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How to Resist Spending Money

Written By: admin on September 23, 2009 No Comment

An impulse shopping is one of the biggest temptations for all of us. You don’t need it, maybe you don’t even really want it but when you see it you just have to have it no matter what. It’s quite bearable if it is a bag of chips or a yoghurt but if you are an impulse shopper of more expensive items, you might find yourself in a financial trouble combined with a house filled with items that you don’t need.

There are some useful tricks for avoiding the urge to splurge:

1. Avoid going shopping

Well, this sound easy, but sometimes it’s very hard to do. Sometimes you really need to go shopping, and that’s fine. You need to buy groceries quite regularly, but also clothes and shoes from time to time. But, don’t make shopping your favourite hobby. Don’t make dates with your friends to go together to stores. Don’t spend your free time going shopping. Don’t go shopping when you are feeling bored.

Before you make a decision to go shopping, ask yourself: Do I really need to go shopping, or I just want to go shopping?

For instance, if you need new shoes this is a perfectly legitimate reason to go shopping. But, before you really do go shopping, make an inventory of shoes you already own. It might turn out that in some dark corner of your closet you have great shoes that you have never worn before but bought it in some crazy shopping spree. You might say that you need to capitalize on your previous investments.

2. Make a shopping list and stick to it

When you have a legitimate reason to go shopping, it shouldn’t be very difficult to make a shopping list. A list should contain articles you wish to purchase and the maximum price you are willing to pay. The list is not something that you should take lightly, it can not be compromised with. Within your budget, the list should reflect what you can afford and what you need and in that particular order. Putting your needs before your means is also not acceptable. Being a thrifty and frugal person implies that you will sometimes have to sacrifice in order to achieve higher goals. Buying shoes that you might need but are not so necessary right now can compromise your future house down payment or getting out of debt. It’s important to have higher goals and think of them everyday.

3. Don’t carry around many credit cards

Plastic is very dangerous and can lead you to forget that there is money involved. Many credit cards increase temptations, and therefore it is a smart idea to pick one credit card that you can use everyday. Cutting down on number of credit cards that you own is also a good idea, since it will reduce fees that you have to pay for them. The best idea would be to use only debit card, if possible in any way. Plastic leads to temptations, and temptations are the highway to overspending.

4. Try to think of the future use

When you are in the shop, with your list and with only one credit card you have done everything right so far. But, you see a sign that there is a sale and you just have to have this coat, it’s so beautiful and the price is right, it doesn’t feel like spending at all, in fact by buying this coat you will be saving money. I agree that sometimes in very exceptional circumstances, when you find yourself presented with the irresistible offer, it might be fine to give in to the temptation if the offer really is too good to miss. But, before you buy it you have to answer these questions: Do I really need it now? Can I really afford it now at all? Will I need it in the future? Will I be able to get an even better deal in the future? Buying something on impulse sometimes, provided that you need it and that you can afford it, is sometimes perfectly acceptable. But think about whether you will really use it in the future. You might need something but maybe it’s colour is unusual and you won’t be using it very often.

Saving money is hard work and I can’t emphasise this enough. Sometimes you have to deny yourself of something that you need in order to achieve higher goals. But, sometimes you have to reward yourself and make an exception. There is a fine line, and we all need to find our own!

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