When you go out for shopping, there are many things that quickly catch your attention. When we hear about “excessive spending”, we often assume it’s related to shoes, bags and designer clothes. Even if you are not a trend follower or fashionista, it’s still possible that you spend too much. You should look out for any factor that urges you to spend money uselessly. By identifying the following situations, you will be able to defeat your excessive spending habits more easily:
- You use cards too often: Bringing too much money is inconvenient and unsafe. But, having a wallet filled with multiple credit and debit cards can be financially more dangerous. Credit cards make it so easy for you to spend more and more. During typical daily activities in your local area, it is better to leave all cards home. You should bring only a limited amount of money and even if you spend them all, it won’t hurt your financial situation. This will negate your random shopping habit and it is not possible for you to splurge.
- Always bring a shopping list: It’s easier for you to determine how much money you should bring if you have a shopping list. Your money should be barely enough to buy items in your list. It’s OK to bring an extra $10, just in case, prices have gone up slightly.
- You don’t have targets: Not knowing what to spend on can be financially risky. As an example, buying a coffee machine may not be such a great idea, if you can quickly make a cup your own. If you want to spend money on gift, vacation package or designer clothes, you should do a research first. It means that you won’t spend money on a wrong, overpriced item. You should spend your money on better things and it’s even better if you choose to invest. By breaking your overspending habit, you can achieve your life goals more easily.
- You confuse needs with wants: When you like something so much, it doesn’t mean that you need it. In some cases, defining your needs and wants can be tricky. A good rule of thumb is that your quality of life isn’t affected, if you don’t buy something that you want. Your wants could represent another addition to your wardrobe. You are making a big financial mistake, if you buy an expensive thing and you barely use it.
- You don’t reward yourself: After being able to save $500 or more each month, you should treat yourself a little. This small personal gesture should boost your motivation and self confidence. You will be eager to save more money and achieve more.
- You don’t wait before you buy: You shouldn’t give in to impulse buying. Wait for a few days and let your feeling settle. You may come to a realization that your desire to purchase the item is simply ridiculous. You also can correlate this buying decision with your present budget. If you are sure that it is a good idea to buy the item, then you can buy it tomorrow.
- You have a bad shopping partner: Shopping with a friend or spouse can be a great thing. But, they may not be good shopping partners. They may urge you to purchase unnecessary stuff and you will end up running out of money before the end of the month. A good shopping partner should provide objective opinions and you can still have a great time together.
- You choose the biggest cart: Big-sized carts will not limit the amount of items that you can buy and you will likely buy heaps of stuff. In many grocery stores, we see that new carts tend to be bigger than older ones, people will be encouraged to fill the cart more. A small cart is also a reminder that you don’t have enough space, both in your cart and in your budget for useless stuff.
- There’s no regular evaluation: At the end of the month, you should evaluate your shopping pattern and it should be fully controlled. You should examine everything that you buy. Make a list and find out whether there are items that you don’t actually need. The first time you do this, it is more likely that you make mistake by keep buying useless stuff, but you can learn from your mistake and avoid repeating it the next month. Evaluate again and find out whether you make improvement.