As adults, no one can tell us how we can and can’t spend our money, so it is very easy for us to overspend and spend it on dumb and necessary items. And your honor, I plead guilt to this, I have gone on my fair share of spending sprees, and during most of them, I was in a drunken gaze and didn’t know what I was buying. This is how you end up with 15 mugs and different types of wine glasses on your doorstep, kids. But, spending sprees can be really damaging to your bank account and is something that most of us should be more careful about. So, come along with us and learn more about how to stop your overspending habits.
Understand when you go on your shopping spree and what triggers them
For me personally, it happens when I am depressed or am intoxicated, which are two things that happen pretty often these days and the pandemic hasn’t made things any better. Knowing the emotional, psychological and physical things that trigger your spending is the first set towards recovery. You will see that there will be a pattern to your spending sprees. Sometimes you might even be peer pressured to overspend, and you should be able to set limits and know when and what not to buy and when to say no because you are the one who will pay for all that.
Have a budget and stick to it
Having a plan for me makes it more manageable not to overspend. Not having a budget is a big reason why most people tend to overspend. Save at least 20% of your salary as savings, 50% should go towards necessities like rent and bills, and only 30% should be used for your wants and leisure. This is known as the 50/30/20 ratio and is one of the most popular saving methods, and I’ve been following that for a while now. I’m not saying that I’ve stopped overspending, but my shopping sprees have decreased significantly thanks to this method. Remember, this is not a cure-all, and you need to put in a bit of yourself for it to work out.
One way to make yourself be more aware of your spending and make it easier to save money is to set goals. Set short-term goals so that you can see the fruit of your labor and this will motivate you to spend less and over time, you’ll get better at managing and spending your money. This will make you have a less toxic relationship with money and avoid shopping sprees when you have any future breakdowns. I know using money is a way for you to feel that you have some sense of agency in this world, but it is a lousy way to do it. Set short-term goals; let say you usually spend $500 a month on your hopping sprees; let say that this month you’ll limit it to $100, and over time, this will make you better at budgeting your money.
Stop using your credit and debit cards.
Forget about them, bout literally and figuratively, most of us go for our shopping sprees online and our debit and credit cards enable this. This is why you should use them as little as possible and should use cash as far as possible. Using can will make you aware of how much you are spending and will be a better way to manage your budget. I know, who uses cash this day? Well, the answer is you because whipping out your debit or credit card to pay is too easy and will make you want to overspend and might even make you spend money that you don’t have.
This will not be a smooth ride, and there will be many ups and downs along the way, but you’ll have to hit rock bottom to finally rise up. Sound off in the comments section below and tell us what is the most you’ve spent during one of your shopping sprees.