How to… not spend as much… as you might…

Retail therapy, we all do it at some point (male or female – you’re not immune), whether it’s to get over a bad experience, cure boredom, pick up that ‘one’ item, peer pressure, or the like… here are some ways to help kerb your spending:

1. Use the shopping cart - Set a limit of how much you’re willing to spend before you go out and if the item(s) in your cart as you’re about to go to the register exceeds that limit, pare down what’s in your trolley or walk away.

2. Choose a “spendings” goal – Set a goal (an item in particular or a monetary amount) and don’t go out shopping until you’ve fulfilled that goal. You can choose to put aside 5-10% of each of your pays. If you set your mind on a particular item, and you have a tendancy to change your mind, you might be over the item before you purchase it–meaning you saved your cash for something else instead!

3. No credit card - If you spend more money than you have, it’s going to be a continuous problem. Get a debit card, that way you use cash that’s yours without the interest fees!

4. Reevaluate – One of the best ways to not overspend is to evaluate WHY you actually want the item/etc. Once you realize what your motivation to purchase is, then maybe you don’t need to make a purchase after all.

5. Make a List - List all the things you spend your money on, yes, each and every thing – from your morning coffee at the local cafe to that ice cream on Friday afternoon. You’ll be surprised at how much you’re just whittling away.

6. Budget - it’s an oldie but a goodie, and, it works. Sit down and work out your bills, expenses, etc, and take break it all down into the segments of time your income is – whether it be weekly/fortnightly/monthly/etc. The key to this is to work out exactly how much you need to put away from each pay, each time. Don’t forget to check you have your week/fortnight/month the same across the board and take into account inflation and increases in price!!

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