We all have spending habits that drain our bank account and leave us wishing for payday. Here we look at some easy ways to change your spending habits so your money lasts longer.
We all have spending habits that leave us broke way before we planned to be month on month. Maybe it is your makeup addiction, or perhaps there is always a new pair of shoes you just have to have. Maybe you simply can’t stop buying the latest health food supplements. Whatever it is that leaves you eating baked beans on toast in the last week before payday, you’re probably well aware of exactly why your money disappears so quickly come payday. The great thing about this problem, is that you can easily change it next time you get paid, leaving you with money all month, so you don’t need a guarantor loan or payday loans and possibly even have some left over to save. Here are some easy ways to change your spending habits:
Budget Shopping Trips
Don’t take your bank card with you shopping. Instead, take the money out that you intend to spend and only take that cash with you, so you can’t overspend.
Know What Triggers You
It may be that invites out at the weekend are what triggers you to buy new outfits or spend lots of money on cocktails in town. Maybe you know you get emotional around a certain time of the month and end up spending loads of money on takeaways and junk food. Maybe you always buy a coffee on your lunch break as a reason to get away from the office. Look at where and how you spend money and then figure out why you do it. Remember it’s much easier to get into debt than to get out of it so avoid debt in the first place. Too often we resort to short term loans and even those with a poor credit history can get loans with no credit check so you have to be able to exert some self control with your spending. Understanding why, will help you then deal with the underlying issue and switch your spending for another outcome. For example you could get away from the office with a flask coffee, or you might tackle the emotional time of the month with cycling or running instead of comfort eating.
Set Financial Goals
Set financial goals so that you have a reason to curb your spending. Perhaps there is a weekend away you would like to go on, but it would take three months of saving to be able to afford it. In that case, make the location your screen saver, make the goal to book it in three months and start visualising it and making plans for it to happen. Saving is a lot easier when you know what you’re saving for.
Making Spending Less The Game
Sometimes we get a thrill from spending, which is dangerous for our bank balance. If you make a game with yourself out of getting an item you love for a cheap price, you will feel a sense of accomplishment when you eventually find it half price, or discounted because you did your research.
Make An Online Savings Account
It might help to instantly push your excess money straight into an online savings account as soon as you get it. That way you only have a limited amount in your main account and it will almost be like the extra was never there in the first place. You could even set up a standing order to have a certain amount of money move from your main account into your savings account on payday every month, then you don’t even have to wave the money off yourself.
Hopefully these ideas have helped you feel more in control of your spending. Remember, it isn’t all about willpower, there are ways to help yourself avoid overspending every month, it just takes a little research, reflection and time.