By Mavis Butterfield on - 7 Comments
Okay, so now that the holidays are over are you pouring over your credit card statements wondering how you are ever going to catch up? Honestly, I think it’s the worst to feel stressed out by money problems—it makes everything in life feel overwhelming.
If you are trying to catch up, here are a couple of tips to help you stop spending and get you back in the black. Think of them as steps toward good health, because let’s face it, stress is a drag.
- Stay out of the stores. Seriously, limit the temptation and just stay out. I guarantee that if you look hard enough, you will find an amazing deal every time you walk into a store. Even great deals cost money, though, so if you’re looking to save, it’s best to avoid them all together.
- Decide on a recreational activity other than shopping. I know tons of people who “go shopping” for something to do. Try coming up with something else to replace the habit with when you get the urge. Choose a new t.v. series to watch, pick up knitting, exercise…whatever, just do it every time you get the urge until it becomes your new go-to when you are bored.
- Be honest with yourself about needs vs. wants. I know we have all heard of this before, but how often are we honest about it? Next time something breaks and you are looking to replace it, ask yourself, “Can I live without it?” The answer might surprise you.
- Issue yourself a 30 day challenge. 30 day challenges are all the rage right now, so you will be soooo cutting edge if you try it. Try to go 30 days spending money on NEEDS only. Make a list of the wants that you forego—if at the end of 30 days, they still seem important, consider them.
- Make a list. Stick to your shopping list. Impulse purchases, even at the grocery store, really add up.
- Consider simplifying and minimalizing. I know this one kind of sounds weird, but when you simplify your life by eliminating clutter, it really highlights just how crazy our spending can sometimes get. Force yourself to sell, trash, or donate unused items. It will give you something to do and make you really face your purchases head on.
- Go cash only for a month. Ask a friend to hold your credit cards. Use only cash and see how well you do when you can see the finite amount dwindling.
- Ask yourself if you enjoy the thrill of the hunt when it comes to shopping or actually owning and using the item. If it is the first, you may want to evaluate what need your really fulfilling {not trying to go all therapist on you there}.
- Start a spending moratorium with a group of friends. Meet once a week to go over budgets, etc. It will help you stay accountable, plus it will give you a social event to look forward to each week. Several years ago, Oprah showed a group of women doing this—they were each saving money for different reasons—they made it sound actually kind of fun.
- If you don’t shop for you, but instead like to give gifts to others to show your love, consider coming up with new ways to show love–offer services and emotional support instead, or even better, offer your uninterrupted time.
- Make a spending savings account. Every time the urge to spend something that isn’t a “need” strikes, write it down in a little notebook instead of purchasing. Include EVERYTHING from a coffee to a new shirt. At the end of the month, you will have a really concrete idea of how much money you are spending on unnecessary items. The number might shock you.
- Use cash and take only the amount of money you need into a store. While it isn’t always possible to know exactly how much you will need, you can usually estimate pretty close. If you aren’t carrying enough cash to cover extras, you simply won’t put them in the cart.
- If a spending freeze is impossible, decide how much “extra” money you will get a month. When that money is gone, the spending for the month is done too.
- Consider quitting possible addictions–if you are a junk food junkie, gambler or a smoker, the costs add up. Quitting will put a major halt on spending.
- Become addicted to saving instead of spending. Spending is a habit, just like saving is a habit. Repeat the habits long enough, and they will stick. Make a conscious choice to replace old habits with better ones.
Financial freedom is a really big deal. While money can’t buy happiness, being responsible with it certainly can. Stressing over money just isn’t worth the toll it takes on relationships, your mental and physical well-being, and your overall goals.
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