3 Tips for Saving Money When You Have No Self Control
If you have a difficult time saving money due to a lack of self control, you aren’t alone. Many people cite a lack of financial self control as the number one reason for their inability budget and/or build their savings account. Having control over yourself and the money you save versus spend might sound easy, but the truth is it can actually be quite difficult, especially for those who do not have strong budgeting skills. Whether you love indulging in self care treatments from the Institute of Natural Health or can’t resist splurging on non-necessities during a trip to Target, here are a few simple tips for regaining self control when it comes to budgeting and managing your finances.
Identify Common Excuses
In order to help gain control over yourself and your spending habits, it is important to become aware of the excuses you tend to tell yourself when overspending. This can include telling yourself that you will cut down costs in another area in order to justify a particular purchase, or reminding yourself that you will get paid again in the future so you can afford to spend now. Common excuses such as these lead to the justification of overspending or indulging in unnecessary purchases, but rarely help you budget and save over time.
Determine Realistic Needs
One of the most common excuses for overspending is the thought that something might be a necessity, and therefore warrants spending money on it. Taking the time to think about what items are and are not necessities before heading to a store or having the opportunity to make a purchase can help you re-evaluate where your money is going and can help you spend it wisely.
Sometimes, physically restricting the way in which you are able to access and use your bank account is the key to monitoring your spending and doing so wisely. Many financial experts recommend taking out a spending allowance or money for specific purchases out in cash, and limiting yourself to only using these funds. A great example of this is taking only a certain amount of money in cash with you to the store or on a vacation, so that you can’t dip into your bank account and spend more than you should.
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