I have a confession to make: I am a born spender! Clothing, jewelry, housewares – pretty much everything on Amazon! And it does not stop there ! I have four growing kids to buy and I love that they have all the right things. That’s why I had to teach myself to stop overspending and start saving money.
If you are struggling with overspending and want to start saving money, then you have come to the right place. Over the years, I have struggled hard to get my spending under control and put my savings on the right track. I’m going to share my top tips for taking control of your finances and becoming a savings ninja.
1. Make a weekly budget to start saving money
If you are a born spender like me, then it is very easy to let the money slip through your fingers. If you have monthly income, you can easily come to the end of the month and not know where all the money has gone. Whoops! Discovered again!
Personally, to prevent this from happening, I have been keeping a weekly budget for years. I transfer a weekly allowance to a separate account and this is my expense account for food, clothing and all the extras. It helps me control my spending as it’s much easier to keep tabs on my spending this way.
If you don’t want a separate bank account, you can use a budget app or withdraw money. If the money runs out and you need something else, it’s usually easy to wait a few more days.
2. Determine your spending triggers
For me, the trigger for spending was definitely stress. Have you had a difficult week at work? Pop on Amazon. Feeling tired? Start browsing Asos. For you, it could be something different. Common spending triggers are stress, happiness, depression, going out with friends, and walking past your favorite store.
If you understand your spending triggers, there is something you can do about them. Planning ahead when you shop often saves money. When you go out with friends, plan a fixed amount of money to limit your spending. Plan something for the evening if you’re feeling stressed out so you don’t have to be scrolling through your phone all night spending money.
3. Go out with frugal friends who like to save money
We are social animals and we love to be with friends. It’s great, but the problem is that we can also start spending like our friends. Have you ever chatted with a friend about their upcoming vacation? If you have booked a caravan at Bognor Regis and they are going to Spain, you may be feeling a little bit silly. It’s easy to get off the boat spending just to fit in.
There are two ways to approach this. Or start dating your most frugal friends so you can share your new frugal habits. Or tell your spendthrift friends that you are on a money diet. Explain that you need to stop overspending and start saving money. Maybe they will want to join you!
4. Don’t buy now!
The problem is, it’s so much easier to spend money these days. We all hold the Internet in the palm of our hand with endless spending possibilities. In ten seconds you can think of something you need, go to Amazon and bam! It is ordered. Sometimes we do it almost without thinking.
I have found that it is really helpful to put my phone down at night when watching TV. If I need something, I put it in my online shopping cart and come back to it the next day. Sometimes I find out the next day that I don’t really need that fifth pair of jeans after all!
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