How to Stop Overspending

Budgeting, Financial Habit

The question my community is always asking is “How can I stop overspending? I have good intentions but often lose sight.”

Society says stop buying the latte.

Social media is telling you to go for a month with no spend days.

Well, I don’t think either is the answer because neither addresses your mindset or beliefs.

One of the things I work on with my clients is shifting their mindsets and beliefs about money. I believe we struggle with overspending because of the narrative we tell ourselves.

Today I invite you to shift your narrative.

Instead of saying “I can’t afford…” tell yourself “I’m going to create a plan to save for…”  

Instead of saying “I’m broke…” tell yourself “My priorities are….”

Instead of saying “I’ve got to have…” ask yourself “Does this support the life I’m building?”

Taking the time to work on your narrative will ensure you are ready to tackle the little things you know are getting in the way of you being able to save more and pay down debt.  Whether that be impulsivity, emotional spending, or an overall lack of awareness of where your money is going.

Here are three tips you can use to help control your spending.

1. Delete social media accounts that do not add value to your life.

A few years ago I noticed that my desire to shop was out of control.  When I checked in with myself I realized that my social media accounts were all about the OOTD (Outfit of The Day) and the other accounts I followed encouraged me to buy.  So, this week as you’re scrolling through social media unfollow accounts that encourage you to spend.

2. Adopt a 24 to 48-hour rule.We live in a world of convenience.

You know you’re sitting on your couch watching Netflix and then all of sudden you remember you need to buy a potato spiralizer because your good girlfriend told you it was life-changing!  So, now you’re on Amazon adding a potato spiralizer to your cart. I’m sure you can relate. Here’s what I want you to do. Before you buy anything give yourself 24 to 48 hours before you purchase.  In the meantime, check-in with yourself and decide if you really need it or if it was an in the moment decision. If you still need it after 24 to 48 hours make the purchase as long as it fits within your spending plan.

3. Create a separate account for spending.

One of the things my clients are loving is having a guilt-free spending account. After we set aside money for savings and bills we work together to figure out how much money they want to set aside for everyday expenses.  We call this their guilt-free money. This is the money they can spend without thinking or worrying if they’ll have enough for their bills or if they’re saving enough. So, every time they get paid they transfer a set amount to a separate checking account that is different from their bills and savings account. They love being able to use this money freely and enjoy the clarity it has brought to managing their finances.

My guess is that you might be battling with overspending. I invite you to choose at least one of these tips to act on this week so you can address your overspending.

Which of these three tips are you excited to start using this week? Email me at keina@wealthovernow.com and let me know.And if you feel like you’ve tried it all before but you still feel stuck I’m always here to help. I would love to talk to you creating a plan that both honors your goals and your values so you can make financial progress this year. If you’re ready to take the next step schedule a call and apply to work with me.

All the best,

Keina

Recent Posts

Leave a Reply

Your email address will not be published.

Continue the conversation: Join the Wealth Over Now private Facebook community

This community is here to encourage and support you in having open and honest conversations about money so you can stop spinning your wheels and finally gain clarity and confidence with your finances.  

Join the newsletter