This post may contain affiliate links. Read disclaimer.
Well, all of us know the power of money where the current world runs truly on Money. Whether you like to travel or want to eat something, money is a thing you will surely need at any cost.
However, some people spend money carelessly and end up broke along with nothing. Therefore, right in this article, you will know the best & proven tips to stop spending money.
Hence, without spending even a single second, let’s go ahead and unwrap some good tips on “how to stop spending money”.
A Take on Money
As I explained above, Money is a thing that is running the whole show in the current world. Every world economy wants to make as much of money so that they can make their name in the entire world.
On the other hand, businesses want to make immense profits whereas job doers want money to pay for their basic bills.
Therefore, it’s not wrong to say that money has become the second air on earth.
Is it only a little Debt?
Well, for most of the people, putting little debt on the cards may seem to be a cool idea. Though you can pay for those little but, if the stuff goes on and on, your mental state could seriously be affected.
Other than that, each of the debt must be well-planned and you must avoid overspending in each of the cases.
In any scenario, I have seen people spending tons of money on useless stuff and ended up in complete debt.
On the other hand, credit cards are a good tool for people who like to spend on an average basis.
However, if the things of spending start increasing, then you will have to be ultra-careful in spending money on different kinds of stuff.
On the other hand, whenever there is no money left, you cannot borrow more money.
Also when it comes to the creditors to ask for their money, you don’t have any amount to pay back.
Further, you may also feel that such sort of an issue is over-dramatizing but the scenario is far different from it.
Such sort of things poses serious mental health whereas you will have to spend your money wisely.
Wondering about the danger term? Well, it’s known as the ‘debt spiral.
Are you spending money more than you earn?
First and foremost, there is no need to spending money just for the sake to buy unessential stuff. For example, if you love drinking cappuccino, you can drink the same by going to a café.
In this scenario, there is no need to buy a brand new coffee making machine for your home.
With such understanding decisions, you can eventually cut down on almost all of the major costs, without an issue.
- How To Save Money? | Best 18 Money Saving Tips
- Stop Spending Money on Clothes.
- 4 Ways to Pay Off Debt That Works Successfully
- How to Reduce Expenses
Two Ways you can check whether you are in Debt or Not
Currently, there are two different types of ways you can follow for checking whether you are in-debt or not.
The Big Signal
If you are paying for your debts, you will have to analyze from what sources the debts are coming from.
For example, if you have just purchased a car, you can simply look for other sorts of things like this one.
Plus, debt is pretty fine as long as it’s under control. If you are paying the debt in a controlled environment, things will be pretty better.
But, if you are giving everything in debt and left with nothing, this is the time you got to take things seriously.
Decide on a budget to decide whether you are destroying cash
On a simpler note, if you are spending more than you are earning, you will have to check on your expenses. In this scenario, you can make use of different apps that offer budget tracking for each of your expenses.
Yes, we live in a digital-oriented world where you can make use of different budget planning apps.
With the help of such apps, you can know how much you are spending money on different items.
Also, some people keep spending money but don’t know that they are spending over the budget. In most scenarios, such sort of things hampers the overall budget that is not a good thing.
Further, some people get shocked right at the end of the month looking at their expenses. To fight with this situation you need to learn how to create a budget.
In such a scenario, you can simply sit down and track on your expenses. This can be done with the help of a planner which can make your work a lot easier.
Of course, if you are not spending much then you earn, still, you can save up some pretty good amount of money.
How you can stick within your means?
If you want to live your life with the least problems, you must start lowering down your expenses. Yes, even if you are in your prime time, you must save your money as much as possible
On the other hand, another good thing you can do is to invest your money into money-making assets. This can include investing in real estate, stocks, or tons of other things.
Basically, you must run away from liability as much as possible. This includes buying a car or other stuff that will not make you money in the long run.
Plus, while investing in money-making assets, you must always plan before investing in assets. This includes diversifying your income as much as you can. In this type of scenario, it’s always best to invest in real estate markets.
The real estate markets give a better return when we compare it with other investing assets.
On the other hand, you will have to start making money from money that is an important thing.
Be precise when assessing your finances
Suppose you are in your prime time and making some good amount of money, in these times you got to access your finances economically.
And I don’t mean to spend money sparingly but all you can do is to spend your money in a budget-oriented manner.
Here, if any of your festivals is coming, you can spend a little more than your budget. Festivals are a time when you can spend more whereas you are spreading joy around your family.
However, if there is no special occasion and still you are spending more money, you will have to stop at that very end.
To be precise, I mean that your budget must be error-proof where you can cut down on the stuff you don’t need anymore.
For example, as I mentioned above, you can make use of the free budget planner to plan on your expenses.
Now, the moment you know that you have got almost all of your expenses right, then you can plan accordingly.
Work out on each of your priorities
Well, setting priorities makes calculating the finances much easier. In this scenario, you will have to first keep the money for your necessary bills, mortgage, clothing, food, and tons of such type of things.
Top Tips to Stop Spending Money
Anything that you will spend more will eventually result in financial losses. Also, different sorts of scenarios will need different approaches that you will have to take into consideration.
Even before buying any sort of stuff, you will have a rethink before opting for anything. If the thing is an essential one, then you can go ahead and buy the stuff.
On the other hand, if you are opting for non-essential stuff, then will have to be extra careful with different sort of things.
Further, one of the major challenges that come is to access whether you need those things or not. Sometimes, we tend to buy things that are not essential. In this scenario, you evaluate your finances and then you will be fine as and when you will learn to analyze your finances.
1. Sleep on it
First and foremost, if you are tempting to buy stuff, you can sleep over the same. Yes, quite keenly, you can sleep on that night, and the next day, you will see that the urge to want that thing will be pretty less.
Therefore, from your end, you can practice such things, and eventually, you will come to a point where you will not need those things in any case.
2. Work out on maths
The moment you get an impulse to buy something, you can simply work down on your expenses. Here, you can also calculate how much time it would take for you to buy that stuff.
If you are that sort of a person who has got a good income, then you can easily buy that stuff and pay for that later.
However, if you are struggling with your expenses and then you have the urge to buy something, then you will have to stop your urge, as soon as possible.
3. Keep Focus on Savings
Yes, savings are one of the most essential things for any person where you can save your money and spend on assets. This is one of the few useful qualities every businessman has to the core.
Therefore, if you are new to the world of finances, you can simply start off by saving your money. With immense saving skills, you can generate a good income from investing into assets later.
4. Check if you are spending money on useless stuff
Indeed, in the current world scenario where there are tons of useful stuff, people are spending money without thinking much. In this case, you can check on your bank statements and keep track of each of them.
On top of that, you can take things up a notch higher and see whether you need those stuff or not. If the answer is YES, you can proceed ahead.
But, if the answer is coming out to be NO, then you will have to control your urge as much as you can.
Firstly, you can check on the regular payments that are going from your bank account. In this scenario, you can segregate the payments based upon useful and useless stuff.
With this, you can clearly identify the different finances and check whether your money is going to be useful or not useful stuff.
5. Minimize Spending on Food & Plan
Yes, in a world where the fast-food chain is on a growing scale, you will have to cut down your expenses on such things. Whenever you go out to eat, you must always calculate your amount after the same. This will help you in keeping track of the expenses and lower them down in the nearby future.
However, if you need the essentials, you must always go ahead and buy those sort of stuff, as soon as possible. With this, you can buy the essential stuff and leave the non-essentials on the desk for the future.
6. Leave Credit/Debit Cards at Home
When going out, you must always make sure to take cash with you. In this scenario, you might have to leave your debit and credit cards. Therefore, while going out to buy essentials, all your focus must be on the same.
Or else, if you are going out to buy an expensive item, you can simply take cash from the ATM and then go ahead to buy those stuff.
Also, if you are someone who spends a lot, I would recommend you to keep your debit and credit at home while shopping.
7. Reduce the temptation
If you are not going to the shops where you can find items tempting you will indirectly not purchase those items. Yes, this is one of the best ways to stop spending money where your visual senses are not used.
As per science, our eyes sense the things, sends a signal to the brain, and with this, the urge comes to buy that particular item.
Even in your leisure time, you can avoid going shopping where you can try and do other productive stuff. Read books, learn some online courses, and do the things you ever wanted to do in your free time.
8. For every new thing, sell old ones
Yes, the above saying is on to the point where you must always sell the old things to buy the new ones. In this scenario, suppose you are planning to buy a new TV set. Here, you must simply sell your old television set in order to buy the new one.
Among the things to sell, these will be the things that you no longer use in any case. Therefore, you can sell those things, buy new ones, and live your life to the fullest.
9. Make a list
Indeed, if you are thinking to stop spending money, making a list is one of the most essential things. Whenever you are going out for shopping, making a list is one better thing.
On that list, you can list down the items you will need. Thereafter, you can simply tick the items you purchase. With such type of practice, you will not be compelled to buy the items you don’t need.
Quite possibly, this will save tons of your time where you can save your hard earned money for other useful items and stuff.
10. Go for Online Grocery Shopping
Other than the offline grocery shopping where you don’t have a pre-defined budget, online shopping can do the trick for you. In online grocery shopping, you can look at the pricing of each stuff in a clear format.
With this, you can easily decide on your type of budget in the online grocery shopping. Well, here, you will not spend more whereas your money will be spent most efficiently.
- Paribus Review: Do Paribus Really Get You Refunds On Shopping?
- Ebates Review: Is It A Legit Way To Earn Cash Back & Referral Money?
11. Keep a listing of debts in your wallet
Yes, if you are one of those individuals who is planning to save your hard-earned money, you got to perform a list in your wallet. Yes, with the help of lost, you will be reminded that you don’t need to spend much.
On the other hand, all your focus will be to buy the essentials for your home. Hence, you will learn to not spend much money that will help you much more in the long run.
12. Think of Credit Card as your debit card
Indeed, there are tone of people who spend more with a credit card and then end up with tons of debt. One thing you must note is that until you pay off the complete money, you are spending the bank money and not your own.
Therefore, in any case, if you are willing to buy some stuff, you must always think of your credit card as a debit card. With this, you will learn to spend pretty less and be in your utmost limits.
13. Challenge yourself
While spending your hard earned money, you must challenge yourself in every aspect. Here, all you can do is to set your budget and try not to spend even a single penny beyond your budget.
If you can do the same, you can effortlessly form a habit, challenge yourself and live beyond your means.
14. Start off with a new hobby
Anytime whenever you feel the urge to buy something, you can simply indulge yourself in a new hobby. Now, the hobby can be anything ranging from reading to dancing and many more.
Indeed, hobbies make us forget everything wherewith this, you can gradually learn to spend less and saving more.
15. Take lunch from your home
Yes, nothing is better than home-cooked food where you can save tons of your hard-earned money. On top of that, home-cooked food has always been healthier that is much cheaper than costly canteen foods.
Plus, this trick also helps to keep you away from those pubs that can snatch hefty money from your pockets.
16. Start the No Spending Money challenge
Well, if you are pretty serious about limiting your spending, you must always learn to perform the no spending money challenge.
In this scenario, you can choose a day in a particular month on which you must not spend a penny on useless stuff. With this, you can gain confidence slowly whereas you can then develop a plan to minimize your income as much as possible.
17. Have a debt diary with you
Tracking off your debt is one of the better things you will have to do if you want to stop spending money.
Well, in this modern date world, instead of using the traditional diary, you can opt for a digital diary instead. With this, you can effortlessly keep a record of your debt and track each of it, accordingly.
On top of that, each month, you can set a time when you can analyze your debt. If the equation is going upward, you can opt for ways to minimize your debt.
With this simple tracking practice, you can save tons of your hard-earned money. Thereafter, you can simply invest that money in your money buying assets and make more money thereafter.
Final Word of Mouth: How to Stop Spending Money
We have come right at the ending phase of the article where I hope you must have got the best and proven tips to stop spending money.
Well, each of the above tips are proven ones where if you can understand those in-depth, majority of your life issues will be resolved.
Further, in order to stop spending money, you got to think in the most effective way. Indeed money is important for survival where you must learn how to control your expenses. In this type of scenario, maintaining a diary is one of the best things you can ever do. With the help of a diary, you can track your expenses in the most amazing way.
Plus, there are lots of free budget planning apps you can opt for from the online app store. Thereafter, you can go ahead and plan your budget on the most effective scale.
Gradually, as and when you will understand the importance of money, you will stop spending it on useless stuff.
Additionally, you can invest that money in assets, grow the same, and increase your finances to exponential heights.
Founder of twomillionways.com
MBA – London
I am here to share my ideas and experience on how to make real money.