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
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.
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.
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.
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.
7. Use cash for buying
It is said that we tend to spend less if we use cash for buying things.
Hence, you can control your expenses.
8. Ask questions to yourself
Before buying anything, ask few questions to yourself like:
- Do I really need the item?
- Will it help me financially?
- Will it make my life easier?
- Will the purchase put pressure on my wallet?
- 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.
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.
Do you have any other points to share with us? Go ahead and leave a comment in the box below.