How do I keep in control when spending money?

Question

I've gotten a lot better at managing my money, but sometimes I just make the dumbest purchases! Today I bought a hampster because it was only $2. I got rid of it about an hour after I got home. I had also spent like $20 at walmart buying stuff for it. My sister is going to take it all, lucky me, and pay me for it! But what if I didn't have someone who was willing to pay for it? How can I stop myself from making dumb choices when spending and buying things I don't need? I love to shop.

Answer 1

You first have to ask yourself why the need to shop? You must not like yourself very much. Whenever you get the urge to shop, why not ask yourself; "why do I feel the need to go shopping, what's bothering me"? If you can answer that each time and then work at solving what's really bothering you rather than going shopping.

Answer 2

Well, at least you're keeping the economy moving by purchasing stuff. But seriously, just don't plan on buying anything, and make as few trips to the stores as possible. When you go to the store, just go get what you need and get out of there as quickly as possible. Think of all the frivolous purchases you've made in the past and how much money that was. Could you have saved that money and gone on a vacation or had a party? Or just let it keep growing for when you will really need it.

Answer 3

Each and every day write down on a sheet of paper everything you spend money on and the amount. Then set a budget. Budget the things that are fixed expenses first like house payment, rent or car payment. Then list the things that are variable expense. Look at the variable expenses and see what you can cut out. Find other activities to do that are fun besides shopping. Make yourself stay out of the stores unless you really need something.

Answer 4

You should keep thinking to yourself, "instead of buying this, what better uses can I use the money for?" Keep working on managing your money. Set your daily or weekly spending limit. If you go overboard, you have to return something.

Good luck in saving money. Majority of people are having problems saving and the latest statistics show that Americans are saving at a negative rate for the first time since the Great Depression (which means they are spending more, but saving less)

Answer 5

Well, a budget is always a good way to control ur spending money, but sometimes, the temptation to buy something just overcomes all mental efforts to keep that cash in your wallet. My suggestion is to open one of those bank accounts that only allow you to take out a certain amout per week or whatever. This way, you physically cannot spend more than planned. if you spend all ur allowance for that week on the first day, then you can starve for the rest of the week, serving as a punishment...

Answer 6

I keep my credit cards in the freezer. I cant use them if they are frozen.. I also keep my debit card at home, I dont have a atm card for my savings account. By doing that I have to go to the bank to take out money and I never get off work in time to getthere. Hence no money coming out of savings account. When I get paid I pay myself first. Basically I give myself 50 bucks a week. I get paid every two weeks so 100 a pay check. Then pay bills and put rest in my savings. Thats my formula. It helps.. I also use Quicken to keep track of my spending and have a budget set up..

Answer 7

You need to think before you make a purchase.

Spending money, in several cases are very dangerous and sometimes worse when you don't have any money or your salary has not been payed to you on time.

Also don't watch any material or any advertisements in Tv, Newspapers, Magazines, Internet, Outside from Home (Streets, Malls, Avenues, Stores) Those are very hectic to watch and they get into you alot of tentation to get into it and buy the stuff that they are selling or reselling.

You have to keep in mind the credit cards, if you have a high-score credit you can receive mostly daily Credit Card applications, but ignore them; people like to have 5 or 6 credit cards and they spend spend spend and when te bill comes Oh My God! That's Too much Money!!!! And now? How I am going to pay this debt???

The credit card business is very bad, it's only useful when you don't have cash, but otherwise do not use them and have at least 1 credit card, or any.

You have to think well before you buy the things, if they are really useful? they are going to help me in something? are they expensive? or they are cheap? Make these questions to yourself before you leap....

Regards

Answer 8

Don't take money with you or any credit or debit cards. If you don't have it on you, you can't spend it. Only go shopping with a friend and make sure they will stop you from buying things. Do you shop to lift your mood? Find something to replace it with. Take the time to really think about what you are buying. Put it in your cart or carry it around with you for awhile. Give yourself time to really think it through. Just want stuff? Hang out with your friends and use theirs for a while.

Answer 9

Honey,If i were you,(and at one time I was) I would only take a small amount of money with me when I shop. That way you will not have the extra money to spend and another thing leave the ATM at home. It will serve you well in the long run. You will learn to buy only what you truly need and not what is on sale. It took a bankruptcy to break me of overspending. That is the hard way to learn .

Answer 10

1. Avoid stopping by the mall unless there's something specific you really need. Don't go there just to "check things out" or for something to pass the time.

2. When you see something you want, whether its a shirt or a hamster, leave it where it is, go home, and then if you still think its a worthy purchase the next day, go back and get it. This will prevent silly impulsive spending.

Answer 11

As you are ready to shop, think about all of your bills or other responsibilities that require money. Then think that if you buy whatever ridiculous thing you are considering, then you will not have the money to shop with later, just in case you find something you really want or need at a later time.