Getting caught up in a shopping spree is easier than anything – you just have to take that wallet out of your pocket and proceed with your decision. Disorganised spending is a very common tendency which is present in today’s consumer’s behaviour. But these rushed decisions are more than often bringing disappointment and regret. Once you get home, you begin to realise that your spending was not purposed at all. The worst part is when you realise that the thing that you’ve just bought isn’t serving you any good. Managing your funds is a fundamental skill that everyone should possess.
1. Develop a Bigger Spending Goal
Instead of spending small bucks on all sorts of things, start saving money for objects that cost more, but are much more valuable and qualitative. This strategy might sound like a paradox, but it really makes sense if you think about it. The things that cost more money are usually offering you more value. For example, you might want to change your laptop, as you want to play new games or do different (and more advanced) things. Now, if you always think about that bigger purpose, you’ll find it hard to spend money on irrelevant objects that bring you no good. So if you’re always spending money on things that you don’t need, having a bigger goal in mind will most likely eliminate that urge of yours for good.
2. Use the 45 Minutes Rule
The 45 minutes rule is an invention of a famous finance blogger named Bridget Casey. The rule is very simple: if you are not using an object for at least 45 minutes each day, you just don’t need it. This sounds pretty insane, but if you break it down and look at the time spent each week (5.25 hours), it starts to make sense. Take a close look in your closet for example. How many things do you actually NEED? Now look in your own room. Is it filled with objects that you consistently use, or they’re just sitting comfortably while filling the space? Every time you consider buying something, think about the 45 minutes’ rule. Once you understand that you don’t need something, it’s crazy to think that you’re still going to buy it.
3. Become Aware of Your Spending Triggers
Each and every one of us has spending triggers. These triggers are 99% of the time emotional and psychological. If you care to remove these triggers, you will no longer be tempted to buy irrelevant objects. So next time you’re buying something, carefully examine what made you do it. Was it you felt you needed to keep up with “The Joneses”? Was it the shopping centre that you’ve visited? Or it was just the usual urge to spend money? Figure out the triggers and start removing them piece by piece. How do you do it? Well, you just become very aware of them. Once you understand that you don’t need a thing, you will not buy it.
4. Avoid the Most Tempting Places and Activities
You might just be used to go shopping each day. You choose the places where you spend your time according to your shopping habits and it suddenly becomes a cycle. Now…the easiest way to avoid spending money on things that you don’t need is to just…avoid any provocative situations. If you’re buying things on your way to work, change the route. If you’re buying clothes that you throw away in two weeks each weekend you’re visit a shopping centre, stop going there! It’s pretty easy to stop when you are aware of your activities. Now, if you’re also an online shopper, do not access the websites which are so used to your visits. You can even block the links using special browser add-ons. Lastly, stop clicking ads that are selling to you. You can block them too by installing Ad-Blocker. Either way, you have to understand that useless spending is caused only by you. Once you learn how to spend your money with care and purpose, your thoughts and feelings will definitely become more positive. Moreover, your budget will look different, and you’ll be able to save and plan for bigger things that not everyone can have.