Do you feel like you have a sufficient income, but never any money? You’re likely spending more than you realize on non-essential items. This often happens to those who don’t have a budget established. If you’re guilty of too easily swiping your card, these strategies can help keep you in check. 

• Know Your Triggers

Spending money thoughtlessly is what gets too many people into trouble and in financial positions they do not want to be in. If you seem to have developed a bad habit of spending money, it’s important to not only figure out why, but what triggers you to overspend. 

These are common triggers for other overindulgent habits: 

• Time of Day – Let’s say you frequently shop for groceries after work. You may want to consider shopping when you have more energy to make wise purchase decisions instead of buying thoughtlessly at the end of the day when your energy is low.
• Mood – Think about the last time you spent money unnecessarily. How were you feeling? If you know that anger is a trigger for you to overspend, stay far away from the temptation in those moments.
• Environment – What’s going to a mall or a favorite department store going to do for you? Likely, it will make you want to shop or feel guilted into spending money. Only take cash with you next time so you can’t cave in.
• Lifestyle & Social Media – While there are great benefits to social media, it can cause what is known as FOMO or the fear of missing out. If you see others living a certain lifestyle, it may trigger you to purchase items to have a similar life so you feel a sense of belonging.

Do any of these sound familiar to you? Create a game plan for avoiding these triggers or an alternative option when you feel the urge to spend because of these scenarios. 

• Think About Your Company

Our friends should bring out the best in us, but that isn’t always the case. Be careful who you spend time with and if they pressure you to spend money in order to hang out with them. Let them know your new savings goals and if they can’t respect this until you have your spending under control, it might be time to create some distance in the relationship. 

• Track Your Progress       

Don’t just wonder if you’re doing better on spending. Keep track of what’s going out of your account weekly. Knowing you are doing well can be motivating!

• Budget, Budget, Budget

We believe any plan or goal you have in life should be supported by a budget. This is incredibly true for getting in control of your spending. Know what money you have coming in (income) and going out (bills). If you don’t do this, you will keep spending because you think you can afford it, when you really don’t know if you can. Create a category and have a set dollar amount for each category. This includes more set expenses like a mortgage but also flexible ones like groceries. This budget is for you, so make it as specific as you need for success! 

If you’re ready to get serious about curbing your spending habits, we can help you take it a step further to make sure you have everything you need to successfully stick to a budget. Whether it be our online banking features or competitive savings accounts, we’re happy to help – contact us today!