Break the Spending Addiction
Breaking the spending addiction is easier said then done. Spending more than you make only puts you deeper in debt as you already know. The question is, are you ready to make a change in your financial future? If so, follow these simple steps, they sound pretty basic to me and hope you can agree.
Stop spending money, there is no difference whether it's borrowed (credit card) or cash in your hand, let me repeat myself...........STOP SPENDING MONEY!
Take a long hard look at all the things you buy everyday that are non-essential items. Make a list of these items and put an approximate value on them. Does it add up to several hundred dollars a month? I'm willing to bet money that it does. Give up those luxuries and face the real world, no one is going to do it for you, only you can be responsible for your future.
I know you could pretend you are still in the baby steps of your adult life and take The One Month Challenge that The Simple dollar recommends. No offense Trent, however this only wastes more valuable time calculating the wasted dollars spent for the month.
Now really........is it that hard to go shopping and pick up an item and ask yourself, do I really need this? If you don't really, really need it, then put it back! Go home and look at your receipt and acknowledge that every item you purchased today was a necessity, that equals immediate savings (dollars not spent). End of story!
Stop spending money, there is no difference whether it's borrowed (credit card) or cash in your hand, let me repeat myself...........STOP SPENDING MONEY!
Take a long hard look at all the things you buy everyday that are non-essential items. Make a list of these items and put an approximate value on them. Does it add up to several hundred dollars a month? I'm willing to bet money that it does. Give up those luxuries and face the real world, no one is going to do it for you, only you can be responsible for your future.
I know you could pretend you are still in the baby steps of your adult life and take The One Month Challenge that The Simple dollar recommends. No offense Trent, however this only wastes more valuable time calculating the wasted dollars spent for the month.
Now really........is it that hard to go shopping and pick up an item and ask yourself, do I really need this? If you don't really, really need it, then put it back! Go home and look at your receipt and acknowledge that every item you purchased today was a necessity, that equals immediate savings (dollars not spent). End of story!
8 Comments:
I always use the overnight rule. For things that I just HAVE TO HAVE (but are really luxuries) I place it back on the shelf and walk out of the store. The next day 99% of the time I talk myself out of buying it. Impulse shopping is what kills so many budgets - and credit cards are usually an accomplice!
Thanks for your comment. You have learned very valuable lessons regarding impulsive spending using a credit card.
Another thing to remember is always SAVE your receipts for your purchases. There will be times when you come to the realization that you didn't really need that item after all and those items can be returned for a full refund if you save your receipt.
I used to have the same spending problem many years ago. How did I solve it? I married a savvy wife whom I gave all my finances to. She now gives me a weekly allowance and nothing more. :) I saved a lot since then.
Founder, Master 'O' Equity,
Thanks for commenting and sharing how you solved the spending addiction in your life. That's a cute story and you sure gave me a chuckle.
I see that you invest in the stock market and have some great information you could share with the rest of us. This sounds like a great Mission in Life to enable common folks to retire richer and younger through consistent profits from the stock market.
Stop by often and keep us updated as to where you think money could be better utilized for our future investments.
You said it Sherry! I agree completely and have been posting about this very issue on my blog. I usually say "Stop Borrowing Money" because it's seems to be what people do to trap themselves. But I agree that spending money is the root of the problem.
Unfortunetly is sometimes takes years of mistakes or one huge mistake to get people to really think. Once people get to the point of being "sick and tired of being sick and tired" they will be able to make real changes. Great blog! Keep up the good work!
Mona,
Thanks so much for stopping by to leave a comment. Sooner or later anyone spending more than they make will have to face the music. So sad that it takes a huge debt to be accumulated before they wake-up and take responsibility for their actions. I really hope our blogs will encourage others to watch their spending habits at an early age and not make the same mistakes.
I agree, the decision between wants and needs is basically common sense. It's having the discipline to just stick with your needs thats often the problem.
moneysmartlife,
I believe over time others will learn the art of money management if they follow the simple advice given here and read how others have changed their lives by changing their spending habits.
Do you ever notice that common sense isn't so common? Maybe we should call it uncommon sense. :)
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