How to Avoid Spending Too Much

Here are some things I’ve learned over the years that helped me get out of debt, avoid spending too much when I did shop, and not be sucked in by the lures of advertising. The examples below are taken from today’s emails.

• Put your credit cards in a container, fill it with water, and put it in the freezer. Let it freeze solid. Then, before you can spend, you’ll have to let them thaw naturally (or ruin the strip/chip). Time is always a good thing when you are thinking before you spend. Or, put a freeze on your card. That will force you to take longer before you spend money.
• Don’t have joint accounts. Be responsible for your own money and no one else’s debts. If you have a joint account, you are responsible for all bills charged to that account, whether you used it or not.
• Use one credit card for shopping and pay it off in full immediately after you use it. I mean, the same day, not when the bill comes! That gives you the protection that a credit card has over a debit card, and makes your expenditures feel more like cash.
• Delete emails that offer sales before you even read them. Any email whose subject line says “sale” or “xx%off” or “markdowns” or “save” or “deal” or “exclusive offer” or “special offer” or “bonus” or anything else that invites you to spend should be deleted immediately.
• Don’t let sellers convince you that you have to shop now. “Don’t wait” or “ends tonight” or “urgent” or “last chance” are all designed to make you think that you have to spend your money now. You don’t.
• When you shop online, put things in your basket and leave them for a day or two. Some retailers will remind you that you left an item in your basket and offer you a discount for purchasing.
• Covic-19 is a good excuse not to shop in person. If you do shop in person, go alone or go with your friend who doesn’t like to spend money.
• Most people don’t need any more things. If you want to give a gift, give an experience: a massage, a food basket, a gift card for a take-out or delivered meal, a grocery gift card, a streaming service for a few months, movie tickets if theaters are open in your area, bubble bath bombs or body wash, or something that can be used up. If you just have to give things, give something that takes up minimal space and contributes to the hygge-thing we’ve got going on. Or just give a gift card.
• Use online shopping apps like Honey.com, amazon assistant, ShopSavvy, Shop Brain, etc. to find the best prices.
• Check your credit score before you shop. Is it improving? Does it need work? How much debt you carry when compared to your available credit is important in having a great credit score, as is paying your bills on time.
• Put a free freeze on your credit at the big 3. That will prevent anyone from stealing your information and opening accounts in your name. Equifax, Experian, and TransUnion.