One of the biggest differentiating factors between a heavy spender and someone with better spending habits is their ability to pause and think about risk vs rewards in a moment of spending. The next time you are out and feel the urge to spend money on unnecessary things, take a 20 second pause and think to yourself “is this purchase 100% necessary?”. You’ll be surprised with what a 20 second pause can do for your bank account. Another hack to practice impulse control is to wait 3 days. If you still feel a dying urge to buy it, then buy it. You'll find that with waiting 3 days the impulsive feelings and need to purchase will dissolve and you most likely will not have the same desire to buy.
2. Track Your Spending
The best way to stop overspending is to gain the awareness of what you are overspending on. By tracking your spendings you’ll gain clear insight into where your money is flowing. Many people who start to track their spendings are usually shocked at the amount of money that is going to miscellaneous purchases like coffee or dining out. Once you are able to see this, you can adjust your behavior and create a budget plan that will allow you to reach your saving goals.
3. Recognize your Motive
Many times we purchase unnecessary items without recognizing our true motive behind the purchase. It important that when making a purchase you can create this dialogue in your head: “What is my motive here?”. It’s very common we spend money on things for the wrong reasons such as impressing others. Start to notice your motives and make sure they are rooted from the right place.
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