How To Stop Spending Money

By: Danielle Pietersen | October 19th, 2021

Cutting your spending is a great way to take control of your budget. Spending less money can help you take control of your finances, get out of debt and start saving. Read on for some tips to help you take control of your finances and find out what factors you should consider before you swipe your credit card

What Causes Overspending?

Overspending can be a tricky thing to understand. Different people have different spending triggers. Understanding what is driving your behavior can help you learn to stop overspending and take control of your spending habits. Being in control of how and why you spend your money might be hard at first, but it’ll quickly turn into a habit that feels better than spending money.

Peer Pressure Can Cause Overspending

Peer pressure can come from a variety of sources. You might feel pressured to keep up with neighbors, friends, and family, or even online influencers. If keeping up with the Joneses is driving your spending, it’s time to take a careful look at your life and your budget. Everyone’s financial situation is different. If you want financial freedom, then you’re going to need to set up a budget and stick to it. The people you’re trying to keep up with might have more cash than you, but they might also be paying for their lifestyle with bad decisions and credit card debt. Either way, you need to start making the right decisions for yourself.

Impulse Buys Can Cause Overspending

Impulse buys can cause overspending. Do you often buy things and then regret the decision later? Sometimes purchasing a product seems like a good idea in the moment, but when you have time to think about it, you realize you don’t really need it or that you could have gotten it cheaper somewhere else. 

If you’re struggling with impulse buys, set yourself a time limit. Decide that you’ll give yourself a certain amount of time to think about a purchase before you commit. A day or two is usually enough, but if it’s a really big item like a car or house, then giving yourself longer and doing some good research before you make a purchase is the way to go. 

Boredom Can Cause Overspending

Being bored can lead to overspending. Shopping and even online shopping can easily become a way to pass the time. Even heading to the grocery store can be fun when you’re bored. If you’re finding that you’re spending money as a way to pass the time, try filling the time with other fun and relaxing activities. Going for a walk, reading a book, or even planning a meal are all great ways to relax without paying anything.

Financial Stress Can Cause Overspending

It sounds strange, but sometimes feeling like you aren’t allowed to spend money can trigger a need to spend money. If you’re drowning in credit card debt or struggling to make ends meet, the temptation to add to that debt is very real. If possible, try to free up some money in your budget that isn’t allocated to a specific category. Having a little freedom can help you feel better and more in control of your budget. It doesn’t need to be a lot of money. Just a little spending money can help you feel less stressed and make better financial decisions.

How To Stop Spending Money Online

The easiest way to stop spending money online is to simply spend less time online. Online shopping has become so convenient, that it can be a really relaxing way to pass the time. Decide not to use online shopping as a form of entertainment, but rather as a tool for when you actually need to purchase something.

Also, be aware, that social media is full of clickable shopping links. If you’re struggling to keep your online spending under control, then limit your social media time until you’ve managed to break the habit.

How To Stop Spending Money On Things You Don’t Need

The simplest way to stop spending money on things you don’t need is with a budget. Setting up and sticking to a reasonable budget is the best way to make sure that you’re sticking to your financial goals. Allocating money to specific expenses each month will help you learn how to stop spending money on things you don’t need. 

Have a good look at your income and your needs. It’s far easier to decide what you really need and which items are just nice-to-haves when you’re sitting at home drawing up a budget. Make the decisions about your budget when you’re thinking clearly. That way, you don’t need to try and make decisions when you see something you really want and you’re flooded with emotions.

One Finance is a great tool to help you stick to your budget. It’s one card, but it allows you to create pockets. You can use a pocket for each type of expense, which will help you stay in control and know how to respond when you want to spend money.

What To Do Instead Of Spending Money

Oftentimes, spending money becomes a fun thing to do. Like a hobby. Spending money can even be addictive. Every time you shop, your brain is getting a hit of endorphins and dopamine, just like it would from playing computer games, exercising, or doing drugs. 

Whether you’re shopping because you’re bored or looking for a dopamine hit, the way to handle it is pretty much the same. Look for activities that can replace shopping in your life. Obviously, you don’t want to replace an expensive shopping habit with an equally expensive hobby, so try to look for cheap or free things to do instead of shopping.

How To Train Yourself To Stop Spending Money

The best way to train yourself to stop spending money is to identify your spending triggers, once you know what your triggers are, you can work around them. No matter what your triggers are, budgeting and setting yourself a waiting period before you buy are the best ways to cut down on spending. Stick to your budget and waiting period. It might be hard at first, but it’ll quickly become a habit and start to feel more normal.

Other Ways To Save Money

Saving money can be hard. Even once your spending is under control, it can be hard to make your budget work. Many families find that they just don’t have extra money left over once they’ve met their needs. 

Signing up for a free rewards program like Swagbucks is a great way to free up a little extra cash each month. There are loads of great savings, discounts, and coupons available. You can also earn extra cash for completing tasks like watching videos, taking surveys, uploading receipts, and even shopping online. It’s a great way to free up some room in the budget when money is tight.

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Waiting for sales at certain time of the year is another great way to save. If you know you want to make a purchase, plan and research the product. Make sure you know the normal price and then wait for a sale or a coupon to become available on that product. Having all the information available can help you make a quick decision and buy quickly when something is on sale without making an impulsive decision. Check out this great article about AirPods Black Friday deals to get an idea of the savings you can make just by waiting for the right moment.

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