Do you have a minor shopping addiction? Maybe it’s a little more of a shopping addiction than you think. There’s nothing wrong with treating yourself here and there, but overspending can become a serious problem quickly, especially when you’re spending more money than you have.
We’ve come up with a few easy to follow tips on how to save money and how to stop overspending so you can nip your shopping addiction in the bud.
How To Stop Overspending Tip #1: Create An Easy To Follow Budget
First things first, if you want to stop spending money, you need to figure out what you actually have to spend money on and how much money you can spend. Creating an easy to follow budget allows you to see how much you’re spending and how much money you’re saving.
Check out our article 7 Simple But Realistic Budgeting Tips to get started on building a budget for yourself.
How To Stop Overspending Tip #2: Stop Spending Money On Wants Instead Of On Needs
If you find yourself spending more money on things you want instead of things you need, you’re probably overspending. It’s good to get into the habit of paying off important things first (like your mortgage or rent, food, utilities) before you splurge on eating out, a new wardrobe, and vacations. Stop spending money on unnecessary things (do you really need a $4 coffee everyday? Do you really need to upgrade your phone?) and at the end of the month, you’ll see how much you’ve saved!
How To Stop Overspending Tip #3: Use Cash, Not Credit Cards And Debit Cards
It’s easy to overspend when you don’t realize how much you’re actually spending, especially if you have a slight shopping addiction. Using credit cards and debit cards is an easy way to find yourself in debt quickly as you can easily lose track of how much you’ve spent and how much money you have left. When you use cash, you physically have your money in your hand, so you’re more aware of how much you’re spending and how much you have left to spend.
How To Stop Overspending Tip #4: Spend Smart And Still Have Fun
Just because you’re trying to save money doesn’t mean you have to sacrifice your lifestyle – it just means to have to tweak it a bit. Instead of going out for a fancy dinner with friends, suggest meeting for coffee. Wait until half-price Tuesday to see that new movie instead of going on the weekend and save a few bucks. Bring a lunch for home instead of going out to eat several times a week.
These little changes may not seem to make much of a difference at first, but over time, you’ll start to see how much you’re saving and these changes will pay off.
These easy to follow tips are just some ways you can stop overspending. If you find that you’ve overspent and need some help to pay off your debts, Magical Credit can help. Fill out an application to get started. If you qualify, you could receive between $2,000-$10,000 cash.