1. Stop Spending Money Means You Need To STOP Shopping
This is the number one way not to spend, remove the temptation. Personally, I can’t go into a mall and not be tempted to buy something, that’s just me, I never was very good at “window shopping”. At the least, I’m going to spring for lunch or maybe coffee and a little sweet treat.
Eliminate your spending triggers.
If you’re a recreational shopper, you may have a tough time with this one. Simple solution, but maybe not so easy, stay strong and resist the shopping temptation.
2. Wait before making a purchase
It’s not new advice, but it does work, wait 24 hours before making a purchase. If you find something you absolutely must have and fear it will be gone if you wait to make the purchase, ask the store to put it on hold for one day. Most stores hold items as a courtesy, at the least until the store closes that evening.
User the time to think about the cost and how much you need to work to pay for the item and then ask yourself is it worth it.
3. Cash Only Shopping
Using cash only will significantly reduce your spending, it’s harder to part with cash, period. If someone tells you credit cards are more convenient, then ask them for who? If you have credit card debt, don’t keep adding to it, use cash. Every paycheck I withdrawal enough cash for the things I’ll need until the next paycheck. I know that the cash in my wallet can be spent without fear of going over my budget or getting deeper into debt.
For you point hounds out there:
The only possible exception is if you use a charge card, like American Express that needs to be paid in full each month. Only exercise this option if you are entirely out of credit card debt and have no history of credit card addiction.
4. Always Shop with a List
I’m an avid list maker, so this one is easy for me. I mostly use the Notes app on my iPhone to create my shopping list. Using a list keeps me focused on purchasing the necessities and NOT spend on things I don’t need.
5. Consider Borrowing instead of Buying
Sometimes it’s those one use and rarely used items that clutter up our homes. Some years ago I wanted a vacuum sealer to bulk cook and freeze. Instead, I borrowed one from a close friend, used it for the day and returned it. No cost and no need to store it.
6. Catalog Shop in a Different Way
I receive paper catalogs form my favorite stores and use for them design ideas and also for times when I want to do a little fantasy shopping. I’ll flip through the pages and mark the products I want, then a month or so later I go to the online site and check if anything I wanted was on sale. It’s a fun little game, and sometimes I find a fantastic deal, especially after the holidays.
In closing, stay out of the store, purchase only want you need to, and use cash as much as possible.
Follow these simple rules and your finances will improve. Once you stop adding to your debt or stop spending, you can begin the road to a debt-free life and a secure financial future.
Shop And Save Money at Your Local Second Hand Store to Celebrate Annual Thrift Shop Day on August 17th