If your chronic overspending is hurting you financially, putting you into debt, or wrecking your credit, you need to cut it out — fast. It can be extremely habit forming and really hard to quit your spending habits, so it’s always a good idea to reach out for whatever help you can find. Talk to a financially-smart friend, consult an advisor, and have friends and family keep you accountable. Here are a few suggestions on how to finally stop overspending.
1. Avoid Temptation
What are your spending triggers? Sales? Impulse buys? Grocery store checkouts? Online deals? Avoid temptation by staying home from those sales, making a list and only buying what’s on it, and unsubscribing from the special deals you get in your email inbox every day. If you spend too much at restaurants, tell your friends you’re budgeting and have a potluck party instead.
2. Share What You’re Doing
Sharing your goals with friends and family can help them to help you. Ask them to help you stay accountable. Share your efforts on social media and update your friends on the progress you’re making. You don’t have to share close details you’re not comfortable with, but when you’re trying to change your ways, a little support can go a long way. You can even join a local support group. Don’t forget to share your failures, too! That’ll help keep you honest with yourself as well.
3. Set Limits
To get a clear picture of your overspending, you need to analyze what you actually should be spending. Create a budget and keep a close eye on your spending for several months. What are your priorities? Eliminating debt? Saving for retirement? Keep those bigger goals in mind as you set the limits that will help you save or pay off debt. The categories you have trouble with overspending are the same ones you should be placing reasonable limits on. If you overspend on shoes, allow yourself a shoe budget but make it much less than you spend now, and stick to it.