How to Deal With the Overspending Habit
Overspending, or under-earning, is a big challenge for many of us. Our eyes get a little big for our wallets, and we give in to impulse. Overspending is like overeating. It’s the result of short-term thinking without giving the consequences full consideration. Spending money can also be like a drug. It’s a quick way to feel better.
Eliminate your overspending habit:
1. Spend according to your budget. Of course, you already have a budget? Right? Make a budget and limit the amount you can spend. Ensure that you’re also saving consistently. If you have the urge to purchase something, whip out your budget and make a responsible decision.
2. Short-term pleasure leads to long-term pain. It’s practically a universal law. If it’s pleasurable in the short-term, you’re going to suffer in the long-term. The opposite is also true. A daily trip to the gym isn’t much fun in the moment, but the rewards are great. A $300 rhinestone unicorn might be satisfying today, but what about three months from now?
3. Give yourself space before making a decision. Like other habits, overspending lacks thought. It’s automatic. You’ve learned to receive pleasure by giving in to the impulse to spend. Stop for a moment and disengage your mind from the path that it’s on. Spend 30 minutes doing something else and see if you still want to buy it.
· Some experts recommend causing yourself a little bit of pain when you’re about to overspend. Snap yourself on the wrist with a rubber-band or give yourself a pinch. It will change your state and bring you out of your buying trance. You’ll also learn to associate pain with unnecessary buying.
4. Consider what your overspending is costing you.