How to deal with the overspending habit (Part 2)

 

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:

 

3.      Consider what your overspending is costing you. Too much debt can make it impossible to get a mortgage or a car loan. You won’t be able to take a vacation. There may come a point when you can’t purchase the things you need to live. You might also get stuck working into your 70s or 80s. Who wants that? Consider the consequences of overspending.

4.      Avoid opportunities to overspend. When are you most likely to overspend? Is it while visiting your favorite store or website? Is it when you are out with the girlfriends? Or is it when you are emotional? Avoid the temptation altogether or set healthy goals and boundaries. Make a list of your favorite spending venues and remind yourself of the consequences.

5.      Make note of how you feel before and after a purchase. Do you spend when you’re feeling out of sorts? What emotions trigger the urge to buy something? How do you feel afterward? Before making a purchase, ask yourself if you need the item or if you’re just making yourself feel better.

 

If you’re just making yourself feel better, don’t buy it, and find another, more beneficial way to feel better.

Make sure you go back and check out Part 1 if you have not read it already.