Tricks to rid bad spending habits
Are you a shopaholic? Do you have problems paying off your credit cards, which are always maxed-out? Must you always have the latest Surface Pro, or iPhone (oops!), or this season’s fashion accessories? If you want to kick your bad spending habits, help is here.
Do a stocktake
Whenever you have an opportunity, go around your rooms and note down everything you own. Yes, it helps you to know what you already have and don’t need to buy again, but it’s also a reminder of what your bad spending habits have already resulted in. If you have as many shoes as Imelda Marcos, for instance, or have several dresses you haven’t even worn twice, or have 3 TVs when you want to buy a 4th, that may be a sign that you should cool it a little on the shopping.
Cut up all but one credit card
Well, maybe not literally, but make it difficult to get access to them. Put them in a safe, or a safety deposit box at the bank, or better yet, hand them over to your spouse. Especially given how easy it is to use credit cards these days with Visa PayWave and so on, having credit cards just lying around makes it too easy to relapse into your bad spending habits. But there are many advantages to using them as well, so you should have one just in case – just make sure the credit limit on it is as low as you can make it.
Just like dieting, setting goals is an important first step towards figuring out how you’re going to achieve them. Your goals should be ambitious… but also realistic. This also gives you an incentive to kick your bad spending habits.
Set financial goals
Just like dieting, setting goals is an important first step towards actually figuring out how you’re going to achieve them. Your goals should definitely be ambitious… but also realistic. This also gives you an incentive to kick your bad spending habits.
Bring some spare cash with you for emergency use, and leave everything else at home. That way, you can have all the fun of shopping without buying anything. At the same time, it will cut down on impulse shopping for anything you can’t afford. You can’t indulge in bad spending habits if you don’t have any money to spend, can you?
Make shopping lists
This is especially important if you’re the type that gets easily distracted by all the promotions and sales offers. Shopping lists help to organise your thoughts, and by concentrating on what you need to buy, rather than what you think is a good buy, they can help cut down on extraneous purchases and keep your bad spending habits under control.
Enlist your family and friends to help
You can’t do it alone. Well, you could, but it’s much, much easier if you had the support of the people closest to you, who understand and want to help you kick your bad spending habits. We’re not saying it will be easy because obviously, it won’t. There’s a reason shopping is sometimes called ‘retail therapy’. But if you really do want to kick your bad spending habits, and your loved ones are there to support you, then it can surely be done
As for all the money you already owe on your credit cards? Well, consider taking up a personal loan to consolidate your debts; it’s cheaper and easier to service one personal loan than several credit cards, and if you follow the other tips and tricks above, you’ll get out of your financial worries faster. Best of luck!