How to save money – spend less than you earn – simple right? Sometimes though, it’s just too hard to know how to stop impulse shopping, no matter how much you try.
Today I’m going to share with you loads of ways to stop spending and budget a bit more even if you think you have everything covered. I will also give you heaps of new tips for my long-time followers on exactly how to stop impulse shopping and buying only what you really need.
Tips on How to Stop Impulse Shopping
Before that, let me clarify that this is not about not spending any money. There are going to be things in life you want to buy like a house, or save for a holiday or even buy a new pair of shoes, the bottom line is not to WASTE MONEY. That said, this is not going to be easy or something you can do overnight. Remember it is NOT about spending money it is about not wasting money which you can then save to buy the things you want.
Buy what you need
My basic thirty-day rule is quite simple. Don’t buy anything you don’t need and don’t buy on impulse. Ask yourself if you really need it, or if you can borrow it. Prioritize your outgoings such as bills which should always come first, then savings, and if after that you have anything left over, then spend it on yourselves if you still want the items after 30 days.
The next important thing to ask yourself is CAN YOU AFFORD IT? If you are setting aside money to buy a house and this purchase is going to push your date back by a month then consider if it is really worth the expense? How many hours do you spend working to buy the new top you wanted? Quantify with time to know how long the purchase would pull you back. If it is another month then is it really worth buying?
Stop spending on things you didn’t know you were spending on. The sneaky annual subscriptions that renew since you signed up for a free trial but forgot to cancel it can add up, so don’t pay for things you don’t realise you were still signed up to.
Instead of going to the gym do a bit of research and check online. There are tonnes of yoga and other free resources online. Then there are people who like to give things away for free on places like Freecycle or Marketplace. You don’t have to buy new all the time. You can review a restaurant and get a free meal. Pay with cash, even though a lot of outlets may currently be hesitant due to the pandemic, rather than using the card.
Next keep a debt tracker. Make it visual and every time you look at it you will know how closer you are to achieving your new goal. Color it in and get your debt on the board to view every day and keep you on track and stop those impulse purchases.
Break the cycle of spending; create a circuit breaker by saying you will not spend anything at all for a week. Go hard on yourself and try and extend it later once you get used to it.
Make your own lunch and put it in the Tupperware in your cupboard rather than buying something fancy to impress your friends. This obviously much cheaper than buying one when you are at work.
Don’t buy the whole TV package. You can just subscribe to those segments you are interested in. If you like sports, buy only that, instead of the whole bundle. Add new ones when you want.
Keep yourself busy. Utilise a room in your house and busy yourself with a hobby. It will really help you from habitual spending. The endorphin hit of spending lasts just minutes. Even as it arrives it is only short-lived so it is better to adopt a different habit which will make you feel good and fulfilled.
When you feel the need to spend, and I know this will happen many times, put that money into an account and watch it build up. You get such a powerful feeling watching how your money grows instead of wasting it. Look at all your statements and see where your money goes, and these are the things which will stop you from wasteful expenditure.
Acknowledge the spending triggers of anxiety, boredom and happiness and instead work with them.
Another idea is to BORROW don’t BUY. I know this is difficult perhaps at the moment, but if you are going to a wedding or an event you can borrow a dress for that occasion especially if you know you are only going to wear it once. Same goes for tools. Hire the tools instead of buying new ones. I hope everything described here is of help to you and I would really love it if you could share your thoughts with me below!
Pop over to the “shop” tab to get your free debt and finance trackers and get your money going in the right direction!