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Whether or not you can afford it, sometimes spending can get out of hand. Spending issues don’t tend to go away on their own and left unattended can create big problems with debt. If you find that avoiding the urge to spend money is a particularly difficult challenge, try our top five tips to help you avoid spending money.

5 Easy Ways to Avoid Spending Money - Sands & Associates Infographic

5 Tips to Avoid Spending Money

Unsubscribe from retail emails

The periodic emails from your favorite shops promising rewards and great sales can lead to uninvited temptations to spend. Unsubscribe as soon as they hit your inbox!

Ditch your debit card

Leave your debit card at home when you’re headed out so you don’t have a means to purchase. You can also try sticking strictly to cash purchases – you’re much more likely to consider purchases when parting with cash.

Pay bills before going out

If you’re out for a night on the town or a coffee with friends, pay any bills you have and check your bank account balance beforehand to help curb the impulse to splurge. Forgetting about a bill or not realizing where your chequing account is at can mean inadvertently overspending.

Borrow or look for freebies

Before purchasing an item you’ll need infrequently or temporarily, see if you can borrow one from a friend or family member. If you still feel you’ll need your own, check online sites such as Craigslist or FreeCycle first. You can often find exactly what you’re after, and only need to arrange to pick it up!

Don’t charge it

When you are spending money, avoid using credit – while it is money you have access to, it’s not really money you have. Unless you’re able to pay the balance in full, you’ll also be stuck paying the interest. Consider how much more expensive a $200 item could become after a few months of interest has accumulated.

Whether it’s to boost savings, pay off debts, or free-up everyday budget funds, it’s important to reflect on why you’re trying to stop spending. Keeping track of your goals as you move forward will help to keep yourself on-track when you’re tempted to give in to spending!

Is debt the real issue? Sands & Associates has been helping BC residents get a debt-free financial fresh start since 1990. Contact us today to book your free, confidential consultation in one of our local offices.