On a scale of 1-5 (5 being the highest, 1 being the lowest), how well do you know your checking account? Are you aware of every dollar that hits your account or do you swipe your debit card endlessly without checking your balance?
In our fast-paced society, we are constantly being bombarded with too-good-to-be-true deals delivered daily to our inboxes and last minute, attention-grabbing items strategically placed at the checkout lane at our favorite grocery stores.
Treating yourself every now and then isn’t a bad thing, but what happens when it becomes a habit (and a costly one at that)?
If you feel like you’re in a spending frenzy and not sure how to get out, these steps may help:
Step 1: Revisit your budget (or create one).
I’ll be the first to admit that while I have a budget, but it could use some updating. Preparing for major life changes like having a baby, changing careers or retirement require intentionality. If you need a little help getting started, utilize our Home Budget Analyzer to paint a picture of your monthly budget.
Step 2: Just say no to impulse buying.
One easy way to avoid this is to wait until the line is short. Put the side blinders on and look straight ahead. This may be one situation when playing on your phone in public can help. It may seem odd at first, but it works. Your budget will thank you later.
Step 3: Find free things to do.
There are so many ways to enjoy life and create moments without spending a dime. Some of them can be done right at home or in your community. There are some great free options in and around St. Louis for those with or without children.
It may take some time to curb your spending frenzy. But with some deliberate steps, you’ll have more funds to allocate towards things you enjoy and savings for the future.
If you could change one thing (today) about your spending habits, what would it be?