SeaComm Federal Credit Union OFFICIAL BLOG

5 Tips to Help You Stop Overspending

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Overspending is a common problem with many Americans. While it might seem difficult to overcome, we’ve found five simple ways for you to beat this expensive habit. Continue reading to learn how!

 

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Procrastinate. Whenever you feel the urge to purchase something, take some time to think about it. This could be an hour, a day, a week or even longer depending on the price of the potential purchase. This is a chance for you to come to your senses and make the right decision.

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Shop alone. If you shop with children or friends, you might feel distracted, or experience a bit of clouded judgement. This can lead you to make impulse purchases or buy things to pacify noisy children. Shopping on your own will likely give you a calmer, more in-control shopping experience.

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Leave your emotions at home. Feeling angry or upset can lead you to be vulnerable to overspending. If you ever feel emotional or overwhelmed, don’t use shopping as an outlet for your emotions. Be willing to put off shopping for another time.

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Look for sales ahead of time. While buying something on sale is a great step towards saving money, buying something (on sale) that you don’t need is counterproductive. Instead of aimlessly looking for sales, plan your trip to the store by reading through ads. You should decide in advance what you’ll purchase, then get in and out of the store.

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Keep Track. Start by creating a spending plan, and then stick to it. This should include your budget for monthly bills, groceries, necessary purchases, as well as miscellaneous spending money. For more tools to help you determine an adequate budget and spending plan, check out SeaComm’s Info Center – by clicking here! You will find loan and savings calculators, budgeting tools, and even a program that will teach you how to manage your checking account.

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