STOP! Spending your Damn money!

in money •  8 years ago  (edited)

Money certainly makes you feel powerful. Having money to buy you every possible comfort can be a real ego booster and a means to pump your self-esteem. But there is also a dark side to it; we all know it as impulse spending. Ah, that budget wrecker! So what can be done to help the situation? Well, you need to curb that urge to spend, and we are here to tell you just how it can be made possible!

Listing and waiting

Planning is the key to all kinds of budgeting. So begin with listing what all is needed for a month. Have a monthly budget in mind, that you can spend comfortably after keeping away what you need to save. Another important thing is waiting. Don't jump the gun as soon as you have a list. Fix a waiting period and make sure you do not visit malls or for that matter online shopping sites during this time.

The 24 Hour Rule

See something you MUST HAVE. Put it down, Think about it for 24 hours,

  • Why do you need this item?
  • Do you own an item similar
  • How will this item help you achieve your long-term goals?
  • Will this item make you happy for a long time?
  • Can you see yourself using and abusing this item until it cannot be used ever again?
    If you can come up with valid reasons to each of these questions. Then allow yourself to buy it, But still MODERATION! Your brain is often good at tricking you into getting things you don't necessarily need.

Set your wardrobe

We all have that messy closet. Don't we? So might as well clean it up while you are trying to control that urge to shop. How does this help? You will know what you already have, many unforgotten things in that heap of an unorganized pile, and how it is still useful. You can accordingly edit your shopping list.
Plus those old clothes you haven't seen in years are like new clothes you can wear now, It's like you just went shopping, Without spending money. Plus look at the clothes you have, Do you have mismatched clothes? Do you have items that you can't wear without that particular item NOT in your wardrobe? Consider getting rid of those things.

Or you can use www.Listia.com TO find what you need. Listia is like a trading website. You give your stuff away, and you can exchange it for other items you need instead. It's like Steemit; They have their currency called credits. This will help you avoid spending.

Plan when and where to shop

The list will help you decide the kind of places you need to visit. This allows you to avoid entering a showroom where you don't need to buy anything from your shopping list. It is wise to restrict your mall visits to two a maximum two times a month to keep yourself from being swayed by the ongoing offers or latest collections.

Look for alternatives, If you have to have an upgrade try websites like Tradesy, Thred up, and Ebay where you can get what you need for less.

Go shopping with the right people

When you are an impulsive spending, you must never shop with people who do the same. Instead take someone who is picky and has a truly good taste. They'll help you learn the art of being choosy and spend wisely. So find your cheapskate buddy and hang out with them!

Pay in cash

Card payments are convenient, but they often lead us to lose track of our expenses. So take your budget money and always pay in cash, so you know how much is spent and what remains. You can also save your change in a jar for the whole month and later use it to spoil yourself!

Fix a splurge budget for nonshopping days

If you are good with your finances, you deserve to be pampered. So when you go out (not the shopping malls) with friends, have a generous budget to treat yourself well so that you don't feel like a scrooge!

Get Rid Of a Bunch of things

What? How will this help your impulse spending? When you have a lot of things, It's easy to collect more stuff. But when you have less stuff, It brings down the desire to collect more items. So go through all your junk, Work hard and get rid of it. It will make you not want to go through the process of getting rid of stuff again, and you'll be less likely to accumulate more items by impulse spending.

Impulse spending ruins lives, It's important to practice great spending habits to ensure you can survive financially. Take baby steps if you have to, But making changes will make a big difference in your life!

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I agree 100%. One thing I've learned being in between jobs is we spend a lot on bullshit. That is either money or time. Both are valuable however one you can never get back. You can always make money but you can never make time.

So true! It's amazing! When you start to write stuff down you realize that there is a lot you didn't need to buy! I completely agree. People also waste a lot of time, People wonder how I get so much done in a day, well I don't waste a ton of time thats for sure.

Hey, Kaylin! Where do you get that? :) You just amaze me! :) With such understanding you can conduct psychological trainings! And trainings on self-development and motivation ;) You simply genius! Wow!

I do lots of reading and I take notes when I read :) I love the Kindle unlimited program that Amazon has, It lets me read a ton of books at 10.00 a month.

This is an incredible amount of info in this post. Real keeper! Thanks tons

Thank you very much hehe! I'm glad it was able to help you

Anytime I'm thinking about purchasing something, I can always hear my mom's advise in my head ... "Sleep on it. If you still think you need it in the morning, then buy it."

That is very smart advice hehe!!

Very accurate and topical post! The overproduction and overconsumption is a terrible scourge of mankind. Sometimes I think we are all shopaholics. We are taught this from childhood. In the present I discover foodsharing and freemarkets. Its amazing alternative!

Thank you! we are shopaholics I agree with you completely! We need to cut back and save the planet.

I agree. And it makes no sense to wait until someone will do it. We just need to start doing it.

Yay I'm so excited to see how things turn out :) I'll be upvoting it hehe!

@kaylinart this post is right in my wheelhouse. This goes along the line of the Dave Ramsey school of thought. Basically, debt is bad. As opposed to the Rich Dad Poor Dad theory that uses debt as an investment tool. Each has it's merits. I prefer less debt.

I also prefer less debt! I'm not completely opposed to being in a little debt once in a while , but it has to be reasonable.

I think nothing is absolutely bad or absolutely good. All can be used for both good and bad. Including the debt.

The absolute value has only love. Only love can not be too much. Too much money you become greedy. Too much knowledge and you are arrogant. Too much physical strength and you're abusing it. Too much fame - and you're proud.

But love can not be too much. So love is an absolute value. And all the rest are relative values.

Wow those are really good points :) I didn't ever think of it that way!

Yes! Wait, I read the Rich dad Poor Dad book, What do you mean debt is used as an investment tool?? Maybe I missed that part lol.

  ·  8 years ago (edited)

Good debts and bad debts :) I love that book too! It definitely changed my life. And it happed about 4 months ago. Thus I came here, in this wonderful crypto-world ;)

hehe yes!! It changed my life too hehe! I love books that do that! they are worth every second of a read!

One example of using debt as an investment tool is taking out a mortgage to purchase a rental property.
So basically you are using other people's money to make you money, with only a small % of your money invested. Tomorrow I plan to post my first of many blogs about real estate investing.

Ohhh I need to come back and read those. I do a lot of investing in stocks, p2p and now Steemit. But I don't know anything about real estate investing and I"d love to earn.

@kaylinart also, you might like the my post today. Though it is less practical and more theoretical/inspirational than my usual stuff. https://steemit.com/steemit/@scaredycatguide/steemit-the-field-of-dreams-for-the-crypto-world

I"ll look into that ;)

The older I get the less I have . It's my absolute personal freedom ! I just can pick up my suitcase , pack 23 allowed kg and go as long as I wish . Somehow I manage to have always "just enough" cash to get through . This means "success" for me . I am thankful .

Thats good though! As long as you have food in your stomach, clothes to wear and a place to live you should be thankful hehe.

Hi @kaylinart I couldn't agree more. I recently cleaned out my closet and donated a bunch of clothes to a local charity. Feels good to get rid of stuff and help others at the same time. You got my Upvote today.... Keep Steemin on my friend.... @kbargold

Good job :) thank you!! I'm glad you were able to donate too!

@kaylinart If you don't want to be part of the system the best thing to do is to buy second hand stuff. Especially if you buy from a charity shop, you can be a buyer with a cause.

Hehe I actually buy second hand stuff all the time. I rarely buy anything new. I actually needed some new running shoes recently so I bought a pair of Nike's off of someone for 15.00 and they were used. I don't mind having used stuff as long as it's not my underwear, (bras are okay).

I need to start doing the 24 hour rule! I purchased a 70$ pair of worthless flip flops a couple weeks ago and I know if i would've waited it out to think about that purchase I wouldn't have made it.

heheeh I remember that! Make sure to wait next time! Or Heck buy that same brand but used that way you can try them out and make sure they are actually worth the 70.00

hi i really love this post i will be featuring it today

SERIOUSLY!? OMG! I'm so excited. I've seen your other posts and I kept thinking "I hope I get a turn one day " hehee!

Thankyou

I absolutely love this sharing economy that we have too!

But I don't have any money left to spend!
I spent it all!
LOL!, just/kidding
@kaylinart Good advice / message!

Holy cow! LOL next time you have some money this will help you!