Do you spend too much money? It’s not just you! Most people seriously struggle with spending too much money on things they don’t need and can’t afford.
Frugal Expert Kristen Stones of Cents and Purpose helps people find ways to stop spending money on unnecessary things. Here are five ways she recommends people reduce overspending.
1. Spend With Cash
Spending with cash may feel antiquated these days, as credit and debit cards are the norm. Still, leaving the plastic at home when shopping is a surefire way to regulate your spending.
Without a card to cover any overages, you’re unable to spend what you don’t have. If you have a $100 weekly grocery budget, head to the supermarket with exactly $100 in your pocket.
Will it be a pain to tally up prices along the way? Yep. Will you spend more than $100 on groceries? Nope. It works every time.
2. Group Online Orders
Online shopping has become integral to our lives, especially since 2020. However, the convenience it offers is a gift and a curse.
There’s nothing better than placing an order for pet food on Chewy and having it magically appear on your doorstep in time for Fido’s next feeding. Unfortunately, it’s far too easy to open your Amazon app and place multiple orders every week for any random thing your heart desires.
If you find yourself hooked on the dopamine you get from clicking “buy now” more often than necessary, try grouping your online orders.
Pick a specific timeframe and commit to placing only one order during that timeframe. For example, if you frequently order from Amazon, commit to placing a weekly order.
Add items to your cart as you see fit throughout the week. At the end of the week, review your cart contents. Remove anything you no longer want or need and place the order for the remaining items.
You’ll likely be surprised when you see how many things you can remove from your cart because “the moment has passed,” and you no longer feel compelled to purchase them.
As time goes on, try increasing the amount of time between orders; bump weekly orders to bi-weekly and bi-weekly to monthly.
3. Abandon Your Cart
Another great way to spend less online shopping is to abandon your cart. This means adding items to your virtual cart, but instead of checking out, you leave the site and close your browser.
Eventually, one of two things will happen.
In most cases, the store will begin sending you emails with discounts or coupon codes to entice you to return to their site to complete your purchase.
Or, you’ll forget all about it and never make the purchase. Either way, you’re saving money!
4. Identify and Avoid Your Triggers
Overspending is rarely about the money or the stuff you’re buying. Instead, there’s almost always an underlying emotional factor at play. If you’re serious about curbing your spending, you’ll need to figure out what’s causing it.
Perhaps you notice yourself swinging by the mall on your way home whenever you have a bad day at work. Or maybe you find yourself blowing your grocery budget at happy hour each time you get in a fight with your significant other.
These events are called “triggers” and once you identify them you can anticipate the future spending and redirect that emotional energy into something more productive – and less expensive!
Commit to heading straight home and taking your pup for a long walk any time you’re stressed out from work. Or make a pact with a friend to meet at a coffee shop when you’re feeling anxious about your relationship.
Avoiding your triggers will eliminate spending sprees and be more effective in regulating your emotions!
5. Live on a Budget
One of the most underrated ways to save more and spend less is learning to live on a budget.
A budget does not mean restricting your spending. It simply means creating a plan for your money before it reaches your account – a spending plan, if you will.
A budget isn’t about telling yourself you can’t spend money on a nice dinner out. Instead, it’s about forcing you to pay attention to where your money goes.
A strange phenomenon about budgeting is that once you are paying attention, you’ll likely feel as though you have more money.
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