How Can I Stop Spending More Than I Have?

If you find yourself overspending, you’re not alone. We all are getting messages constantly that to be happy- We need bigger, better and more advanced everything! So let’s not feel guilty about our spending—let’s take control:

Here are some steps:

1) Create a budget, and plan you purchases. Take time to think about a purchase. Wait a day—leave the store—don’t do it unless you have really thought about it.

2) Make a list and stick to this list when you are shopping.

3) Keep track of your spending. Writing down everything you buy will help you see what causes you to overspend. Be aware that small purchases add up. $4 every day for coffee cost $120 at the end of one month.

4) Use Cash. When you count out dollar bills, you tend to be more aware of how quickly your money disappears. Sliding your plastic through the credit machine doesn’t provide the same experience. Try and just use cash for a week—and see if you spend less. Limit Credit Card use to certain categories or only when absolutely

5) How often are you shopping? Check with your emotional state before a purchase; are you feeling down, bored or did you just have a fight with your significant other?   Can you do something instead? Pick up a book, exercise or work on a hobby.

6) Are you accountable to anyone? A financial advisor, sibling, friend, spouse… talk about it!

If you cannot stop the urge to overspend make an appointment with a financial advisor and get their help putting you on track

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About Ann Zuraw

Ann Zuraw, the voice behind "Chicks, Chat and Change", is a Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), and Certified Divorce Financial Analyst (CDFA™). If you have comments on this post contact Ann Zuraw

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