We hate to feel deprived, but maintaining control over your spending is a necessary evil.
Here are my 5 tips to get your spending under control in a way that’s easy to swallow:
- Assume worst case scenario—I tend to avoid going to a lot of events, stores, and window shopping. My tactic of avoiding temptation is because I tend to assume the worst case scenario—that I will partake in those activities and spend much more than I want to. Sometimes abstaining is the best policy.
- Pay all of your bills now—As soon as paychecks come in, I write down all of the bills for the month in my checkbook and deduct them from the total. Even if the bills will not be paid or withdrawn for a few weeks, it helps me to make sure that the money will be there when it is due. Then I try to spend based off of the amount that is left over.
- Provide limits—It is very rare that I allow myself to go out for lunch during the workweek. Likewise, we normally eat at home for dinner during the week. We may limit the amount of meals eaten out over the weekend, or if we eat out, we will not do any other events or activities. It is helpful to learn to provide yourself with financial limits and to stick with them. Once you are used to these limits, you will feel less like you are being deprived because it will simply be an accepted habit.
- Provide alternatives—Just like it is helpful to provide yourself with limits, it is wise to provide yourself with alternatives for the things that you cannot have. For example, I have been having a nightly craving to go out for ice cream for at least a week now. When I went to the store over the weekend, I bought a multi-pack of frozen yogurt popsicles for about the same price that I would have paid for one serving at a local joint. If you cannot have exactly what you want, find some lower cost alternatives to tide you over.
By developing easy-to-follow guidelines to help you rein in your spending, you will find it easy to keep your budget in check.
What tips do you follow to control your spending? Do they work for you? Why or why not? Please comment below and share your thoughts on keeping spending in check.
