We can all agree that the cost of goods has dramatically increased and that they are taking more of our income regardless of how much money we have.
When inflation increases and the supply chain falters, we pay more for essentials, including food, gas, etc.
Summary: Wealth Inside and Out Podcast – “How to Stop Spending So Much Money”
In this episode, you will learn:
- How to stop spending money
- Tips for saving money
- How to avoid impulse buys and spending triggers
- Ways to improve spending habits to achieve your financial goals.
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How to Stop Spending So Much Money
1. Spending Habits
The first step is to understand your spending habits. Where do you overspend, and more importantly, why do you overspend?
Once you can start recognizing patterns in your spending behavior, it will give you a lot of clues. Sometimes, things are missing in our lives.
Maybe you want a relationship or are stressed out because you don’t weigh your ideal weight. Then you feel down, depressed, upset, or like you’ll never find the right person or weigh your ideal weight. And what do you do? If you are like many people, you suppress the emotion and instead spend, drink, overeat (or all three).
In today’s podcast, you will learn eleven different spending habits to help you stay on budget and achieve your financial goals.
2. Create a Solid Financial Foundation
The next step is to create a solid foundation. First, you should set financial goals, including short-term and long-term objectives.
When you have a plan and are clear on your desired destination, staying on course and achieving your goals is easier. You’re focused on what you want and how you’ll feel when you get there rather than how you feel right now.
Another insight to stop overspending is creating a plan to save money. I began saving $25 a month when I had no extra money, and that simple habit has made all the difference in my life.
And because I had the discipline to save that little amount of money when I had none, it gave me the foundation to save money and accumulate the wealth I desired.
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3. Eliminate Unnecessary Expenses
The key to learning how to stop spending so much money is to create a budget or a spending plan you can stick with. If it seems overwhelming or you start feeling anxious, commit to 30 days.
One of the first steps is to master your personal finances. This requires you to know your monthly income and expenses. Specifically, “need expenses.” Examples include:
- Savings for your emergency fund
- Retirement funding
- Rent or mortgage payments
- Utilities
- Insurance
- And, credit card or debt payments, if you have any
Next, you want to deposit all income into a savings account. Then, once or twice a month, you’ll transfer your “need-based expenses” to your checking account. At the end of the month, you’ll determine how much you have left.
Then, you can determine how much money you have to spend on “want expenses” and how much money you’ll save. Now, if you have trouble determining how much you need to save to ensure you’re going to secure your retirement, I recommend you hire a financial planner or qualified money coach. It will be money that’s well spent.
4. Reduce Your Food Bill
Reducing your grocery bill is one of the easiest ways to stop overspending and better manage your food bill.
The podcast will give you four additional insights and tips on reducing your food bill.
5. Get on The Same Page as Your Partner
A critical insight is to get on the same page as your partner. If you have challenges in the financial area with your partner, I encourage you to create agreements about money with them, ideally before you get married. The agreement may include how much money you can spend on “want expenses” and how much you commit to saving or investing each month.
How expensive is a purchase that you agree to consult with your partner before making?
Today’s podcast provides additional insight to help you and your partner get on the same page.
6. How to Stop Spending So Much Money with the 3-Day Rule
On the podcast, you will learn tips to get into the driver’s seat of your spending plan and life.
If you notice you impulse buy from your social media feed or when you’re online, commit to applying the three-day rule and removing your credit card from your iPhone or computer. That will help immensely.
You can also increase your income, which is equally important.
Additional tips:
- Create a budget and stick to it
- Always use a shopping list when you go to the grocery store
- While making impulsive purchases feels good short term, it can wreak havoc on your financial future
- Tracking your spending is a great first step
- Using a debit card or cash can help if you have spending problems
Recap – “How to Stop Spending so Much Money”
1. Understand your spending habits and determine what triggers you.
2. Create a solid financial foundation.
3. Eliminate unnecessary expenses.
4. Reduce your grocery bill and create a meal plan.
5. Get on the same page financially with your partner.
6. Apply the “How to Stop Spending So Much Money with the 3-Day Rule.”
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This assessment will help you stop worrying about money to secure your financial future.
Thank you so much for joining me for
“How to Stop Spending So Much Money”.
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