How to deal with the overspending habit (Part – 3 final)

Overspending, or under-earning, is a big challenge for many of us. Our eyes get a little big for our wallets, and we give in to impulse. Overspending is like overeating. It’s the result of short-term thinking without giving the consequences full consideration. Spending money can also be like a drug. It’s a quick way to feel better.

 

Eliminate your overspending habit:

 

7.      Feel gratitude. Ask yourself what you’re grateful for before overspending. Studies have shown that feelings of gratitude increase willpower leading to reduced spending. Gratitude can increase resistance to instant gratification. Give it a try.

·         Also note that stress and anxiety lower willpower significantly.

8.      Track every cent you spend. At the end of each day, review how much you’ve spent. Keep a running total. Be sure to include everything, no matter how small. You’ve spent a fortune on small items over your lifetime. Track it all.

 

Avoid spending money on things you don’t need. Overspending is a dangerous financial habit. Replacing your savings always takes longer than you think it will. Relying on debt is even worse. If you currently overspend, give this issue the time and effort it deserves. Overspending is the fastest way to destroy your finances. 

Go back and read parts 1 and 2 if you have not already.