How can I manage my money better?

Question

Whenever I go out with friends to a mall, etc., I can't just look - I always have to buy something. Whether it's lip gloss, clothes, anything - I just feel like I need it! How can I curb my spending habits and go out and just LOOK? How can I keep track of my spending and what I buy as well? Thanks!

Answer 1

Either
(1) Set up a budget and stick to it. Once the money is gone, then you can't spend anymore.
Or
(2) Decrease the number of trips you make to the mall.

Answer 2

Go to your local library and check out a couple of books regarding money management or household budgets. These books will give you a starting point of what areas to consider and where you might cut down or eliminate some expenses. Establish a budget and use it regularly. Your budget is your friend and a tool to control your spending. Make adjustments as necessary. Here are some things you can do right now. Only shop when you need things and use a list. Go to Walmart because those stores in the mall jack up prices. By reducing your shopping trips, you will reduce impulse buying. Limit or cut out gift giving throughout the year. Make things instead. Do not charge any thing for Christmas. Too many people charged things for the holidays and keep paying on it until next July or August. Do not buy electronic gadgets when they first come out on the market. Eventually, prices come down and they are made even better. Brown bag your lunches to work more. Cut down on the specialty coffee and snacks. Do more free things like visit the park or a lake. Good Luck.

Answer 3

I would recommend you stay away from the mall, or at least leave all your money/debit cards/credit cards at home. That way you won't be able to spend anything. Or you may want to go to the mall alone, as your friends may be influencing you to spend.

As far as keeping track of your spending, I recommend a zero-based budget. This is where you sit down and create a budget for the upcoming month where ALL your money is allocated to a category. The budget is done when the income minus the outgo is $0. Also, getting a program like Quicken can help as well, as you can run reports and see how much you spend in certain categories.

Answer 4

The best thing that has helped me is by making spreadsheets of my savings, debts & investments.

Then I opened online savings accounts for the major things I'm looking to get in the future. I've got an emergency fund, a car fund, a new house fund, a furniture fund, an investment fund and a travel fund. In addition to my investment accounts & 401K from work. When the savings accounts build for some of the longer ranged goals, I move some into a mutual fund, or other investment.

All of this I keep on my spreadsheet. Now instead of impulse buys, I find myself thinking about my spreadsheet and how far away I am to a new car.

I did the same with my debts, and after struggling with them for years, in just 5 months I've got them all paid off except some school debt that I refinanced at a ridiculously low rate.

One of my big expenses was buying lunch at work. With drinks, etc, it was running me about $12.00 a day. Now when I bring in lunch & sodas I estimate about how much I saved and add it to a fund.

You can do the same with coupons. Went to the gorcery store and saved $20.00 with coupons, move $20.00 to a fund.

By doing my spreadsheets I have a roadmap of where I was, a plan for where I want to go, and a constantly updating tally of my progress. That will be a powerful tool to curb the spending habit.

It only took a couple months for me to see a dramatic change.

Answer 5

other options seem too complicated and just not realist. i mean, not go to the mall with friends???

one easy way to keep budget is to take out X amount of cash each month for "fun money." I used to take out $200 per month in cash, and everytime I went out with friends, I paid in cash. when cash ran out, I was done spending money for that month. if i have cash left over at the end of the month, i have more money to spend the following month.

key is to stick with cash and cash only. doesn't work if you start charging when cash runs out.

Answer 6

Do not go to the Mall anymore.

I also suggest you to buy a few television shows on DVD. You are watching too much FREE TELEVISION (With Commercials) and it seems your brain has been damaged.

I also suggest you to buy an Apple Ipod.
You are hearing too much FREE RADIO (With Commercials) and it seems your brain has been damaged.

Do not buy any more magazines (With Ads)
Buy a few books every now and then.

You really need to hire Professional Help (I mean a Shrink) or you will die broke.

I also suggest you to buy Microsoft Money.

THIS IS NOT A JOKE.

You really need help.

Answer 7

1. Stop going shopping. Find other recreational activities.
2. Don't carry credit or debit cards. Carry cash.