If you are constantly swimming against a tide of debt and your bank balance looks decidedly skinny, it’s time to change your spending habits into saving habits. Here are some tips on how to change your ways for the better and get your debt payments into shape.
Stick To Cash
It’s a tried and true method but it works for a reason. It’s way too easy to overspend if you’re using credit cards, so leave them at home and take a fixed amount of cash with you when you go shopping, or use your debit card. That way you will be able to stick to your pre-set budget.
Make A Shopping List
Don’t wander aimlessly around the store picking up things at random. Shop with a list. That way you can plan your meals for the week ahead and only buy the items you need. This saves you money and eliminates waste. If you are tempted by something that’s not on your list, add it to next week’s list.
Shop Without A Shopping Cart
Shopping carts are quite large, which encourages you to keep shopping so you put more into them. Don’t fall into this trap. Next time you go to the store, grab a basket instead of a cart or simply carry your items. This will help you curb your temptation to buy items you don’t really need.
Set Realistic Long-Term Goals
Think of something that you would really like, such as an overseas vacation or saving money to settle your debts. Start saving for it today. Instead of blowing money at the coffee shop or the bar, put those dollars in a savings account toward your big treat. Before long you’ll be sitting flying off to foreign climes or paying off all your credit card debt.
Let Someone Else Do The Shopping
If you’re finding it really tough to break your spending habit, let someone else shop for you. All you have to do is give your shopping list to another immediate family member and let them handle it. If you’re not in the store you won’t be tempted to impulse buy things that you don’t really need.
Budget yourself an allowance so at the end of the week you can treat yourself. This will encourage you to save. It will also prevent you from depriving yourself too much. If you don’t treat yourself from time to time you are more likely to have a spending splurge.
Sleep On It
Before you rush out to buy the latest gadget or the newest fashion wear, give yourself a cooling off period. This is will give you time to consider whether you really need that big-ticket item. If you still feel you want it after 24 hours, go back to the store and get it.
You can break bad spending habits if you’re determined and really consistent. The main things to remember is to track your spending, stop impulse or emotional buying and keep saving on a regular basis, not matter how small an amount it is.