Last Updated on by Buayifa Ojeogwu
Are you dead broke and struggling to control impulsive spending?
Or you own pretty bags or purses but your bank account is empty?
Or thirdly, your money is already used up before your next paycheck surfaces?
If any of these sound familiar to you, keep reading.
In this article, I will be sharing with you 8 smart tips to control impulsive spending, and stop being dead broke.
Let’s dive in.
8 Tips To Stop Impulsive Spending From Controlling Your Life
1. Acknowledge that you have a weakness for spending money impulsively
First of all, you need to acknowledge that you have a weakness for impulsive spending.
Once you know that spending money is becoming a problem, then you would be ready to learn ways to help yourself.
So talk to yourself, recognize your problem, and seek ways to control it.
That’s the first step to controlling impulsive spending.
2. Avoid those places you tend to spend money the most
Do you know the things and places you tend to spend money on the most?
Avoid them if you really want to control your spending habits.
Those things vary with everyone.
For me, it is fashion.
There were times when I spent my whole paycheck on clothes, shoes, etc. before the middle of the following month.
Then I’d go out looking good but my bank account was red.
You alone know the items that make you hand out your credit or debit cards.
But if you stayed away from those stores, you should be getting closer to controlling impulsive spending.
It won’t be easy but it is a step to cultivating better spending habits.
3. Use the 50-30-20 budget plan to control impulsive spending
To control your spending habits, make a budget plan using the 50-30-20 method.
That is 50% of your income covers your needs, 30% covers your wants, and 20% goes into your savings.
This is a very smart way to control impulsive spending and get your money in order.
Read more about the 50/30/20 budgeting rule below.
4. Always shop with a shopping list to control impulsive spending
Shopping with a shopping list is my fourth step to control impulsive spending.
At least from point #3, you have an idea of what your needs and wants are.
So as the days go by, add things you need to your shopping list.
Then when you are ready to go shopping, you have only the important stuff.
A shopping list may not always help you control impulsive spending, but it takes you a step closer.
And coupled with avoiding the things you tend to spend money on, it should work to a large extent.
I mean avoiding those aisles when you are at the stores.
Because there is a high chance that you may pick up something that’s not on your shopping list if you find yourself on that aisle.
Grab a free shopping list from the free resources library.
5. Before you spend money on anything, sleep on it
I do this consciously and sometimes unconscioulsy.
Maybe it’s because I overthink everything.
Anyway, before you enter your card digits and make a purchase, sleep on it.
Take your time and ask yourself if that item is worth the money you are about to spend.
Can you do without that item?
Are there more affordable options?
Are there other more useful things you can do with that money?
Do you have the extra money in your budget for that item?
These are questions you ask yourself before spending that money.
If that doesn’t work, ask your bestie, ask your partner, ask your parents, ask your pet, ask your neighbors and coworkers…lol
Anyway, don’t be in a hurry to pay for something you may end up not having any need for.
Or without looking for cheaper alternatives.
6. Just because it is on sale doesn’t mean you’re saving money
To control spending impulsively, you need to avoid sales sometimes.
Even if an item is on sale, it doesn’t mean you are saving money.
Yes, I understand when you shop during sales, you pay way less than the regular retail price.
But my point is, you are still spending money.
And sometimes you are spending money you don’t have or money that has been budgeted for a need.
However, you can keep your eyes and ears out for when a need is on sale.
Then that would be money spent wisely.
You may also enjoy How to Stop Automated Payments From Ruining Your Budget.
7. Reward yourself sometimes
Controlling impulsive spending is not easy especially if you were never taught how to save in the first place.
So even as you are getting your money and budget in order, don’t forget to reward yourself.
I know of someone that sets $20 aside for little monthly spendings.
Yours can be more or less.
But it should and would go a long way as far as learning good spending habits matters.
You may also love 5 Easy-peasy Tricks To Actually Save Money.
8. Spend cash instead
Furthermore, to control spending impulsively, use cash instead of your credit cards.
Use cash when grocery shopping, when hanging out with friends, etc.
The thing about spending cash is that you know exactly how much you have and can’t spend more than that.
So even if you see something you like, sorry babe, no money to pay for it. *tongue out emoji*. lol.
Anyway, that’s it.
Let’s Wrap It Up!
So those are 8 smart tips to control impulsive spending.
Can we go over them again? Maybe.
- Know you have a problem with spending money.
- Avoid the places and things you spend your money on.
- Work with a budget. Remember the 50-30-20 budgeting rule.
- Make sure to shop with a shopping list.
- Before spending money on an item; take your time, sleep on it.
- Sales do not necessarily mean you’re saving money.
- Give yourself a reward, once in a while.
- Use cash instead.
I hope these few tips help you cultivate better spending habits, get your money in order, and never be dead broke again.
Do you have any tips to stop spending impulsively?
Please share them with us.
Thanks for reading!
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