Before you go, hear me out, I am guilty, as a matter of fact, we are all guilty of bad spending habits. In todays lesson, I will give you 4 tip’s to help you break those bad habits. Bad spending habits can wreck your budget. My bad habit had to with clothes and shoes. If I saw an outfit or a pair of shoes that I wanted I didn’t care about my budget, I had to have them. Thank God for deliverance!
Let’s use eating out as an example. Now you may budget for $50 a month toward eating out, but in actuality you end up spending $150. In my case, I started budgeting for my impromptu shopping trips and I became more conscious of my spending. In the beginning, there were times I went over my monthly limit, but with persistence and the right mindset, I was able to break my bad spending habits. Whatever your vice is that causes you to go over budget, you must get it under control. That bad spending habit is keeping you rom reaching your financial goals. It may be so detrimental that it keeps you from saving or causes you to pile on more debt. Keep reading for my 4 tip’s to help you break your bad spending habit(s).
- Allot for your vice in your budget. Once that money is spent for the week or month, then don’t spend any more.
- Know your spending triggers. Were you having a bad day the last time you balled out? Were you upset about something and decided a trip to the mall was the cure? Start recording how you feel at the time you decide to blow your budget. Write down exactly how you felt when you went off the deep end. Were you bored? Had you run out of things to do? By identifying and understanding any underlying issues, it is possible that you may be able to find ways to avoid this behavior in the future.
- Know your weaknesses and avoid them at all costs. My weakness was shoes and clothes. I had to stay away from the mall. I had to cancel all my emails from places like Bakers shoes, AMI Club Wear and Banana Republic. If I received an email and saw something I wanted I was bound to buy it. Same with the mall, if I went in the mall there was no such thing as window shopping. I literally had to remove myself from those situations that caused me to spend money that I knew I didn’t have. Whatever you have to do to avoid your weaknesses, DO IT!
- Limit your access to funds. Stop carrying your credit card’s, debit card and check book with you. Take cash and when it runs out then you stop. Without access to all of your funds you can’t over spend. To this day, I only have just enough cash on me to take care of what I need to take care of when I go to the grocery store or the mall or wherever. On a daily basis, I leave my check book and debit card at home. I take out enough cash for gas each week and I stick to it. I take my lunch each day so there is no reason for me to have more than $10 on me, and that is for emergency only. I drink water from the water cooler at work, so I don’t even have to have vending machine money. I know this may seem harsh to some of you, but it works for me and it may just work for you. I have been doing this for year’s and I don’t see myself stopping this behavior.
I hope these tip’s help you. If you have any way’s that you have broken bad spending habit’s comment below, I would love to hear them.