How to Break Bad Spending Habits
Create a budget., Reduce the amount you spend on clothing., Stop eating out., Cut entertainment expenses., Put the phone away., Wait before you buy.
Step-by-Step Guide
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Step 1: Create a budget.
Stop ignoring your bills and commit to seeing how much you spend each month.Sit down and calculate the following:
Your monthly income.
Add up everything: salary, wages, tips, unemployment benefits, etc.
Your fixed expenses.
These are things that cost about the same every month, such as your rent/mortgage, health insurance premiums, car payment, etc.
Your discretionary spending.
This spending varies depending on the month.
Most of your bad spending habits will be for discretionary items. -
Step 2: Reduce the amount you spend on clothing.
You can certainly look good without stopping into a store every week to buy something new.
Go through your closet and find clothes in good repair.
Then organize a clothes swap with your friends.
If you need to buy something new, shop at thrift and consignment stores to save money. , Everyone needs to eat, so you can’t reduce food expenses entirely.
However, you can save by cooking more at home instead of eating out at restaurants.
Save extra money by buying generic label products and clipping coupons.Learn to cook at home by buying a cookbook.
There are also recipes for many 15-minute meals online that you can easily find.
If you want to entertain, then throw a potluck and ask every guest to bring one small dish. , There are many free options for entertainment.
All you need to do is look around.
Consider the following cheap substitutes:
Rent DVDs from the library instead of going to the movies.
Check books out of the library instead of buying them at a bookstore.
Play board games with your family or friends.
Listen to music for free over the radio instead of buying CDs or downloading songs. , Many people who shop online do so when they are waiting in line at a business.To save money, turn your phone off when you go shopping or leave it in the car. , One bad habit is the impulse buy.
You see something you must have, and you immediately charge it to your credit card without thinking.
Break this habit by practicing patience.
Wait at least 24 hours before you buy something.Often, you are buying because you are emotionally unhappy at that moment.
After a good night’s sleep, you will be in a better mood and probably not want the item in the morning.
If you still buy, then extend the waiting period—48 hours, 72 hours, etc. -
Step 3: Stop eating out.
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Step 4: Cut entertainment expenses.
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Step 5: Put the phone away.
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Step 6: Wait before you buy.
Detailed Guide
Stop ignoring your bills and commit to seeing how much you spend each month.Sit down and calculate the following:
Your monthly income.
Add up everything: salary, wages, tips, unemployment benefits, etc.
Your fixed expenses.
These are things that cost about the same every month, such as your rent/mortgage, health insurance premiums, car payment, etc.
Your discretionary spending.
This spending varies depending on the month.
Most of your bad spending habits will be for discretionary items.
You can certainly look good without stopping into a store every week to buy something new.
Go through your closet and find clothes in good repair.
Then organize a clothes swap with your friends.
If you need to buy something new, shop at thrift and consignment stores to save money. , Everyone needs to eat, so you can’t reduce food expenses entirely.
However, you can save by cooking more at home instead of eating out at restaurants.
Save extra money by buying generic label products and clipping coupons.Learn to cook at home by buying a cookbook.
There are also recipes for many 15-minute meals online that you can easily find.
If you want to entertain, then throw a potluck and ask every guest to bring one small dish. , There are many free options for entertainment.
All you need to do is look around.
Consider the following cheap substitutes:
Rent DVDs from the library instead of going to the movies.
Check books out of the library instead of buying them at a bookstore.
Play board games with your family or friends.
Listen to music for free over the radio instead of buying CDs or downloading songs. , Many people who shop online do so when they are waiting in line at a business.To save money, turn your phone off when you go shopping or leave it in the car. , One bad habit is the impulse buy.
You see something you must have, and you immediately charge it to your credit card without thinking.
Break this habit by practicing patience.
Wait at least 24 hours before you buy something.Often, you are buying because you are emotionally unhappy at that moment.
After a good night’s sleep, you will be in a better mood and probably not want the item in the morning.
If you still buy, then extend the waiting period—48 hours, 72 hours, etc.
About the Author
Susan Castillo
Creates helpful guides on lifestyle to inspire and educate readers.
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