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Tips to Managing Your Spending

LIMIT your Spending by carrying Cash. Give yourself an allowance in cash each month. When you make a purchase, you will SEE your cash disappearing (unlike with debit/credit cards), causing you to think before you buy.
Debt from overspending on vacations is a growing problem due to social media. Vacations should be about spending time with your family, friends, and relaxing. Skip the “Likes” and spend wisely.
Did You Know? People tend to spend significantly less when they shop alone. Not having a friend by your side & sticking to a list could help you save money. You’re more likely to buy what you need and leave.
Make a journal of your spending habits. Write down every time you purchase something, why you purchased it, and how you’re feeling. This can give you a big picture view of why and when you spend the most.
If you’re sticking to a budget, be prepared to deal with financial peer pressure. This comes in the form of friends asking you to go shopping, out to the movies, or eating at restaurants. Mentally prepare yourself for these situations.
Avoid unwanted debt by using cash. Leave your credit cards at home and opt to pay with cash. Watching your money physically disappear will make you think twice about what you buy and how much you spend.
Do you have unused or partially used gift cards? Spend an hour finding all your gift cards around the house. Then, factor these amounts into your monthly budget to see where you could save – meals, gas, clothing.
If you’re the type that: “if you have it, you’ll spend it” – limit the amount of cash you carry. If you don’t have much cash in your wallet, it won’t be there to spend. And you’ll stop to think before spending what cash you do have.
Delay big expenses until you have the money saved. If you can wait until you have the money saved, you’ll avoid costly interest expenses on your credit cards. Especially if you use big bank or store cards charging up to 29% APR!
If you’re having trouble sticking to a budget, try using a reloadable debit card. Determine how much you can spend each week or month and load that amount on the card. This will help prevent overspending on impulse buys.
Spending Tip: Make financial decisions based on hours worked. For example, if, after taxes, you make $15 per hour and you’re considering $90 shoes, are those shoes worth working an additional 6 hours?
Grocery delivery services are convenient, but the extra costs can add up. Look for free grocery pick-up options. You’re still getting the convenience of not having to go into the store, but you save on delivery service fees.
Designate one day each month as a No-Spend Day. Refrain from spending money all day – it sounds easier than it is! Look for free, local events to entertain your family. This little trick will help build money-saving habits.
When paying for larger expenses, many people will use a credit card instead of dipping into their savings. While it may be tough to see your savings decline, you won’t be charged interest on the amount you spend.
If promotional emails from stores and restaurants are constantly tempting you, click “Unsubscribe.” Eliminating these emails, text messages, and social media posts can help you stick to your budget.
Did You Know? WHO you shop with can impact how much you spend. If you’re sticking to your budget, it’s best to shop for items like clothes by yourself to prevent overspending.
Oftentimes we spend out of the fear of missing out on something fun or new. Fads come and go very quickly. Learning to say no will help you stick to your budget and boost your savings.
Pay attention to what triggers cause you to spend more. Do you spend more money when you’re stressed or bored? Once you identify these trigger moments, create a plan on how you will combat them next time they appear.
Create a spending mantra that acts like a guide for how you spend money. For example, whenever you consider making a purchase, ask yourself “Is this [fill in purchase here] better than a summer vacation next year?”
An easy way to curb your spending is calculating prices by hours worked. If you make $15 an hour, is that $45 jacket worth an extra three hours at work? Do this for all expenses, including more costly things like vacations.
If online shopping is throwing your finances off track, try deleting your favorite shopping apps from your phone. Usually it’s the convenience of these tools that causes people to spend frivolously.
If you need to make a major purchase for your home (new furniture or appliances), time your purchase around major holidays, such as Memorial Day or Independence Day, when stores run their best discounts.
Social media can act as a catalyst to living beyond your means. With so many people sharing their vacations and new purchases, it can be tempting to spend frivolously trying to keep up with the Joneses.
As social gatherings and events begin again, you may notice you’re spending more on entertainment. While the pandemic allowed many to save in this area, make sure to set limits going forward to keep your budget in check.