3 Ways to Prevent Yourself Overspending

We’re all guilty of overspending sometimes. After all, finance can be tricky. 

For many people, however, once payday hits and they’ve had a stressful month, it can be difficult to resist the temptation to impulse buy and overspend.

With all your other outgoings, overspending can become a huge problem if not brought under control. It’ll make paying off bills and other debts much more stressful than it needs to be. 

It is unrealistic to tell overspenders to stop spending their money altogether. After all, we do need to treat ourselves from time to time!

We think it’s better, therefore, to save money by curbing your spending rather than stopping it entirely. Luckily, we have a few tips on how to do this. 

Wait Until the Next Day

Feeling the itch to buy a new pair of shoes which you know deep down you can’t possibly afford? Wait until the next day before deciding to get them or, preferably, even longer. 

If you go more than a week without thinking about those shoes, then it’s more than likely that you don’t really want them; you’re just trying to satisfy the impulse.

Overspending is more of a bad habit than anything else and most of the time, all it takes to break it is to exercise a little patience. 

So, the next time you’re on the high street or in a shopping mall and you see something you know your budget won’t allow, take a deep breath and wait twenty-four hours.

Let the itch pass. If it doesn’t abate after more than a week, maybe you can indulge yourself. But be careful! If you’re still unable to afford those shoes, you may need to save up for it. 

Alternatively, you could put it on your birthday wish list. Either way, your bank account will be much fuller and you will be much happier. 

Shop in the Right Frame of Mind

Bad spending habits tend to form when you’re in an emotional state of mind. This can be anything from stress to hunger. 

This is why it is never recommended you go grocery shopping on an empty stomach; your hunger will affect your judgement and you will end up buying more than you need. 

The same goes for stress. While retail therapy may be nice in short bursts, doing it constantly will make paying those monthly bills much more difficult.

This is because spending money on impulse purchases produces dopamine, the chemical in your brain that regulates pleasure and happiness. 

Hence the reason overspending can be such a problem; you know impulse buying is bad, but it makes you feel good, making it much harder to resist! 

It doesn’t help that temptation is easier to come by these days due to the advents of such things as online shopping, credit cards and debit cards. 

Our advice is to always be level-headed when spending. Easier said than done, but your credit score will look much healthier if you avoid shopping with a negative mindset. 

Track Your Spending

Finally, to obtain your financial goals, the most crucial thing to do is to track your spending. 

Whether this means writing things down or using a banking app, you cannot hope to maintain a good bank balance if you have no idea how much is going out. 

There’s almost no excuse for this with all the financial apps out there designed to help prevent your overspending. 

Still, even if you’re not an app person, you can get a balance slip from your bank every month and keep a note of your daily purchases. 

It takes some discipline but we recommend checking your bank balance at least once every week to ensure that you don’t go over budget.

If you feel like you need more control, then do this every day. It may also be a good idea to make friends with someone who will hold you accountable if you ever feel the urge to wander near your favourite shop. 

It’s better than having to dip into your savings account, at least. 

Short Term Loans

Alternatively, there’s always a short term loan to help cover you if your personal finances could do with a boost. 

At Cuttings, we offer short term loans in exchange for the value of an item. It’s a quick, easy solution to your budgeting woes and will help you in a pinch until next payday. 

If you’re in need of a quick, short-term loan, why not check out our page on the cost of a loan today?