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Poll

Are you a Shopaholic?

 

Cut back on impulsive spending.


We all know money doesn’t grow on trees, especially these days, but sometime old habits die hard.  That lunch trip to the mall, the expensive meal on a whim, they all add up.  Here are some tricks to cutting that compulsive urge to spend every nickel you’ve got with you.


Cut up your credit cards.  They are too easy to pull out of the wallet, and they don’t show you an immediate consequence.  Instead you pay for your impulse with a giant bill or lingering interest.  Don’t jot the numbers down someplace “just in case”.  It’s too easy to grab them out of a desk drawer during a midnight online spend-a-thon.  Do not attempt to cancel your accounts, however, until you’ve paid everything you owe. 


Just carry cash.  Checks and debit cards can get you into trouble.  Inconvenient? Absolutely, but that’s the point.  Compulsive spending is a habit you’re trying to break.  You’ve got to begin to make the connection between buying something and actually spending money.  Plastic and checks just confuse the equation.


Track every penny.  You should know exactly what you are spending.  Many people misjudge the amount leaving their accounts every month.  Lunch every day at McDonald’s? How much could that possibly cost? (Answer: over $100/month.) Once you begin to track your spending, certain patterns became clear.  Once you see the patterns you can destroy them.

Play mind games.  For some people, money is not an emotional issue. They understand it intuitively. They’re able to make the smart choices without temptation to do otherwise. For most of us, though, money is more about mind than it is about math.  There are games you can play to help you control the urge to spend.  For example, use the 30 day rule.  If you really need it, it will be there in a month, you’ll have weighed your options, and it won’t be an impulse.  Ask yourself: “Is this a want or a need?” Try to discover what is motivating the purchase.  When you’re tempted to buy something, write it down. Make a wishlist.  You can dream about things that would be nice without having to buy them right away.

Avoid temptation. The best way to avoid spending money on comic books is to not enter the comic book shop. If your weakness is music, stay out of the record store (or de-activate your iTunes account).  Recovering alcoholics don’t usually frequent bars.  It’s the same concept.


Ask for help.   For some people, over spending is an addiction that requires care.  Beating an addiction can be tough when you’re going it alone. Seek support from your friends and family. Ask your spouse to help. (And be open when they call you on your actions — don’t get angry.) 

Source: getrichslowly.org