4 Ways To Manage Bad Spending Habit
Addiction varies for individuals, however, the most important thing to know is that it is often difficult to break from the webs of addiction. Addiction could be sexual, physical and so on. One of the most rampant addiction is financial addiction which often leads to bad spending habits. Just like other forms of addiction, bad spending habit can also be curbed.
Below are some ways to overcome bad spending habits:
What triggers your habit
Often, bad spending habit is triggered by some events, sometimes, excess happiness, sadness and sometimes depression. When you can pinpoint what triggers your bad spending habit. If you can identify the triggers, you can eliminate them and if there are some you may not fix yourself, you can always seek help from people who can help you. It could be family members or a psychologist who will help you through this phase.
You can replace the bad habit with something else that is productive and not as draining as the bad spending habit. Mel Robbins, in her famous Ted Talk that introduced the world to her 5-Second Rule, said that she built the habit of counting down from five to zero to break the habit of lying in bed hitting snooze over and over each morning.
You can start a saving habit such that you save when the urge comes to go out shopping or you can listen to money-saving podcasts.
Every time you conquer the urge to buy anything, celebrate yourself. It could be taking yourself out once a month or having time with friends. Something that will make that milestone worth it. However, ensure that reward does not project to another bad habit.
Track your spending
It will do you a lot of good if you can track how you spend your money. According to Kantrowitz, “get a receipt for every purchase, and if a receipt is not available, such as purchases from vending machines, write down the amount, date and description in a small notebook. Each night, transcribe the expenses into a spreadsheet or a free program like Mint.com,”. Separate your purchases into needs and wants and ensure subsequently, you take out the wants and stick to your needs.
When you follow these steps, it helps to manage your expenses. If there are other steps, you can drop in the comment session.