How to Conquer Spending Habits & Save Money Leave a comment

We’ve all been there. You walk into a store needing just one thing, and somehow emerge with a bag full of…well, everything else but that one thing. Our spending habits can be tricky mostly fuelled by impulse, emotions, and clever marketing tactics. But fear not as this post is your guide to conquering those spending urges and taking control of your finances.

Identify Your Spending Triggers

The first step is self-awareness. Track your expenses for a month. There are budgeting apps, spreadsheets, or even good old-fashioned notebooks! Seeing where your money goes is a wake-up call. Are those daily lattes adding up? Are impulse buys at the checkout draining your savings? 

Taming the Triggers 

Track Your Spending: Awareness is key! Track your expenses for a month using a budgeting app or a simple spreadsheet. Seeing where your money goes can be a real eye-opener. 

Create a Budget: Set realistic spending limits for different categories (groceries, entertainment, etc.). This will help you stay on track and avoid overspending. 

Embrace the “Needs vs. Wants” List: Before making a purchase, ask yourself: “Do I need this, or do I just want it?” Prioritize needs and be mindful of impulse wants. 

Utilize the Power of “No”: Don’t be afraid to say no to yourself or tempting sales pitches. 

Shopping Savvy

Plan Your Shopping Trips: Create a grocery list and stick to it. Avoid impulse purchases by shopping on a full stomach. 

Embrace the Power of Comparison: Compare prices online or at different stores before buying. Don’t assume the first option is the cheapest. 

Befriend Discount Codes & Sales: Look for coupons, promo codes, and utilize sales strategically. However, don’t fall for the “sale trap” and buy things you don’t need. 

Consider Alternatives: Can you borrow instead of buying? Explore pre-owned options or repair existing items instead of replacing them. 

Utilize Cashback Apps: Tools like PayMeBucks can help you earn cashback on everyday purchases, essentially giving you a discount on everything you buy.

Building a Savings Habit

Automate your savings: Set up automatic transfers to a savings account each payday. “Pay yourself first” before bills and spending. 

Set savings goals: Visualize your goals, whether it’s a dream vacation, a down payment on a house, or a new car. Having a clear target will keep you motivated. 

Embrace the small wins: Celebrate every milestone, no matter how small. Each saved rand brings you closer to your goal. 

Changing your spending habits takes time and effort. Don’t be discouraged by setbacks. Be kind to yourself, celebrate your victories, and keep moving forward on your journey to financial freedom!