small things all add up and eventually overtake your life. Sometimes it is only by looking at your spending that you can stop yourself spending more.
- Stick to Cash
Credit cards and debit cards have made paying for items when you are out and about so much easier. This is great for our convenience and speed when out in the city, however, it can also be bad for our wallet. When we pay for items using a card rather than cash, the psychology of spending cash doesn’t really apply. In other words, you will likely not realise what you have spent until it flashes up in the bank. When you use cash you are limited and you tend to be more reluctant to spend because you can see that money physically leaving your wallet.
- Stop Using Credit Cards
Having a credit card is great for some things, however, it is something which can make spending far too easy. A credit card is not your cash, and this is the reason you should avoid using it altogether. All a credit card will do is tempt you to spend beyond your means, and likely land you in debt because of it.