By Mrs. B Finesse, M.S.
It seems so innocuous at first – you buy a nice pair of shoes here, a cute top there. But soon enough the small purchases snowball and suddenly you’re freaking out at your online banking because somehow you’ve spent way beyond your means yet again.
I know – because we have all over indulged. But does it get to the level of being chronic? The chronic overspending can become out-of-control. You start to feel so guilty examining the bank statements peppered with frivolous purchases. And yet when the next paycheck hits, you couldn’t help yourself from doing it all over again. It was a demoralizing cycle of spend, regret, repeat.
You do not want the turning point to happen when you find yourself buried in mounds of unnecessary gifts for yourself and others, staring at my plummeting bank account balance riddled with overdraft fees. Now you know something has to fundamentally shift or you will never get a grip on your finances.
Do you finally want to take control of the overspending problem? Here are some suggestions to help change these bad habits and tips that can work:
- Look back to look forward. Get crystal clear on where all money is going by studying 3 months of detailed bank/credit card statements. This shows spending patterns to target.
- Budget with purpose. Make an intentional, reasonable budget allocating money towards needs, some wants, and big savings goals like vacations or a house down payment fund. Tracking spending to budget will keep you focused.
- No impulse purchases. Focus on training yourself to wait several days before buying anything over $50. Ask yourself – will this improve my life or make me happier? Nine times out of ten the answer was no.
Committing to these tips and making them habits can be empowering – no longer will you feel like a helpless victim to your whims. By sticking to a budget and questioning impulse purchases, you could save AND responsibly enjoy your money.
Embrace the Millennial Finesse Mindset by being grateful, a proactive planner, taking control of your finances, and watching your savings grow steadily towards a brighter future with more money. Focus on Faithfully Innovating, Inspiring others, being Naturally Effective, and Seek Success Everyday!
I know transforming overspending feels daunting. But have hope! With strategic effort you can get to a place of financial control and I can only tell you what I know! Why not give my 3 tips a shot?