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By Jessi FearonLeave a Comment
In last week’s post, I talked about closing the gap between our income and expenses. And in that email I talked about cutting and reducing expenses. But this week, I want to expand a little more on expenses because it can be tough to stop spending money.
And since it’s the middle of the month, let’s talk about creating better spending habits by working to drastically reduce what we spend.
No Spend Days/Week/Month
One of my favorite ways to kick a spending habit is to go cold turkey. Yep. It’s to stop spending money – or at least to stop spending it where it doesn’t really benefit us.
If you’ve never done aNo Spend Month head here for more info on doing it. It’s tough but it’s so great for stopping an overspending habit in its tracks. Or maybe your overspending has to do with Amazon (this one really got me during the Pandemic). If so, head here for apost I did on No Amazon August.
The key here is to stop the habit – we’re not going to save boo-coos of money. That’s not really the goal. The goal is to stop bad spending habits and to start developing better ones.
Unsubscribe/Unfollow/Mute
If you’re caught in a cycle of overspending, it’s time to break up with the things that are enabling you to overspend. Unsubscribe ruthlessly from all promotional emails. Unfollow any social media accounts that encourage you to overspend. Mute and friends or family members on Facebook that constantly post things that leave you feeling discontent.
We live in unique times. 70 years ago, if you wanted to see what your cousin who lives 30 miles from you just bought, you had to physically go to their house to see it. Now, we can see what complete strangers buy and how they live their lives in nanoseconds.
This isn’t necessarily a bad thing, but it’s not good for us when we’re constantly comparing our life to theirs.
Track Your Spending
My coaching clients know how big of a fan I am of this one. I highly encourage everyone to track their spending. Set a reminder in your phone to check in with the accounts where you regularly spend money at least once a week.
There is no better way to curb overspending than becoming acutely aware of where your money is going. You don’t need fancy software or a pretty notebook. The notes app on your phone is fine. Don’t get lost in the weeds. Just track your expenses and start paying active attention to where your money is going.
Okay, so the last one. If you don’t need to buy something then don’t go in the shop or look at their online store. Seriously don’t do it. Just because your neighbor tells you all about that new thing, they got doesn’t mean you need to head to Amazon as soon as you get home to find yourself one.
Instead, avoid – don’t go into that store just to window shop because chances are you’ll buy something. Don’t just head online to this store or that if you don’t actually need anything because you’ll end up buying something.
Practice “sleeping on it” if you’re really tempted to buy something. Leave the item at the store, go home, and “sleep on it.” When you wake up the next morning do you still feel that you need that item? If you’re online, you can add that item to your cart but again, practice “sleeping on it”. Wait to make the purchase until your next payday. Do you still feel the need to buy it?
The purpose of this is to help our brain, body, and heart connect again. When we’re feeling super discontent and trying to soothe ourselves by buying things it can be so hard to say “no” in the moment. But by allowing yourself to “sleep on it,” you give your body and mind time to slow down and calm down. You’ll be able to make better financial decisions when you do.
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JOIN THE CHALLENGE!
Money controlling you? I know the feeling. My family has been living this real life on a budget for a long time and I can tell you that there's never a perfect season, but with a few changes you can start to reign in your money issues.
Join the 5-Day Challenge today and start getting your money life in order this week!
You need to do basic things like take care of your home, your health, your daily needs, and your social and emotional well-being. Use a budgeting app to help you manage your money and reduce how much you worry about overspending. Set up a direct debit for all your regular payments, especially if bills give you anxiety.
"Overspending is often more than just a lapse in financial judgment; it frequently signals underlying emotional or psychological triggers. For instance, some people may overspend as a form of escapism, temporarily distracting themselves from stress or emotional pain," Hathai says.
Beyond general worries around your bank account, an extreme fear of spending money can sometimes be linked to some mental health concerns. For example, having extremely rigid control over your finances is sometimes linked to obsessive-compulsive personality disorder (OCPD for short).
Financial anxiety, or money anxiety, is a feeling of worry about your money situation. This can include your income, your job security, your debts, and your ability to afford necessities and non-essentials.
If you experience symptoms like mania or hypomania, you might spend more money or make impulsive financial decisions. You might have an addiction or dependency which makes you spend money.
For some, overspending becomes buying-shopping disorder, or compulsive shopping disorder (CSD), which is characterized by repetitive, uncontrollable spending that causes serious life difficulties.
These traumas can be large like being abused or small things like parents not having enough time to spend with their children. Trauma can manifest as overspending, avoidance, under earning, it could even be underspending.
It helps minimize overspending and gives your savings and your money a purpose. Having a plan also eases your anxiety and enables you to focus on the things that matter. Your financial goals should give you a clear picture of how you will pay off your debts and increase your savings.
Chrometophobia is an extreme, irrational and overwhelming fear of money, specifically of spending money. Someone with this phobia may experience intense fear, anxiety or panic at the sight, smell or touch of physical money or at the thought of spending money.
The concept is simple. For the next 30 days, institute a mandatory three-day waiting period for every buying decision, large or small. Every time you're considering making a purchase, set the item down, put your wallet away, and leave the store. If you still want it three days later, go ahead and buy it.
Chrometophobia – which comes from the Greek word “chermato”, meaning “money” – is an extreme, irrational and overwhelming fear of spending money, and sometimes of money itself. Sufferers can experience intense anxiety or panic at the sight, smell or touch of physical money, or at the thought of spending it.
Often, money dysphoria arises from feelings of inadequacy and anxiety, and overall causes distress in the person experiencing it. Furthermore, money dysmorphia is more commonly seen in younger generations, but can impact anyone at any age.
Introduction: My name is Velia Krajcik, I am a handsome, clean, lucky, gleaming, magnificent, proud, glorious person who loves writing and wants to share my knowledge and understanding with you.
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