When you have a spending problem, it can quickly get out of control. If you’re lucky enough to be self-aware, there are some actions that you can take to gain control over the situation. Users in a popular online forum recently shared tips their best tips on how not to spend money. Here are some of the most popular submissions.
1. Determine the Value
“The quick and dirty rule is to ask yourself before purchasing anything, “If someone were to offer me this product or its cash value, which would I take?” It’s helped me not to binge on meaningless consumption and trivial purchases,” a user said.
2. Willpower is a Muscle
“Willpower is like a muscle; it grows as you use it. I know that sounds like fortune cookie advice, but I have personally experienced this,” a person said.
3. Find Cheape Alternatives
“I’ve searched for cheaper ways to spend money and entertain myself. I bought a bike that had an upfront cost but is a free activity anytime I want (not to mention a gas-saver),” one person mentioned.
4. Try Fasting
Someone said, “I have found fasting to help me a lot. Sometimes I will want a new laptop. Then I will quit eating for a day. Suddenly I don’t care about my laptop at all. The only thing I want is a sandwich. This change in perspective stays with me for a long time.”
5. Certificate of Deposit
“I had to start learning how to save money by putting it in a certificate of deposit (CD). Where I live, you cannot get money out anymore until the agreed term is up. I understand you can often get the money out in the US, but for a hefty fee,” someone said.
6. Focus
Another person offered, “Opposite advice of everyone else: Don’t focus on limiting yourself and what you spend. Instead, focus on spending, when you do spend, on things that make money.”
7. Make it Automatic
One user said, “I had a friend set up an automatic withdrawal and deposit into an investment account every payday as part of his paycheck. So he only spent what he had in his account.”
8. Is it Worth Your Time?
Somebody said, “If you are paid $10 an hour, and you see something you want for $50, ask yourself, “Is this item worth 5 hours of my life?”
9. A Need or a Want
Another user responded, “How I deal with this situation is I ask myself, “Is this something I need or want?”. Both different things in life and think about your goals. You want to save money, so buy the things you need.”
10. Budget Your Money
A person said, “Budget everything. This has helped me immensely, and I have the same tendency to spend. I got an unexpected $220 check last week and blew it all by Saturday, but I had my budget satisfied, so I chose to have some fun with that.”
11. Ditch the Credit Cards
“I ditched credit cards, hold my money in a bank where I have to walk into to withdraw money physically, online transactions turned off (it’s a credit union),” a user said.
12. Change Your Lifestyle
A person said, “Like dieting to lose weight, saving money requires a lifestyle change. You’ll have to give up that extra spending to save, and the only way to do this is to give up certain hobbies and activities and replace them with inexpensive ones.”
13. Pay Yourself First
Someone said, “The quick and dirty rule is paying yourself first. Set aside 20% of your paycheck, and don’t touch it.”
14. Glass Piggy Bank
“Glass piggy bank. You have to like the glass piggy bank not to break it,” a person said.
15. A Set Amount
“Only take a set amount of money out with you. You can not spend money if you do not have it,” a user said.
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Inspired by this thread – photos for illustrative purposes only.
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