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Auther Created By:
Andy Masaki On 28th Feb,17
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Many of us want to live a frugal life so that we can get more money to pay off our debts. It’s good if we’re making an effort to become debt free by being pennywise.

But, if you’re making impulse expenses while still on a frugal diet, you must stop this habit immediately. It’ll further damage your financial situation.

Ways to ditch the impulse spending habit

It is tough to make unplanned expenses when you’re following a strict budget. But, if the spending bug bites you at this time, find out ways to kill that immediately.

Here’s how you can do that:

1. Follow a 30-day no spending rule

Don’t buy anything except the necessities for a month.

Whenever you feel the urge to purchase something, write in on a paper with the date. You can buy the item after 1 month. In most cases, it’ll kill your urge to purchase that item. This rule works if you can stick to it.

2. Avoid going to the mall

The spending bug mostly bites you whenever you’re in a shopping area, especially, in a mall.

If you don’t intend to buy something and just visit malls for window shopping, then stop it. You can’t make out when you have ended up buying something.

Go to specific stores if you want to buy something.

For instance, visit grocery stores (not the ones in malls) for buying groceries. Make sure to carry your list before stepping out of your house and try to stick to it.

3. Don’t visit online retail stores

Just like malls, online shopping sites like Amazon will also create an urge to spend. I would suggest you to stay away from the online shopping portals unless you’ve paid off your debts completely.

Also, unsubscribe to all retail Emails.

4. Take a deep breath

Taking deep breaths will help you calm down the urge for impulse buying. So, whenever you crave to buy something, take deep breaths, walk around and drink water.

It’ll calm your mind and your spending urge will be reduced.

5. Plan your expenses

This is another way to kill your urge of buying.

Make a list of the necessary items that you want to purchase and try to follow it.

Do not hit the stores without a shopping list. If you make it a habit, you’ll have more money to pay off your debts.

6. Close your credit card

If you have a habit of swapping your credit card each time you visit a store, you’ll spend more than what you really need. So, freeze your credit card now. Try to unfreeze your card after you have paid back all your debts.

Or, leave your credit and debit cards at home while shopping.

7. Use cash for buying

It is said that we tend to spend less if we use cash for buying things.

It’s true because whenever you’re using cash for purchases, you can track how much money is going out of your pocket.

Hence, you can control your expenses.

8. Ask questions to yourself

Before buying anything, ask few questions to yourself like:

  1. Do I really need the item?
  2. Will it help me financially?
  3. Will it make my life easier?
  4. Will the purchase put pressure on my wallet?
  5. Am I buying the item to make myself feel better?

These questions are useful and help you assess the value of your purchase. Be honest so that you can make wise decisions about your finances.

9. Make a weekly budget

If you cannot handle a monthly budget, consider making a weekly budget to stop impulse purchases.

Jot down your income, fixed and variable expenses and check out where you can cut down costs.

It’ll give you a better picture of your financial situation.

10. Borrow instead of buying

If you have to attend a party but don’t have the appropriate dress to wear, try to borrow it from a friend or family. This way, you can enjoy the party without spending a fortune on expensive party attire.

Keep in mind that you have to become debt free soon. Hence, prioritize your expenses so that you can save more dollars to pay off your debts.

Do you have any other points to share with us? Go ahead and leave a comment in the box below.

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