Given all these rising costs, it’s more important than ever to keep on top of your spending habits. Making a budget is a great start, but following it easier said than done. It’s one thing to abstractly vow to “cut back on pricey coffee," but how do you stick to that when it’s 7 a.m. and you need caffeine ASAP? Or what if your restrictive budget causes so much anxiety, you impulsively start “revenge spending?" Let's take a look at some ways you can become a more conscientious spender, especially when prices are out of control.
The most important question to answer: Where does my money go? Don’t settle for estimates, here. Go through your bank statements and look your spending habits full in the face. Then evaluate which expenses are actually valuable to you, and not some subscription service you forgot about long ago. It’s far easier to eliminate unconscious spending once you bring it out into the open.
Recognize your spending triggers
Take time to reflect on your recent impulse purchases. What emotional state were you in? Were you influenced by others? Identifying these patterns is crucial to breaking the cycle.
One place to start with your specific spending goals is to physically write down the things you want to buy before you buy them. Use those bank statements to inform what items make your official “to-buy list.” When you read over items on this list, you’ll be able to make a more thoughtful decision as to what you really need.
Create financial friction
Removing saved payment information from websites
Deleting shopping apps from your phone
Placing savings in less accessible accounts
Another tactic is introducing a deliberate delay between the desire to purchase and the act of buying. Before making non-essential purchases, especially online, institute a mandatory waiting period:
For items $50-$100: Wait three days.
This simple delay helps distinguish between wants and needs, often breaking the spell of impulsive desires. Think of it as a cooling-off period.
Remember, you’re still allowed to treat yourself
Only you can determine what is truly valuable in your life. Personally, I’ve budgeted enough money for my daily coffee indulgence. For you, it might mean treating yourself to a fancy dinner once a month, or cutting back on restaurant costs in order to go wild on vacation in a few months. Allow yourself to indulge, especially if these indulgences improve your overall relationship with your money.
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