How To Stop Wasting Your Money
When you work a job that allows you to live comfortably, spending can get a little out of hand if you aren’t mindful of your spending. Letting it get too out of control can result in trying to scrape up what’s left to pay past due bills. Before your spending gets out of control, try these tips on how to reign in your spending:
1. Sleep on It
Depending on where your hard earned cash is being spent, those expenses may be a spur of the moment thing. Sure, the discount on the new 4k television system or limited edition jacket may be enticing, but it is best to give yourself a night to think it over.
Give yourself a full eight hours of rest before making a drastic purchase. Does it still feel like a good idea?
Letting yourself have the night will allow you to weigh the pros and cons the next morning, possibly helping you avoid a purchase you might regret. Can you afford to lose the money to that extravagant purchase?
2. Work out What It Costs in Time
In the United States, you’ll get about 40 hour a week full time with an average of $7.25 across the country, California being the one exception. In the Golden State, the minimum wage is now $11 an hour.
If the item you are looking at purchasing is about $250 and you are getting paid $11 an hour, you’ll have to work more than twenty hours in a single week just to make your money back. Do you really want to break your back paying a debt for an avoidable buy?
3. Avoid Temptation – don’t go shopping
Financial temptation is dangerous, especially when your wallet or debit account has the money for what’s been catching your eye. The majority of people spend their leisure time window shopping, looking at things they might consider buying in the future.
Even if you do not plan on spending initially, passing the “As Seen on TV” section during your ‘leisure time’ might end in you buying the latest fad gadget.
Instead of heading out to the store with friends, invite them over for a barbecue. If you have yourself a fishing pole, go out to the nearest body of water and let your line drift in the current. Who knows, you might get lucky and catch one fish while another is biting its tail.
4. For Every New Thing You Buy, Try to Get Rid of An Old Thing
Buying anything new is always a delightful experience, but can result is having far less space at home than you expected before. Consider the item you are purchasing, be it a new sectional or television system. Do you already have one of these at home? If the answer is yes, see if you can get rid of the old one in exchange for the new one.
Trading the old for the new applies to your wardrobe and vehicles as well. Trade in that old car if you aren’t going to be driving it. For every pair of pants or shirt you buy, donate an old one that you’ve had for more than five years.
5. Make a List and Stick to It
Shopping lists do a lot to keep the trip in order and ensure there is no overspending. If you plan on heading to the grocery store, look both inside your fridge and the pantry. Whether something is running low or you are completely out, add it to the list and stick to it like glue. As soon as you have crossed off the last item on your list, head to the check-out counter and leave once you have your receipt.
If you want to buy something, save a dollar or two for the next time you pass a convenience store on the way to or from work.
6. Try Online Grocery Shopping
The internet has even made grocery shopping easy. With special companies delivering groceries right from local stores, you can buy what you need for the month’s meals and keep an eye on your total as the web page adds it up.
With the total staring you in the face, it’ll be a lot harder to spend more than you intend on your list.
7. Challenge Yourself
Instead of spending a crazy amount of money on a night out, pick a movie both you and your partner love to accompany dinner. Additionally, you can put together a few sandwiches and have a small picnic at the local park, enjoying the sight of the neighborhood birds.