Are you wondering how to stop spending money you don’t have? These 9 mind hacks will help you stop compulsive spending!
Ever find yourself blowing through cash on stuff you don’t need? You’re not alone. Compulsive spending is a sneaky habit that can cause financial stress and emotional chaos. But don’t worry, we’ve got your back.
Check out these 9 psychological hacks that’ll help you take control of your spending and get your finances on track.
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Figure out what sets you off:
To kick compulsive spending, you’ve gotta know what triggers it. Are you shopping when you’re bored? Stressed out? Craving a quick pick-me-up? Are you just spending because you’re busy or unaware of your spending in the moment?
Once you know what sets you off, you can work on dodging those triggers like a pro.
Keep a journal to track your emotions and spending habits, and you’ll start to see patterns emerge.
Put off that impulse buy:
Compulsive spending loves the need for instant gratification.
To fight it, practice holding off on purchases.
Instead of snagging that cute top right away, wait a few hours or even a day.
This gives you time to think it over and decide if you really need it, or if it’s just an impulse. You might find that the urge to buy fades away as time passes.
Set some money goals:
Having clear financial goals can help you stay on track and resist the urge to splurge.
Make short-term and long-term goals, like saving for a rainy-day fund or that dream vacation.
Just picturing the benefits of reaching your goals can help keep your spending in check. Put reminders of your goals in visible places, like on your fridge or phone wallpaper.
Go old school with cash:
Paying with cash feels more real than swiping a credit card, which can help you be more aware of what you’re spending.
Plus, using cash means you can only spend what you’ve got with you, making it easier to stick to a budget.
Leave your credit cards at home when you’re going shopping to avoid temptation.
Ditch those promo emails:
Retailers are sneaky with their email marketing, always tempting you with deals and discounts.
Don’t let them get the best of you – unsubscribe from those emails or set up a separate account just for promotions.
This way, you won’t be bombarded with tempting offers every time you check your inbox.
Delete shopping apps from your phone:
To resist the urge to shop on a whim, remove shopping apps like Amazon or Wish from your phone.
This adds an extra step if you want to make a purchase, giving you more time to think about whether you really need the item. Out of sight, out of mind, right?
Swap shopping with healthier habits:
If shopping is your go-to stress reliever, it’s time for a new strategy.
Try healthier ways to cope with emotions, like exercise, meditation, or picking up a fun hobby that doesn’t break the bank.
These activities will not only save you money but also improve your overall well-being.
Give the 30-day rule a go:
For stuff you don’t really need (anything that’s not a bill payment or food, really) try the 30-day rule: Hold off on buying it for 30 days.
If you still want it after a month, go for it.
Odds are, you’ll forget all about it and save yourself some cash. This method helps you separate the wants from the needs and prioritize your spending better.
Set aside a “splurge” budget:
Allow yourself a small, predetermined amount of money to “splurge” each month, on a specified day of the month (not just whenever you want!). This gives you a little wiggle room to treat yourself without going overboard, and allows you to think about those purchases you want to make and really build anticipation for your “treat” day.
Having a set limit keeps you accountable and ensures you don’t derail your financial goals, while still allowing you not to feel totally deprived.