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What are some ways i could save money and not impulse buy?
I've been struggling with impulse buying and my paychecks are mostly going out due to the way I have been spending my money.
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Daniel’s Answer
Great Question Israel!
The very first thing I would do is make yourself a monthly budget. There are many good apps/online tools you can find online. Many online tools can help you categorize certain expenses and they usually have graphics that can help you visualize your progress. You can also do it the old fashioned way on Excel.
After you set up a budget the next best thing you can do is sleep on it and really ask yourself if you need the item. I would encourage you to really think through what you will use the item for and for how long. Also, think about the big items in life you need to save for such as a house, possibly kids, retirement, etc. You are never to young to start saving for these big ticket purchases in life.
The last thing I would do is don't compare yourself to others. One of the most dangerous things is comparing yourself to people and thinking if they can have it so should I. Don't fall for that trap of "keeping up with the joneses" because comparing yourself to people and their things is not a good idea. It will only lead to misery and feeling like you are failure.
Hope some of the above provides insight.
The very first thing I would do is make yourself a monthly budget. There are many good apps/online tools you can find online. Many online tools can help you categorize certain expenses and they usually have graphics that can help you visualize your progress. You can also do it the old fashioned way on Excel.
After you set up a budget the next best thing you can do is sleep on it and really ask yourself if you need the item. I would encourage you to really think through what you will use the item for and for how long. Also, think about the big items in life you need to save for such as a house, possibly kids, retirement, etc. You are never to young to start saving for these big ticket purchases in life.
The last thing I would do is don't compare yourself to others. One of the most dangerous things is comparing yourself to people and thinking if they can have it so should I. Don't fall for that trap of "keeping up with the joneses" because comparing yourself to people and their things is not a good idea. It will only lead to misery and feeling like you are failure.
Hope some of the above provides insight.
Pam Szivos
Manage projects and provide operational support for a customer service area
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Pam’s Answer
The answer is to create a budget and stick to it. I find it helpful also to use a vision board that depicts why I am living within my means to help me avoid spending money on frivolous things. Write down ALL of your monthly expenses, then determine how much you can afford on wants each month. Use cash so you can SEE the money disappearing. It is much easier to overspend when using a card or electronic method of payment.
Natalie Dunn
CareerVillage.org TeamProduct Manager at CareerVillage.org
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Natalie’s Answer, CareerVillage.org Team
Hi Israel,
This is a challenge so many people can relate to! I think tricking yourself into automating your savings can really help. For example: if you can set a reminder on your phone every time you get paid that says put $X into savings (whether it's $5, $10, $100, or $500) that starts to become a habit. Setting a savings goal can be helpful, as once you start to build up some savings, it becomes really exciting and your impulse might be to start saving more. Also, when you have the urge to impulse buy, trying to take one moment to breathe and say to yourself "After I buy this, would I rather have the thing I'm buying, or would I rather have the money" can be really helpful. It helps to take yourself out of the moment of exciting purchase, and remind yourself of your goals.
Good luck, and please continue to reach out here for support!
This is a challenge so many people can relate to! I think tricking yourself into automating your savings can really help. For example: if you can set a reminder on your phone every time you get paid that says put $X into savings (whether it's $5, $10, $100, or $500) that starts to become a habit. Setting a savings goal can be helpful, as once you start to build up some savings, it becomes really exciting and your impulse might be to start saving more. Also, when you have the urge to impulse buy, trying to take one moment to breathe and say to yourself "After I buy this, would I rather have the thing I'm buying, or would I rather have the money" can be really helpful. It helps to take yourself out of the moment of exciting purchase, and remind yourself of your goals.
Good luck, and please continue to reach out here for support!
Updated
Carrie’s Answer
You might find it easier if you place your orders online. For instance, you can order from Walmart for free if you pick up your groceries at their location. Staying out of stores will prevent you from seeing items that you don't need and adding them to your cart.
Updated
Matthew’s Answer
You have some great advice here to help. I agree with all of the above. What works for me in the most simple terms is this;
1. Budget
2. Start setting up weekly/monthly transfer to a savings account (for emergency purposes) even if it is as little as $5 a week/month
3. In your budget include what you will allow yourself for entertainment/going out to eat
4. SELF-CONTROL!!
Make a point to check in with yourself and HOLD YOURSELF ACCOUNTABLE. Look at your monthly bank statements. Look at if you're sticking to your budget, add up all of those little coffee/take out food purchases and add them up. Does how much you're spending on unnecessary things surprise you? That is what personally did it for me. I was truly not aware of how much my little coffee runs were adding up to. I then started brewing my own, made a budget and stuck to it, and now I love seeing my savings grow with every little change I make.
1. Budget
2. Start setting up weekly/monthly transfer to a savings account (for emergency purposes) even if it is as little as $5 a week/month
3. In your budget include what you will allow yourself for entertainment/going out to eat
4. SELF-CONTROL!!
Make a point to check in with yourself and HOLD YOURSELF ACCOUNTABLE. Look at your monthly bank statements. Look at if you're sticking to your budget, add up all of those little coffee/take out food purchases and add them up. Does how much you're spending on unnecessary things surprise you? That is what personally did it for me. I was truly not aware of how much my little coffee runs were adding up to. I then started brewing my own, made a budget and stuck to it, and now I love seeing my savings grow with every little change I make.
Updated
Sérgio’s Answer
1. Budget is a good answer for impulsive buy, leave room in the budget for a personal treat and try to stick to it.
2. When you go shopping, bring a list of things you're supposed to buy and keep your eyes on the list, focus, you're there to buy the topics in your list, forget the rest.
3. You can also try a simple exercise: every time you're buying think to yourself:
- Do I really need this?
- Why am I buying this?
2. When you go shopping, bring a list of things you're supposed to buy and keep your eyes on the list, focus, you're there to buy the topics in your list, forget the rest.
3. You can also try a simple exercise: every time you're buying think to yourself:
- Do I really need this?
- Why am I buying this?