If you’re anything like me, you’ve spent years juggling your finances and tried multiple times to avoid the temptation of overspending. Even when I realized that I had a real spending problem, I just didn’t have the willpower to change my situation.
Let me level with you–overspending is a habit, and bad habits can be hard to break. I know the stress and frustration and the overwhelming feeling of being unable to control your spending. But guess what? If you’re sick and tired of being sick and tired with your poor spending habits, you’re ready to change for real this time.
Before we dive in, I can’t stress enough how proud I am that you recognize the problem of overspending and want to change your situation. I’ve always wanted to share how I turned my financially chaotic life into one of good money management. Learning from my missteps, I’ve discovered practical strategies to help you regain control of your finances.
Why Do You Overspend?
Consumerism is enemy number one. I’ll put it simply: Credit card companies start offering you credit cards in high school–in high school. They give you the green light to spend, but not the guidance to prevent overspending and landing in debt.
Advertisers pay millions to figure out what you like and how to get you to spend more than you have. And it works!
Society says you need the latest iPhone, the newest version of an air fryer you already have, and an anti-gravity humidifier you saw on TikTok. You don’t need them, but you buy them anyway.
Before you can change your financial situation, how you think about money needs to change. You need to figure out the root cause of your overspending. Where does your perspective on money come from?
- Did your parents struggle with money when you were growing up?
- Did your family have financial goals together?
- What messages about money were instilled in you from a young age?
Now, I’m not saying to call your mom and blame her for your financial woes. Just think about everything that has played a part in the way you view money today. Some people struggle with emotional spending, retail therapy, and even compulsive shopping.
Know Your Why
Here’s an actual conversation I had with myself that made me finally give consumerism the middle finger.
I feel like I have no control over my life. If I continue like this, I‘ll end up in more debt than I can come out of. I won’t be able to afford to go back to school. I won’t have any savings; if an emergency arises, I’ll have to beg someone for help. My anxiety and depression will skyrocket. My family has always been low-income, and I won’t be able to change that for them if I can’t stop overspending.
Now, if that’s not a reality check, I don’t know what it is.
The first step to stop overspending and take control of your life is to be 100% honest with yourself. So before you read further, decide that you want a better financial future and are ready to change. This leads me to my next point.
Think of the consequences before you overspend. You do it anyway, right? Except it’s after you spend way too much that the anxiety starts to kick in. When you realize that the next paycheck is a week away and you’re already pinching pennies to pay for lunch.
Budgeting 101:
Creating a budget might sound as thrilling as watching paint dry, but trust me, it’s the backbone of financial freedom. A lot of internet gurus won’t tell you that there are restrictive, overcomplicated budgets that make saving feel like pulling teeth!
Let me keep it real with you. A restrictive budget is doomed to fail.
Done right, a budget will be fun and give you a clear view of how you spend.
If you have struggled with budgeting, you’re not alone. I’ve failed at least 16 times, trying to stay consistent and disciplined with different budgets.
There’s one main reason why a budget won’t work, even if it’s the right budget for you. That’s discipline and expectations. I know you really want to save a hunk of money right away, but with a spending habit that you’re already struggling with, it won’t be possible.
Don’t Be Impulsive:
We’ve all been there—strolling through the mall, innocently window shopping, and suddenly, BAM! You’re the proud owner of a glittery unicorn onesie. Impulsive purchases can lead you to buy things you don’t need.
Before making a purchase, take a deep breath and ask yourself if it’s a need or just a whimsical want. Think about everything on your priority list, and I’m sure you will realize you live without that new pair of shoes you saw on sale.
I’m not saying you don’t deserve something nice now and again, but remember, you’re trying to curve a bad habit. By introducing a moment of reflection before each purchase, you’ll find yourself making more thoughtful and intentional choices.
Social Media Detox:
A few weeks ago, Victoria’s Secret had their annual online $35 for 12 sale. Did I need 12 pairs of panties for $35? No, but it was Victoria’s Secret! I almost gave in to the temptation because the Instagram link took me directly to the website and my card was already saved. In less than one minute of seeing that ad, I could have spent $35 unnecessarily.
Instead, I unfollowed their page and decided to unfollow a couple of others that tempted me to spend what I didn’t account for in my budget.
You might have to do the same.
Unsubscribe from notifications, those tempting marketing emails and unfollow online stores on social media. Follow social media influencers that inspire you to take control of your finances.
While you’re at it, follow the content in your social media spaces that educate you on financial freedom. The more you learn, the easier it is to resist temptation.
Meal Prep:
Meal prepping is your secret weapon against overspending. Picture this: you’re hungry, tired, and craving something tasty. Without a plan, you’re more likely to be tempted to order takeout or grab an expensive meal on the go. That’s where meal-prepping swoops in to save the day.
By dedicating some time each week to preparing your meals in advance, you’re not only ensuring a healthier and more intentional approach to eating but also putting a cap on unnecessary spending.
When you have a fridge stocked with homemade meals, takeout’s convenience factor loses appeal.
Meal prepping can save money on groceries by reducing food waste, allowing you to buy ingredients in bulk at lower prices, and helping you avoid impulse purchases. Planning and preparing meals in advance also means you’re less likely to dine out, saving you money in the long run.
Guilt-Free Splurges:
Guilt-free splurges are a breath of fresh air in the world of budgeting. It’s all about setting aside a reasonable portion of your budget for those little indulgences without the weight of guilt hanging over your finances. Think of it as a planned treat, a conscious decision to allocate funds for something you genuinely enjoy.
The key is moderation and mindfulness. By designating a specific amount for guilt-free splurges, you give yourself the freedom to enjoy life without sabotaging your financial goals. It could be that occasional gourmet coffee, a spa day, or even a spontaneous movie night.
It’s a strategic move, a deliberate choice to prioritize your well-being while staying financially responsible. Guilt-free splurges add a touch of joy to your routine without triggering regret.
Buddy System Budgeting:
Partnering up with someone who shares your financial goals adds a layer of accountability and support. It’s like having a teammate in the game of responsible spending. Together, you can track expenses, stay on budget, and navigate financial challenges.
The buddy system ensures you’re not tackling financial hurdles alone, making it easier to resist impulsive purchases. Sharing the journey with a budget buddy transforms overspending from a solo struggle into a collaborative effort, increasing your chances of long-term financial success.
Financial Literacy Fun:
Educate yourself about personal finance without diving into the abyss of complex financial jargon. Understanding money basics helps you make smart choices. It’s not just about counting dollars; it’s a toolkit for managing your finances wisely.
Learning concepts like budgeting and savings empowers you to control your spending. Financial literacy turns overspending from an impulse to a thoughtful decision, aligning your expenses with your goals.
It’s practical knowledge that puts you in charge, helping you avoid unnecessary costs and approach your finances with balance and mindfulness.
Celebrate Small Wins:
Breaking the overspending habit is no small feat, so celebrate your victories, no matter how tiny. Did you resist that tempting sale? Pat yourself on the back! Small wins add up, making your journey towards financial freedom feel like a triumphant parade.
Remember, breaking the overspending cycle is a marathon, not a sprint. Stay committed, stay focused, and most importantly, stay sane. Financial freedom is within reach, and with a dash of fun and a sprinkle of discipline, you’ll be well on your way.
So there you have it, lovelies. By embracing a few simple strategies, you can bid farewell to overspending and welcome a future filled with financial freedom.
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