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How to Break Spending Habits

It’s the first month of a new year and finding ways to save more money is one of the top resolutions made every New Year’s Eve.

If you are having a hard time spending less and saving more, it may take more than just the thought. Overspending is a widespread problem, and one that can seriously wreck your finances. However, there are a few strategies you can adopt to help you put that bad habit to rest and stay above water.

One way to help curb your spending habit is to go cash-only. Credit cards make it easy to overspend however, you cannot use them if you don’t have them with you. Having cash also makes it easier to track what you are spending, as you can physically see your money disappearing. Leave your cards at home and stick to cash when you shop.

Another way to help is to distinguish your needs versus your wants. Do you need those shoes, or do you just want them? This is the question you need to ask yourself every time you contemplate on a purchase. If it is a need (and it fits within your budget), you will not question whether to buy it or not.

If you are wanting to control your spending habits, shop with a list. Write down everything you need from the store before you head out. Having a list to refer to can help with wandering eyes while you are shopping. You can also give yourself an allowance; look at your budget and decide how much money you can afford to spend each week. Then, refer to our first point of using only cash, taking out only the amount you can afford for the week, and spend it guilt-free! Just remember, when the money is gone, the spending stops.

If you need to run to the store for “just a couple of things,” skip the shopping cart. Have you noticed how big shopping carts are getting? Those things are designed to keep you shopping! Avoid this spending trap by only using a cart when you have a lot to buy, and a list! Additionally, when you are standing in the checkout line, survey your selections. Do you need everything that you are about to buy? Did some items sneak into your haul that you are reconsidering? Put it back! Survey your shop until you reach the till, then you can check out with a clear conscience.

Eliminate daily spends and unused items. You can probably save a lot by cutting back on certain services you pay for, but never use. Memberships and subscriptions that sneakily take money out of your account each month. Are you paying for a gym membership that you never use, but keep it because you think it will one day convince you to go? If you find yourself trying to justify certain things, try asking yourself how much these things are costing you yearly. Then ask yourself if that money can be put towards something more proactive. This will help paint the big picture for you, and it will help you realize what is important to you.

Look and see what your daily spends are. Do you stop and buy yourself a coffee every morning on the way to work? Do you treat yourself to lunch a few times a week? A fun way to put money away is to pay yourself as much as you pay your coffee shop or deli. Every time that you indulge, put the equivalent amount into a savings account.

If after all of these techniques you’re still finding yourself behind on your finances, Speedy Cash is here to assist you! Whether you need assistance paying off the last of your Christmas debt or any other reason, just visit and our team will be happy to help!