It’s very easy to spend money, as every knows (DUH!) I came across a good article the other day here, on how not to spend money. I’ve added other things to it which I thought would be helpful.
- Stick to a debit card or use cash. I only have one credit card and it has a low limit. I feel that this has helped me greatly with no overspending because I don’t have extra money that isn’t mine to spend. When you use a debit card or cash, you know exactly how much you have left and how much you can use.
- Don’t overdraft. I overdrafted once in my life, and it was when I was 16, because I accidentally transferred more money to my savings than my checking and then I overdrafted from my checking. This cost me $35, and since then I haven’t done it again.
- Don’t buy something on sale just because it’s on sale. If you’ll never wear it or use it, then was it actually a good bargain?
- Take your lunch to work. I try and take my lunch to work everyday and this saves me a lot of money. Instead of spending $7-10 a day on lunch, I can make something or just bring leftovers from the night before, with a cost of around $2 or $3.
- If you’re thinking about making a big purchase, try to sleep on it and think about your purchase for a couple of nights.
- Make a list and stick to your list when shopping.
- One thing I do before I buy something is to think about how long I worked for it. So if I wanted something I would think first “Wait I had to work 3 hours for this, is it still worth it?” Usually this helps a lot and helps me put everything in place.
What do you do to control your spending? Any tips for others?
Mommy Saves ALOT!!! says
One way I control spending is asking myself multiple times do I need this??It can be hard nowadays to control spending. It seems everywhere we turn is enticing us to spend all of our money; T.V., internet, magazines, etc.
Great tips!! Another tip is if you shop online is to close out of your browser until the next day… Chances are you'll forget about it or decide you don't need it anyways!
Canadian Saver says
I like Carla's tip of leaving it til the next day, especially online purchases. It's so easy to add things to our carts, we often don't realize the total until we've pressed the purchase button!I too use the "this item will cost me x hours of my time at work". Often, I've put things back, especially the big ticket items!!
Great advice! Although I would add that as long as you use a credit card strategically, it can be a great asset! When my husband and I first bought our house, we put almost all our repairs and renovations on the card, but paid everything off at the end of the month, and we got a $100 Lowe's gift card with the rewards points! And we usually put Christmas gifts on the credit card, but track our spending to stay in budget. That also gives the rewards points a nice little boost. 😉
I am bad at overspending at the grocery store so I make a list and stick to it. For other shopping I just have to stay away from the mall altogether. I'm not an online shopper except for iTunes and I just don't go there frequently!
I was very surprised that your blog is about saving money etc! But really I like to read your tips!I think this one's very good!7. One thing I do before I buy something is to think about how long I worked for it. So if I wanted something I would think first "Wait I had to work 3 hours for this, is it still worth it?" Usually this helps a lot and helps me put everything in place.Thanks for your comment on my blog
Michelle P says
Good point Stephanie, my credit card right now is boring and doesn't offer me anything, I need to switch!