A Little Self-Discipline Goes a Long Way To Curb Spending

by Hank

Sometimes it is easy to get caught up in the moment and spend too much money when you are shopping. Those darn marketers seem to put the best stuff right there by the checkout counter. But, like eating too much, you will eventually have to pay the consequences for your actions for your overspending as well. By using a little restraint, you can avoid overspending and realize the importance of saving and investing your hard earned cash instead.

Impulse Buying: The Bane of Spenders

curb impulse buyingProbably impulse buying gets people into more trouble with their finances than any other type of behavior. Impulse buying translates into purchasing items you actually could live without. Of course, you may not think that you can live without those cool things at the time you purchase them, but in most instances people usually come to regret most spur of the moment buying decisions. The problem is further compounded when a consumer uses a credit card to pay for their unnecessary item. That $2,000 television set can quickly become $4,000 and obsolete by the time you pay off your credit card and the added interest.

Patience Is A Virtue With Spending

The item you may buy on sale may not turn out to be such a good deal after all if you take years to pay for it by using a credit card. When it comes to making any kind of purchase, it is often best to do some research first and comparison shop. Stop yourself before you make a buying decision and ask if you really need that item. Or, better yet, if possible, don’t make a decision for a couple days. Sleep on it. This is the one time when procrastination pays off. The item you wanted may be all but forgotten and not needed by the time you get around to thinking about it again.

May More Than The Minimum Payment

If you use your credit card to make little purchases, the interest can accrue to the point that you eventually pay more in interest than what you were charged for your initial purchases. It is always wise to try and pay off your credit cards each month. Do not pay the minimum monthly payments if you possibly can. Paying the minimum amount on a credit card with an exorbitantly high interest rate can only get you into deep financial trouble.

Use Self Control To Avoid Any Future Debt

Start by making an attempt to pay off any high interest credit card balances first. You can curb your spending by trying to use only your debit card or cash for any future purchases. My wife and I love using our American Express card because it is a charge card and we have to pay off the balance owed every month.

A little self-discipline can go a long way in managing your finances. Think about the consequences of what you buy and how you pay for those items then before that next shopping spree. Restraint can be one of the best financial decisions you make.

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