Do you feel like you never have enough money at the end of the month? Do you have a hard time paying your bills each month and still have money left over to spend?
We all stink a little bit at handling our own money from time to time. Some of us more than others …
Maybe its time to take control of your finances once and for all. This will involve breaking some of those bad spending habits that you may have that prevents you from meeting your financial goals. However, it may not be as easy as you think to break these spending habits, especially if you have been doing the same things for years. Below is a look at some of the top proven tactics that are sure to help you break these bad spending habits.
Put Away Your Credit Card:
One of the worst spending habits that a lot of people have is to make unnecessary purchases with their credit card. If you choose to keep one or two credit cards to use in an emergency situation, then make sure that you keep them out of reach, at least when you are shopping. If you go shopping with your credit cards in your wallet, you are more likely to make unnecessary purchases and spend money that you do not have. Instead, store your credit cards safely away, and only pull them out when you really need them.
Only Take the Cash You Need:
Since you will be leaving your credit cards at home, you may decide to take cash instead. If this is the case, make sure that you only take the amount of cash with you that you need to make your purchase. If you do not have extra money with you, you will not be tempted to buy things that are not within your budget.
Make a Shopping List:
If you tend to go shopping and come home with a lot more things that you planned on purchasing, then you should always make a shopping list before you head out to go shopping. Only put the things you need on your list and make a commitment to yourself to only purchase the things that are on your list. If you see other things you want, jot them down and try to budget for those items in the upcoming weeks.
Set a Cooling-Off Period for Yourself:
If there is an item that you really want but does not fit into your budget, or will take a large chunk out of your budget, give yourself a cooling-off period before making your purchase. Set a specific cooling-off period for all of these types of purchases, such as seven days, two weeks or one month and take some time to consider your purchase. If after this time period, you still feel the item is a good purchase, or you have worked the costs into your budget, you can make the purchase. However, it is likely that you will reconsider and realize that you do not really need it after all.
Set a Realistic Budget:
Setting a budget is crucial to avoid overspending, but you must be sure to create a practical budget. If you create a budget that is too restrictive, it is likely that you will not stick to and return to your old spending habits. For example, if you create a household budget that does not give you any money to spend on eating out or entertainment, you are not likely to stick with the plan. You need to create a realistic budget that will allow you to pay all of your bills, have some spending money, and still set money aside for savings.
Set Short and Long-Term Goals:
You should also set some short and long-term financial goals for yourself. Write your list of goals down on a piece of paper and post it in your home. You are more likely to stick to your financial plan and break your bad spending habits if you have a financial goal you are striving to meet.
All of these tactics will work to help you break some of your bad spending habits. It may take several tries to break a bad habit, but do not give up, just keep trying some of these proven tactics for breaking those habits. Over time, you will be able to create positive spending habits and learn how to reach your financial goals.
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