If you feel you are shopping too much, you aren’t alone. Many people look at their spending habits and decide that more money should stay in their bank account. Wondering how to stop shopping? Keep reading!

With all the spending temptations out there, it can be challenging to stop shopping. Luckily, it can be done. Let’s take a look at the ways that you can stop overspending starting right now.

1. Define your money goals

If you want to discover how to stop shopping, the first thing to do is define your money goals. 

Financial goals can be any objective or milestone you want to achieve with your money in the future. A few good examples include getting out of debt, retirement planning and saving, or setting out on a journey of homeownership.

Only you can determine what money goals matter to you. Take some time to consider what you want your future to look like and what money moves will make that dream a reality. It is likely that your money habits are not supporting your goals if you are shopping too much.

Once you define your money goals, you may be less tempted to splurge on unnecessary purchases and put those funds towards your money goals instead.

2. Take a closer look at your budget

With your money goals in mind, set up a paycheck budget that works for you. As you map out where you want your money to go, you’ll likely find that unnecessary shopping is not high on your list of priorities.

Instead, you can tailor your budget to include what is important to you.

Of course, you can and should include a budget for shopping fun. But don’t let this category run wild. Keep your spending desires balanced with your long-term money goals.

If you need help crafting a budget that works, then check out our free course!

3. Track your spending to stick to the plan

Creating a budget is a good jumping-off point. But without tracking your spending, you won’t know if you are sticking to your budgeting plan. That’s why you need to track your spending regularly.

You can use a budget app or stick to a simple spreadsheet or budget binder. Choose the strategy that works best for you. Personally, I prefer tracking my spending in a simple spreadsheet to keep myself on track.

4. Remove shopping temptations

When I struggled with overspending, I realized that many of my purchases were made on impulse. And it was especially true for online shopping, with a constant deluge of store newsletters hitting my inbox.

When I received too many deliveries one day after a shopping binge, I started searching for how to quit shopping. Eventually, I decided to remove my shopping temptations by unsubscribing from store newsletters that crowded my inbox. With that, I was quickly able to curb my spending tendencies.

Take a few minutes to unsubscribe from the store newsletters you receive. It may be difficult to hit “unsubscribe” from your favorite stores, especially if you think you’re getting a bargain from coupons or sale notifications. But remember, you can always check out their website when you actually need something. 

Without the constant temptation, you may be able to become more mindful and stop shopping for unnecessary purchases.

5. Delay your purchases

Many of us struggle to stop shopping due to buying things on impulse. 

For example, I might throw a few extra items in my cart while Amazon shopping or pick up an extra candle or two while I’m out. But I really don’t need these things — but at the moment, it feels like I absolutely need another candle.

Luckily, you can curb impulse purchases by delaying your decision. For small purchases, waiting 48 hours is a good timeframe to reconsider. For larger purchases, waiting 30 days is usually a good option.

When you step away from the store and have time to think, you’ll often realize that you don’t need the item. Or you may forget about it altogether! Either way, you can stop the urge to shop in its tracks.

Take a minute to set up some delayed purchase rules for yourself.

For example, you might decide that items over $20 require a 24-hour delay. Find a system that works for you. You will be surprised how often you forget about the item entirely!

6. Only go shopping with a list

Many shoppers may walk into a store with only a vague idea of what they need. But a list can be a key way to stop unnecessary spending. Before you head to the store, create a list of everything you need. 

Once you arrive, only buy what is on the list. I find that this tip is especially useful for avoiding unnecessary grocery store spending by shopping frugal.

If I arrive at the grocery store without a list, I always walk away with snack items that I don’t need. But with a list, I can stick to the plan and gather only what I need.

7. Tuck away your savings in a separate account

If you like to make spending decisions by checking out your bank account balance, keeping all your savings in one place can easily lead to over spending. 

After all, you don’t want to use your emergency savings on an impulse buy. But if your account has the money, it can be too difficult to resist.

With that, tucking away your savings into a separate account can be the perfect solution. When your savings are safely stored in a savings account, you can spend more freely from your checking account. You won’t have to worry about accidentally spending your emergency savings.

The best way to ensure that the money you intend to save makes it into your account is to set up an automatic transfer with each paycheck and automate your finances.

8. Try a shopping ban

An extreme way to stop shopping is to institute a shopping ban for a particular period of time. 

Although it might seem too challenging, this can be an effective way to stop shopping sprees. You could quit shopping completely for an entire week, month, or year.

Of course, not shopping can be very challenging. But you’ll be able to set the rules and timeframe. 

If you are interested in this strategy, I highly recommend reading The Year of Less. The author, Cait Flanders, shared her experience with a shopping ban for an entire year.

Alternatively, you could also try a low-buy year!

9. Focus on gratitude

An attitude of gratitude can truly change your perspective on many things, including shopping. 

Take some time to consider what you already have. Take a look around your closet and home. You might find that you have everything you truly need already.

If you are struggling to stop shopping, you may need to examine your relationship with money further. Unfortunately, negative emotions surrounding money are very common.

But if you cannot recognize these emotions in your life, you might struggle with financial decisions such as overspending.

Focus on creating a positive money mindset, which starts with gratitude for what you already have. Try out the 30 days of gratitude challenge to encourage thankfulness.

10. Avoid going to stores

I’ve always gone to stores as part of social plans. I’ve met friends at the mall and walked around the stores with them for hours. 

However, if you want to quit shopping, you need to minimize how much time you spend in stores. Let your friends know that you are trying to cut back.

Instead, look into ways that you can have fun outside of the store. Meet up for coffee or lunch, or even go for a healthy walk or hike together.

When you stop spending time in stores, you remove the temptation to spend money. It is simply a case of out of sight, out of mind. 

11. Embrace minimalism

Embracing minimalist finances helps you to change how you view spending money. To do this, you need to cut out all of the unnecessary things in your life. If you don’t need something, you don’t have to buy it. 

When you adopt this mindset, it will help you declutter your life and change your habits. Rather than buying loads of things you don’t need, you can only buy things of value. It makes a huge difference to how you feel about the things that you own.

Expert tip: Track your shopping behaviors

Shopping habits can be hard to break. Before cutting back, you need to understand how, when, and, most importantly, why you shop. While you should already be tracking your finances, it may also be helpful to keep track of your everyday shopping behaviors.

Kick things off by creating a shopping journal — you can do this on your smartphone or on paper. Write down everything you buy and when you bought it. You may also want to note down whether you used a credit card, cash, or another form of payment.

Visually seeing how much you spend on certain things will help you understand each shopping behavior. Perhaps you’ll find that you tend to overspend the most on your wardrobe or that you only overbuy when you use your credit card. You can use this resource to transform how you spend money and learn how to stop shopping.

Why is it difficult to quit shopping?

If you’ve tried to quit shopping before now, you know the drill. I’ve found that it can be extremely difficult to avoid temptation when trying to quit.

But wait, why is it so tough? Let’s take a look at some of the core reasons that you may struggle to make fewer purchases.

It has become a habit 

Once you have formed habits, they can be hard to break. A habit is usually made up of a trigger, an action, and then a reward.

For example, you might feel sad, buy something, and then feel happy. Since you get a “reward,” you will keep repeating that habit when you are sad. 

For that reason, it’s important to understand what your personal triggers are. When do you shop, and why do you do it? What are you gaining from this experience?

Answering questions like these will help you to avoid spending money when you don’t want or need to. And it may help you figure out if you have a shopping habit or a shopping addiction.

You are avoiding something 

Does shopping work as a distraction for you? If so, you need to think about what you are avoiding.

Whether it’s debt stress, worries, or other problems, shopping will not solve them. Look into why you are using shopping as a distraction and take things from there.

It gives you instant satisfaction

When you shop, it gives you a hit of dopamine, which makes you feel happier. If you have been relying on spending money to bring you joy, it can be hard to quit the habit. 

It’s important to look at other ways to lift your mood that don’t involve shopping. Learning how to find happiness within yourself — through healthier means — will help you overcome this habit.

How do I stop shopping as a hobby?

If you think of shopping as a hobby, it can be incredibly hard to stop. And so with that in mind, the first step here is to reframe how you think about shopping. It is about buying the things that you need, rather than being a fun activity that you do during the weekends. 

I’ve found that it is helpful to look at other ways to have fun without excessively spending money.

For example, you might choose to join a sports club, start a new creative project, read a book, or even binge-watch a TV series.

Replace your shopping habit with something new or try out stress relieving hobbies. You may also try to limit social media, Instagram, emails from stores, and other things that can make you want to shop.

Why can’t I quit shopping?

If you want to quit shopping but can’t, you may experience a load of guilt and shame, but before you can go cold turkey, you need to figure out what your personal shopping triggers are. 

For instance, you might shop more frequently when you’re stressed, tired, or simply looking for a distraction. Take the time to figure out what makes you want to buy new things. When you have that information, you can deal with the root of the problem first.

And know that many people struggle to stop shopping and it’s okay, you will learn how to manage your money better.

Articles related to quitting shopping

If you found new ideas for how to quit shopping so much, check out these posts next for more great information!

• Need To Go On a Shopping Ban? How To Start and Stick To One!
• How To Survive Being On Shopping Ban Island
• 8 Tips For A Successful No Spend Month
• How To Stop Spending Money: Curb Your Over Spending

You can learn how to stop shopping and save money!

It can be difficult to stop shopping. But it is completely possible. Give these strategies a try as you look for ways to cut back on shopping.

You might be surprised how quickly you can make a change when you get started today. And remember, there are many ways to spend time other than shopping, such as trying out hobbies that make money or starting a side hustle.

The post How To Stop Shopping: 11 Strategies To Succeed appeared first on Clever Girl Finance.

It’s totally normal to want things you can’t afford, but it can damage your finances if you give into temptation too often. This is because it makes you start living above your means. Whilst it’s hard to admit that you don’t have the funds for a massive house or a brand new car, it’s essential if you want to start living below your means.

New releases of electronics, designer clothing and cars always try to tempt us to spend money on material things. Unsurprisingly, the average credit card debt in a U.S. household is over $17,000!

That said, in this article, you’ll learn how to create a financial plan to set yourself up for financial success and resist living above your means.

Why is it important to live below your means

Living below your means gives you financial freedom. Eliminating debt also enables you to save more money for unexpected costs or events such as a job loss. The job market continually changes, causing some careers to vanish and creating new opportunities.

Are you counting down the days between paychecks? This is a common sign that you are living above your means with no savings to fall back on. Financial uncertainty can be a worrying time, so it’s essential to start saving money, paying off debt and living below your means. It will prevent you from scrambling for cash or reaching for your credit card at the last minute.

How living above your means impacts your finances

Living above your means is expensive in many ways. You pay high amounts of interest on credit cards, you buy a car that straps your budget and impacts your credit score, or maybe even buy a house that is a bit out of your salary range despite what it may say on paper.

Just because it looks like you can afford it doesn’t necessarily mean you can if your situation changes. When you make a purchase, you need to consider the unexpected expenses that may accompany it.

Here are some examples of financial decisions that significantly impact your finances.

Being overextended due to a home purchase

When buying a property, you need to consider the costs of running a house.

Typical costs of homeownership include:

• Monthly expenses like your mortgage, utilities, rent, subscriptions, entertainment
• Insurance
• Maintenance and repairs
• Property taxes
• Heating/ventilation/air con systems

With all of the above considered, would you still be living above your means, below or within it? Knowing this before making a large financial commitment that you may regret later is a good idea.

Impulse purchases beyond your budget

Spending unnecessarily is one of the worst things you can do when it comes to living above your means. It’s way too easy to make unnecessary purchases on those high-interest credit cards when we see something we think we must have.

But then the credit card statement lands on your doormat. And when you don’t pay off your balance, you pay way more for that handbag than you think. Living above your means can create financial chaos.

Financing a car at a high cost

Using finance can enable you to own a better quality car than you may have been able to purchase with your own money. Perhaps you’ve wanted a new car vs. another used car.

Before you make this decision, you need to ask yourself, “can afford to make this regular payment for the contract term and still live within your means?” It’s also important to consider any fees or penalties you’d have to pay if you needed to end your agreement early if you could no longer make the repayments.

Signs you’re living above your means

When it comes to your finances, there are some key indicators to help you determine if you are living above your means. The sooner you identify them, the better.

1. You don’t have an emergency fund

An emergency fund is money that you put aside for unexpected events and life emergencies. The goal is to have at least 3-6 months of essential living expenses in a separate savings account.

Most people don’t have enough money in their emergency savings fund. This may seem hard to attain, but you can start with your first goal of $1000 and build from there.

2. You have credit card debt

Credit card debt is expensive. Especially if you have a higher-rate credit card. If you only pay the minimum, it can take years to pay off the balance, which can cost you thousands of dollars extra over time.

If you use your credit cards, it’s best to pay off the balance every month. You avoid paying interest and racking up debt by paying the balance in full.

3. You’re not saving at least 10% of your income

One of the best ways to save is by putting at least 10% of your income away every pay period.

For example, if you make $500 a week, you will save $50 every paycheck. By following this 10% approach you can quickly save up your first $1,000 for your emergency fund. 

The benefit of this method of saving is that 10% isn’t a huge amount, so it’s achievable. If you don’t have any spare cash, look at where you can cut back in other areas and save that money instead.

4. You are purchasing big-ticket items despite your finances

Are you upgrading your expensive smartphone yearly or buying expensive designer bags on your credit card?

If so, you are definitely living above your means. The infamous saying “charge it” is a fast way to go into debt. If owning the latest technology or accessories is important, buy second-hand instead and save money that way.

5. You’re paying for expensive vacations you didn’t plan for

Everybody needs a break, but you aren’t living below your means if you aren’t saving money to take it and charging it instead.

Vacations are expensive and require effective budgeting to prevent going into debt. Travel out of peak season and search the internet for discounts before you book.

How to start living below your means

You’d be surprised how quickly you can learn to live below your means with the right budgeting tactics and finance resources.

With the right money mindset and frugal lifestyle, you will surely acquire the financial success you desire. Try out the following tips to get started.

1. Assess your current financial situation

If you don’t know the status of your financial health, you can’t improve it.

Write down all of your income and outgoings so you can see the entire picture. Don’t leave anything out, even your daily frappe! Categorize spending habits so you can easily see where your money is going and work out your debt-to-income ratio. All of the information you learn from this step is vital for step 2. 

2. Make a budget

The first step to start living below your means is to make a budget. You need to determine how to create a budget that best fits your financial needs. There are a variety of ways to make a budget. Some popular budgeting methods are:

• Cash envelope system
• Percentage Breakouts
• Zero-based budgeting
• App & Spreadsheet budgeting

The important step is to use a budget method that is best for you and that you will stick to. Budgeting is a proven way to help you avoid lifestyle creep and unnecessary expenses, which happens when you increase your spending in line with an increase in income.

3. Create a financial plan

A financial plan is crucial for financial security. Creating a strong financial plan will help you attain your short term and long-term goals for your finances. Your plan will include:

• Your goals
• A debt payoff plan
• An emergency savings plan
• An investment plan
• Even an estate plan

You can either use a financial planning template or get creative and make your own. It doesn’t matter what it looks like, just that you can record and monitor your finances easily.

4. Curb your spending

The most effective way to start living below your means is to reduce your spending. You can save lots of money by not spending money on things such as coffee and clothes you don’t need, and dine out less.

Another way to save money is using cash instead of credit or debit cards. This makes you more aware of how much you are spending daily.

5. Live frugally

There are many tips and tricks to help you live a frugal lifestyle. You can purchase items preowned such as clothing, electronics, etc. Start couponing, save money at the grocery store, and buy in bulk to get cheaper items.

Downsize into a smaller home or apartment if needed and sell off items you don’t need for extra money. When you determine your needs vs. your wants, you start living below your means by being frugal with your spending.

6. Improve your money mindset

It’s all about perspective. Improving your money mindset can help you get a grip on your finances and stop anxiety caused by financial stress. Don’t focus on the negative. Use your past mistakes as a learning curve to make the adjustments to get your money right.

Rather than considering living below your means as a restriction, view it as the path to financial independence.

7. Make extra money

One of the most effective ways to live below your means is to increase your income. Having spare dollars left in the bank each month also acts as a financial cushion in case you’re faced with unexpected costs, such as needing to buy a new washing machine.

Whilst starting a side hustle is the most common way to make more money, you can also:

• Sell items you no longer need or use
• Invest in opportunities that generate passive income
• Work overtime

The more money you have to spare, the better your financial position is.

8. Utilize finance courses & resources

It’s easy to feel overwhelmed when you try to adjust your finances. We’re here to help you get on the road to financial success with our 100% completely free finance courses & resources!

You can use these courses and worksheets to help you through your financial journey and stay motivated every step of the way.

Expert tip: Consider downsizing your house

If you’re serious about living within your means, it’s time to start looking at your current living situation. Do you really need a three-bedroom property right now?

Just because the bank suggests that you can afford a $300,000 home doesn’t mean you should buy one. Downsizing and moving to a smaller house in a less affluent area is one of the best ways to start living below your means.

This way, you can enjoy being a homeowner without feeling like you’re being stretched financially each month. You’ll also have more money spare to pay off debt or top up your savings in the long term.

By how much should you live below your means?

The 50-30-20 rule is an easy-to-follow guide for figuring out how much you should live below your means.

50% of your monthly income should be allocated to paying for all your unavoidable expenses. This will include mortgage/rent, utility bills, groceries, transport and any debt repayments.

30% of your money can be used for funding your wants, such as eating out, holidays, entertainment and anything else that isn’t essential.

20% towards achieving your savings goals. Putting this money into a separate account is a good idea so you won’t get tempted to spend it on other things. It’s amazing how quickly your savings will add up!

If you use the proven 50-30-20 budgeting method to help you live below your means, you’ll have more control over your finances while still enjoying life and spending money on the things you want. Keep in mind, you can adjust the percentages to suit your needs accordingly e.g. 70-20-10 or 60-20-20.

What are the practical tips to live below your means?

Living below your means doesn’t mean you have to stop spending money on things you enjoy. It means knowing how to make good financial decisions.

Here are three practical tips to help you achieve financial success.

Use cash

Suppose you struggle to resist using credit to pay for things. Using cash instead is a great way to stop living beyond your means. It may not be the easiest way to pay for things, but it will stop you from spending money you don’t have.

Regularly monitor your progress

Sometimes, it can take time to change bad financial habits, and that’s okay. The important thing is that you’re making progress toward your goals and that you stick to them. Regularly checking how far you’ve come is a great way to stay motivated and on track.

Work on your self-discipline

The key to successfully living below your means is to avoid temptation and instead focus on your self-discipline. It might be difficult, but we promise it will be worth it! In two years, you’ll be so glad you said no to all those clothes you didn’t need.

What are the advantages of living below your means?

When you live below your means, or at least live within your means, you stop living paycheck to paycheck. This means that your financial health improves greatly.

Here are five reasons to stop living within your means and start living below it instead.

Become debt-free sooner

Spending less money in certain areas allows you to allocate more earnings to pay off debt. The more you pay off, the less interest you will pay, reducing your overall debt. Being debt free may even enable you to retire earlier!

Improve your credit score

The less debt you have, the better your credit score because it lowers your credit utilization rate. A healthy credit score can allow you to save money in the long term as it gives you access to better car insurance rates and lower-interest mortgage deals.

Fewer money worries

When you know you have spare money in financial emergencies, you stop having sleepless nights worrying about how you will pay for things. This is a great position to be in and one that many people strive for!

Build savings faster

Living below your means can give you the financial flexibility to save more money, allowing you to reach your savings goals and build up your retirement nest faster. Once you’ve smashed your current target, it’s time to start planning another one!

Financial confidence

To live within or below your means, you must understand your finances. Budgeting is the best way to do this. Once you know where your money is going, you will find it easier to make smart financial decisions.

You can live below your means!

With the right money mindset, budgeting methods, and financial planning, you can quickly begin to live within your means. You can even make it fun by participating in a money savings challenge and maybe get a friend to join you to help each other stay accountable.

Start living below your means and see that bank account start growing faster than you think!

The post How To Start Living Below Your Means appeared first on Clever Girl Finance.

Spending money never gets old, does it? While it’s easy to spend more cash than you mean to, it’s equally difficult to learn how to stop spending money. But it gets easier when you know the benefits of spending less and have a game plan for the future!

Each year, more and more Americans find themselves in debt. In 2022, the average consumer had $5,910 in credit card debt, according to Experian.

Meanwhile, as shopping sites such as Amazon continue to dominate, the opportunities to spend have gotten increasingly attractive, even as we wonder how to stop spending money.

If you open your browser, you’re met with many ads offering products that fit your unique set of interests. You may find yourself caving in month after month and buying things you don’t need.

And now, you’re ready to stop the shopping binge days and start saving. Below, we’ll discuss some key tips on how to stop spending money you don’t have.

Why do people over spend?

Overspending is quite common, and there are many reasons this can happen.

A lack of planning or failing to budget is one of the big budget challenges. Even with the best intentions, creating and sticking to a budget is not always easy, so people may spend more than they intended simply by not planning or forgetting about their budget.

There is also the tendency to buy things on impulse.

For example, if you forget to grocery shop or plan meals in advance, you may end up impulsively buying takeout. Or perhaps you see a new handbag or scarf that you didn’t plan to buy, but you decide to spend the money anyway.

There are many more reasons, but these are some of the things that may cause people to spend more than they plan to.

How to stop spending money: 5 Key focus areas

When it comes to over spending and ways to stop spending money, focusing on these five areas can make all the difference. They are:

1. Eating out and uneaten food
2. Clothing and accessories
3. Expensive coffee
4. Unnecessary things
5. Credit cards

Let’s get into each of these money spending problems in more detail below. We will also discuss the specific actions you can take to learn how to stop spending so much money in these areas and how to avoid big overspending mistakes.

1. Take control of your food costs: Eating out/uneaten groceries

It’s been a long week, and the last thing you want to do is stand in front of the stove and cook. So what do you do? Punch in an online order, throw your feet up on the couch, and turn on your favorite Netflix show.

While this sounds like an amazing evening, it could set you down a slippery slope into a life of little to no savings. On average, an American household spends $3,008 eating out each year, according to CNBC. Those $20-$40 meals add up really quickly, don’t they?

Or here’s another scenario. You happen to be walking past your local grocery store and suddenly remember that your food supplies are running low. As you walk down the aisles, you make educated guesses on what ingredients you’re missing because your memory is still sharp, right?

Wrong. When you get home, you realize you still have eggs, there’s the fruit you had forgotten about, and bread tucked away in a corner. Yet, you bought all these things again.

Now you have duplicates, and you know some of them are going to go to waste.

Under these circumstances, what can you do to stop spending so much on food? How can you balance your hectic schedule with a need to eat food quickly, conveniently, and affordably?

Make a shopping list

If you don’t have a list, stay away from the supermarket. A list guarantees that you stick only to what you need, eliminating any guesswork in the process.

Grocery shopping on a budget is way easier when you plan what you need to buy in advance.

Learn to say “no” when you need to

If you’re in the red every month but still find yourself going out to eat when you can’t afford to, you need to reevaluate your spending habits. Realize that you’re not saying no to friendships, you’re learning how to say no to a lifestyle that derails your budget.

Have quick and simple go-to recipes for days when you just don’t have time

It happens. Life gets busy. And the temptation is to simply order food online and call it a day.

The wiser thing to do is to store your own set of go-to recipes that are really quick and easy for nights when you just don’t have time. Pinterest has a ton of great quick and easy-to-make meal plans. Many of them come with grocery shopping lists too!

Or try out an eating clean on a budget meal plan.

2. Stop spending money on clothes you don’t wear

Have you ever had those days where you looked so good that you were oozing with confidence and getting many compliments about your outfit?

If you think about it, a lot of the time, it’s not because you were wearing something new. Rather, it’s because you looked good in what you were wearing. The color made your skin glow, or the fit was perfect on you.

New clothes don’t always give us the satisfaction we crave.

In fact, they can sometimes go unworn in our wardrobes because we realize that what seemed like a perfect idea through the fancy fitting room light was not so exciting once we got home. So we just forget about them while they gather dust in the closet.

There’s got to be a better way. Here’s how:

Create a capsule wardrobe

This consists of a limited number of quality staple items you can mix and match throughout the year. You can learn how to build a capsule wardrobe and also have great style.

Take good care of your clothing

Taking care of the clothes you already have helps to avoid the need to constantly replace them. This, in turn, means less spending.

Remember that wearing clean and well-laundered clothes goes a lot further as one of the confidence building exercises than spending money on new items.

Learn to use accessories to revamp an old outfit

An outfit is more than a piece of clothing. Rather, it is a comprehensive look that consists of hair, shoes, and accessories. An old look can look completely new with any items switched around.

3. How to stop spending money on expensive coffee

We get it. Drinking coffee is like breathing air for some people. It can truly make or break your day.

Most Americans spend an average amount of $1,097 on coffee each year, claims Zippia. But you can save money and still reap the benefits of caffeine.

If you’re an avid coffee drinker, you have a lot of options to help you keep the costs down and learn how to stop over spending. For instance:

• Brew your coffee at home, as you can easily save $20+ a week doing so.
• Test alternatives such as a good tea which often contains good doses of antioxidants and minerals
• Use cutting down on coffee as an excuse to ramp up on drinking water or other healthy alternatives such as coconut water.

4. Stop spending money on unnecessary things you don’t need

Shopping has never been easier. At the click of a button, you can have exactly what you want at lightning speed. Thanks, Amazon.

As exciting as that is, it can also be counterproductive if you fall prey to shiny object syndrome. You might be wondering what that is.

Simply put, you’re a victim of shiny object syndrome if you’re easily swayed into buying items at the moment. You’re driven more by your wants vs. your needs, and you make purchase decisions very quickly. You may even find that you have a shopping addiction.

To put a stop to this, you can deploy a few tactics:

Stick to cash

Using cash automatically prevents you from buying unplanned items online. It also restricts spending in-store, forcing you to stick to cash.

It’s also a good idea to determine, “How much cash should I have on hand?” so you’ll always be prepared for anything.

Track your expenses

Much of the time, when we are completely unaware of how much we’re spending, we are more likely to assume that there’s plenty more where that came from. Meanwhile, our bank accounts will be telling us another story.

It’s important to keep track of your expenses, maybe by writing them down or looking at your bank account often.

Spend 5 minutes a day checking your bank balance

Related to the above, if you’re unaware of your bank balance, you will overestimate what you have available in your account.

So you should spend a few minutes each day checking your bank account, as well as any credit cards or savings accounts. Then you’ll be reminded of purchases you made and bills that are paid or not paid.

Know what triggers your spending

Are you spending more when you’re with friends? Wondering how to stop online shopping? Walking through shopping malls?

One key to curbing unnecessary spending is to know yourself and be in tune with when you spend more. 

Also, understand what items you tend to overspend on, be it luxury clothing, entertainment, or impulse buying.

Give yourself a few days to think

Sometimes, time to really think through whether an item you’re thinking of purchasing is worth it can help you gain clarity on whether to spend money on that item or not. Taking a couple of days to decide if you truly need to buy something can help you cut down on impulsive purchases.

Prioritize needs vs wants

Knowing the difference between a want and a need and deciding how to prioritize is a skill that you can learn over time.

A need is something you have to have to survive. It includes mortgage and rent payments, food, clothing, phone and internet access, insurance, etc.

A want is anything that you don’t need.

For example, gym memberships, traveling, fresh flowers for the house, a new car, these are things that you may want, but you don’t need to live your life.

Once you define needs vs wants, and you determine that needs are much more important, you can prioritize the things you want so you can decide what to buy and what not to.

5. Stop spending money on your credit card

Credit cards can easily get you on the fast track into debt. If you struggle to exercise discipline with them, it may be best to completely stop using them. Credit card debt can limit families from investing and building wealth for their futures.

If you’re currently dependent on your credit card to help you with expenses, you need to have an honest self-evaluation. Determine if you’re depending on your credit card because you’re trying to build your credit score, you’re unable to keep up with your bills, you’re looking to build rewards from using the card, or any other reason.

If it’s causing you to sink further and further into debt, it’s time to take action. Here’s how:

Learn how to budget

While the thought of budgeting may make you want to run for the hills, this discipline could be the difference between retiring and working forever.

Better budgeting helps you fully know and understand where you’re earning and spending and helps you plan how to save.

There are many types of budgets to choose from, including the 80/20 budget and the 50-30-20 rule.

Ditch the cards and carry cash

It never fails. Carrying cash is by far the simplest solution to ridding yourself of credit card debt. When you stop carrying them around with you everywhere, it becomes less convenient for you to splurge on that unplanned item.

Alternatively, you can use a digital envelope system if you don’t want to carry cash but want to keep track of your spending.

Cut up your credit cards

If you’re truly struggling to stop using the cards or you have a shopping addiction fueled by credit cards, you may need to take more intense action, which would be putting them through the shredder. 

A spending freeze on credit will be worth your while. Cutting up your credit cards can help you to stop spending on credit because it will be so inconvenient.

Expert tip: Focus on improving your habits

Overall, learning to spend less and be mindful of your money is a habit. So make it easier for yourself to create this new habit by carrying cash, checking your bank account, etc.

If you will take the time to build new money ideas and patterns into your life, you will see improvement with your spending. Even if you don’t see progress for a while, don’t give up, and you will learn to control your money!

5 Tips to help you be mindful with spending money

The most important thing with spending is to be aware of how much you’re spending and what you tend to spend money on. Here are some ideas to help:

Step 1: Know your why

When you start off with financial goal setting—for instance, to learn how to stop over spending—you need to have a reason you want to change.

In other words, you need to have a WHY. Having this reason in place is one of the things that will keep you motivated to achieve your financial goals (in addition to working on your self-discipline and building new habits).

Your why could be your children, buying a house, or moving to a different city. Whatever that thing is that you dream of or want to look back and be proud of.

Take photos of it, save it on your phone, and set calendar reminders—basically, you want to make sure your WHY is always in focus in your everyday life.

Step 2: Identify your triggers

The next step if you’re wondering how to stop over spending is to determine what causes you to overspend.

Do you find you are spending more when you hang around certain people? Is it when you see what people post on Instagram? Or when you drive by the mall?

Once you figure out what your spending triggers are, then it’s time to address them. It could mean spending less time with the people that you find yourself spending the most money around. Or maybe unfollow people on Instagram, or take a different route so you don’t have to drive by the mall all the time.

Identifying and addressing your triggers, especially in the early stages of working on your spending habits, will help you stay on track.

Step 3: Learn how to budget and go on a cash or debit card diet

Having a budget is how you track your income and expenses. Once you are able to track your income and expenses, then you’ll know how much you have left over to spend/save. A good idea is to track your current spending for 30 days to see exactly where your money is going and determine what you need to cut out.

Once you are able to track your expenses for 30 days, you will very likely find areas of unnecessary spending. Eating out, daily coffees, shopping, unused gym memberships, and subscriptions are things you can cut back on, which will help with cutting the budget.

You may find that a lot of your spending is unavoidable, and you cannot cut it out right away. Things like being tied into a lease and having to pay rent or being in the middle of a remodeling project at your home that’s costly to terminate.

If you’re in this situation, then consider how to increase your income. Find a better-paying job, a part-time job, or even start a side hustle to bring more money in.

Next, consider ditching your credit cards. Go on a cash/debit card diet where you designate a fixed amount of money that you can spend every week or month. When it runs out, you are done spending until the next month.

Step 4: Automate your bills

The final piece of the puzzle involves automating bills and learning how to automate your finances. Automation saves you quite a bit of mental work at the end of each month. It simplifies the decisions you need to make around your finances, and it ensures that you do not suffer from any decision fatigue that will leave your finances in shambles.

Automation can be done across your bills, investments, debt payments, and other recurring expenses.

Once you have direct deposit set up with your employer, you can focus on setting up automatic bill payments.

Since you likely have multiple expenses, you will want to sync up the bill payment dates so that they align with your direct deposit. You can do this by calling each of your billing companies and asking them to reset the billing cycle to match your paydays.

Step 5: Create goals

A big part of budgeting and knowing what you want to use your money for involves creating goals. Without goals, overspending is easy because you won’t have planned something more worthwhile to spend your money on.

So decide on a couple of important things that you want to spend your income on. You may choose as a goal an emergency fund, a vacation, debt payoff, or retirement savings.

It’s up to you, but the best goals to have will allow you to make much more progress than just paying your bills and then not knowing where the rest of your money went.

I’ve learned how to stop spending money, now what?

Now that you’ve mastered how to manage your spending, you can shift gears into thinking about what to do with the balance of your funds. Thankfully, you have quite a few options that will set you up for a stable and happy retirement. You can either:

Save more money

Saving money is all about habits. Once you manage to curb negative spending habits, you can focus on building healthy savings habits, such as saving money in a jar or starting a rainy day fund.

According to Bankrate, less than half of American adults have enough saved to pay for 3 months’ worth of expenses if needed. Saving money will help you build that cushion in emergency funds to meet any unexpected costs.

Pay off debt

Paying off debt, whether consumer or education loans, should always be a top priority, as the consequences for not doing so on time can have broader implications for your finances.

One effective way to tackle your debt, if you have multiple sources of it, is to use the debt snowball worksheet, a method that prioritizes paying off your smallest debts first to help you achieve quick wins and eliminate the overwhelm of paying down large debt.

Invest

Once you’ve tackled your debt, you can then focus on how to start investing and creating a strong investment strategy. You’ll want to ensure you have a retirement account set up where you are regularly making contributions.

If your employer offers a match, make sure you are signed up for that. With any investment strategy, it is important to invest for the long term in order to maximize your returns and to ignore any short-term volatile movement in the stock markets.

Personal development

In today’s economy, it has never been more important to remain up to speed on self improvement ideas and make a plan for personal development.

Technology is rapidly changing, and the skills you had five years ago might not be as relevant as they were back then. Investing in your own periodic self-development will go a long way in keeping your skills fresh for today’s job market.

How can I reduce my mindless spending?

Reducing mindless spending is a matter of being intentional with your budget and fully considering a purchase before buying it.

For instance, if you want to buy a new pair of shoes, a book, or a new phone, consider a couple of things. Is it a necessary purchase, is it within your price range, etc.?

By being more intentional and taking time to think, you can get rid of mindless spending.

How do I stop spending money for 30 days?

If you feel that your spending is out of control, you can stop spending money for 30 days by doing a no spend challenge.

Determine to buy only what is necessary (essential bills only) and then save the rest of your money for one month.

There are plenty of ways to do a no spend challenge, so find a method that works for you.

Why can’t I stop spending money?

You may not be able to stop spending money if over spending has become something you do all the time. But a habit of spending money can be broken, just like any other money habits.

You can try a no spend challenge, get an accountability partner, or focus on budgeting to help you spend less money. The most important thing is to be aware of this struggle and take positive steps to improve your habits.

How do I stop spending money when bored?

Spending money when bored may be a common problem, but there are plenty of low-spend or no spend activities you can do instead.

Try making a list of free activities that you can do when you’re bored. When you’re tempted to spend out of boredom, look to the list! It might include things like:

• Go on a walk with a friend or a pet
• Check out free museum days or look for free festivals in your town or city
• Watch a movie
• Exercise
• Spend time with a family member or close friend
• Learn about a new subject by reading articles or checking out books from the library
• Read our post about what to do at night when bored

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Start working on how to stop spending money randomly!

Curbing your over spending could truly be the start of a different financial future for you and your family.

While it may seem daunting, you need to remember that spending money boils down to habits you build into your day, and you can start challenging yourself to make different choices.

If you can truly isolate some patterns that may be holding you back financially, you’ll be well on your way to not only reducing your spending but also learning to follow your dreams for a secure financial future.

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