Have A Problem With Overspending? Try These Tips


Overspending can cause many different financial issues, from not having enough money to pay your bills to not being able to save money because you are spending it all. Unexpected financial situations become emergencies because you do not have any money available to handle the situation. Although the temptation to overspend can be great, the benefits of getting your spending under control are much greater. To increase your financial security and reduce unnecessary spending, try incorporating these simple tips into your daily life.

Document Your Spending

One of the easiest ways to keep track of the amount that you are spending and what you are spending your money on is to document all of your transactions in a transaction ledger. Having your spending occasions listed in a single document will help you identify areas of overspending and items that you are wasting money on. There are a couple of different methods that you can use to track your spending easily. You can list all of your transactions in a checking ledger or you can input your spending into one of the online programs designed to track spending.

Start Comparing Prices

In many cases, the first price that you find for a particular item may not be the best price available for that item. By utilizing store discounts and sales, you may be able to save as much as 50% on the price of the item you desire. There are many price comparison websites available on the internet where you can enter the item that you are looking for and the site will scour the web to return the prices that retailers are asking for that item. You can select the cheapest price and buy the item online or at the retailer’s physical location.

Put The Credit Cards Away

Using credit cards are a great way to spend money that you do not have and one of the easiest methods to destroy your financial security. Every purchase made with a credit card costs more than you think because of the additional interest and financing charges that are levied against the account and added directly to the balance of the credit card. Credit card companies make billions in pure profit from consumers from over-limit charges and late payment fees every year. If you are trying to control your spending, leave the credit cards at home and pay cash for the things that you need to buy.

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3 Responses
  1. I think you should develop a cooling off period/system for yourself when you go shopping. Maybe go shopping in two stages, over two weekends. The first weekend to browse and identify, then wait a week before buying. Chances are that week’s cooling off period will give you the space to decide if you actually wanted or needed the item. Cue massive savings over time!

    1. Some people use a similar technique on a smaller scale when shopping at a mall or location with multiple vendors. They do one circuit to look around and see what they would like to buy, and then after they have seen what is available from each of the retailers they are interested in, they do another circuit to buy the items that they have decided on. The simple act of leaving the area can be enough to curb the urge to purchase an unnecessary item and these people find that they spend less during these trips than if they just purchased what they saw on their first viewing.

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