What you need to know to make the most of them
Last but not least, consider a spending vacation. Choose one day every now and then where you do not spend any money. This will help you take back control.
Put all your spending money in cash and tell yourself that once you run out, that’s it. Refill your spending cash with every new pay period.
When it comes to spending vacations, you can play around to see what works for you. It might be one day per week, or it could be one day per month.
Sources: (WikiHow)
See also: How to save money like our grandparents
When it comes to reducing unnecessary spending, some people find it useful to pay for everything in cash. There is something about cash that makes you feel like you’re spending more.
If you don’t think you can handle this on your own, try talking to a financial counselor or budgeting coach. They can help you learn how to set and stick to a budget.
Perhaps easier said than done, but it’s a good idea to make a budget and stick to it. This will give you more control over your money and help control impulsive spending.
This will give you time to work out whether it’s actually something worth buying. Lots of the time you will find that you no longer want to make the purchase after a week.
A good trick is to do something that brings you to your rational mind, such as a math puzzle, right before you make an impulsive purchase.
Another useful trick is to impose a mandatory waiting period on yourself. If you see something you want to buy, wait a week before actually purchasing it.
When you head to the store, stick to the list and do not buy anything that’s not on it. If something catches your eye, make a note and add it to the list for next time (if you still want it).
Similar to asking yourself questions about the purchase, try and switch the process so that you are thinking first and acting second, rather than the other way round.
Perhaps the oldest trick in the book, but an effective one. Writing a list before you go shopping helps you focus the mind and limits the risk of making unnecessary purchases.
Ask yourself questions such as, "Is this something I need?" and "What areas of my life will this purchase contribute to?"
It is also a good idea to ask yourself questions before making a purchase. This will help you assess how the purchase will actually impact your life.
If you’re not so keen on the idea of seeing a therapist, you might consider joining a support group. There are plenty of other people out there who also struggle with spending.
When it comes to techniques you can use in the moment, there are plenty of things you can try. The first trick is to simply stop and take a pause before you buy something.
For some people, buying things is so automatic that they no longer think about it. Taking three seconds to pause can be enough to stop that impulse in its tracks.
A therapist will be able to help you identify, work through, and handle your negative emotions in a healthier way than by binge spending.
Support groups are great places to meet other individuals with similar challenges, to share experiences and help each other process them.
If you're looking for something fun and exciting, you might try surfing or mountain biking, for example. Be careful not to turn to activities such as gambling, however, as this can be very destructive.
If you have tried these methods and are still struggling with binge spending, it might be time to seek professional help. Remember that there is no shame in this.
One way to deal with negative emotions and feel healthier is to practice daily relaxation techniques. Find something you enjoy, perhaps yoga or meditation, and spend 30 minutes per day doing it.
Next time you get the urge to spend compulsively, ask yourself how you're feeling. If you're feeling disappointed, for example, try and confront that before you go out shopping.
It will come as little surprise to hear that binge spending is not considered a healthy way to deal with your emotions. Instead, you should channel them into something more fruitful.
Many people who binge spend do it in response to some sort of negative emotion, or because they lack self-awareness regarding their emotions.
For some people, binge spending stems from a need to feel excitement. If that’s you, spend some time finding a hobby that gives you the same adrenaline rush.
Take some time to examine your behavior patterns, and look for signs of low self-esteem, anxiety, depression, recklessness, impulsiveness, obsessive or compulsive disorders, or perfectionism.
Binge spending is a type of compulsive behavior that bears a lot of similarities to other addictive behaviors. In order to get a hold on it, you should first understand the underlying cause.
This will not only help you control your spending, but it will also help you declutter and raise your awareness of exactly what you have in your home.
Limiting the amount of stuff you have can be a great way to reduce spending. Every time you want to buy something new, get rid of something old in its place.
For some people, knowing when and where to spend their money is simple. They find budgeting easy, and they don't spend money unnecessarily. For lots of other people, however, money management is more difficult, and some individuals even struggle with a binge spending habit.
Fortunately for those people, there are steps they can take to help keep things under control. Check out this gallery for some tips on how to handle binge spending.
How to handle binge spending
Some tips to control impulsive buying
LIFESTYLE Money
For some people, knowing when and where to spend their money is simple. They find budgeting easy, and they don't spend money unnecessarily. For lots of other people, however, money management is more difficult, and some individuals even struggle with a binge spending habit.
Fortunately for those people, there are steps they can take to help keep things under control. Check out this gallery for some tips on how to handle binge spending.