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Overspending Series Part #8 – Reward Yourself For Your Fiscal Responsibility

Wofadmin — Sun, 24 Sep 2006 14:43:16 +0000

When you reach milestones on your savings journey, such as not overspending for a week or month, you should give yourself a reward. Have lunch with a friend, spouse, or partner and celebrate your success. Treat yourself to a movie or concert. Or, you might even go for a slow and deliberate shopping trip with a friend. We believe that slow, deliberate spending can be a healing and strengthening experience. You now know whether you are a spender or overspender. If you are the latter, know some tips, tricks, and techniques to get your spending under control.

These Budgeting and Spending control tips are from The Guru Guide To Money Management by Joseph H. Boyett and Jimmie T. Boyett. More on their work here. Read this interesting article on how psychotherapy can help with overspending.

Overspending Series Part #7 – Keep A Journal To Record Your Progress

Wofadmin — Sun, 24 Sep 2006 02:39:44 +0000

You’re on the road to becoming a saver rather than a spender, but that doesn’t mean that you can expect to get to your destination right away. The journey from overspender to tight-wad can be a long one. As time passes, you need a record to remind you of just how much you have accomplished. Keep one. Keep track of all those times you hestitated spending and started saving. Use a calender or daytimer if you like.

Overspending Series Part #6 – Finding A Better Way To Meet Your Needs

Wofadmin — Sat, 23 Sep 2006 21:33:18 +0000

If you are overspending to enhance your self-esteem and make yourself feel better, then you need to find alternative ways to meet these needs. For example, instead of going shopping, take a course to learn something new and useful, like car maintenance, cabinetmaking, or something just for fun. Join a club with people who share your special interest in jazz, civil War history, or bike riding. You could also volunteer by becoming a Big Brother or Big Sister or helping Habitat for Humanity build a house.

Avoid your exposure to slippery places: Slippery places are those places and events that trigger your shopping urges. If malls are your downfall, try not to go to them. If you must go, make your trip short. Make a list of what you need and of the stores you need to visit; stick to your list, and find the shortest route into and out of the stores.

Overspending Series Part #5 – Practice The Nonhabitual

Wofadmin — Sat, 23 Sep 2006 14:18:35 +0000

Ultimately, if you are going to break the overspending habit, you have to replace it with some alternative and non-overspending habits, and there is nothing like practice to get a create habit. These might include the following; put money in your wallet and don’t spend it for a month. Leave your credit cards at home for one week. Wait 24 hours before buying anything over $10. In comparison, shop three locations before buying anything over $10.

Overspending Series Part #4 – Stop, Look, and Listen

Wofadmin — Sat, 23 Sep 2006 06:59:30 +0000

The idea is that when you get the urge to spend you the following: Stop your immediate impulse (head to your favorite chair rather than the mall) look at what the impulse is telling you to do (Spend, buy something, do it now.), and Listen to a different tape you play in your head (“I’ll have just as good a time at the party no matter what I wear”).

Just stopping long enough to think about your urge to use your credit cards yet again, will likely be enough time for you to cool down. It only takes a few minutes, and you will be on your way to saving yourself more money.

Overspending Series Part #3 – Overspending Buddy

Wofadmin — Sat, 23 Sep 2006 03:43:56 +0000

Have a buddy who has agreed to help you handle your compulsion to spend. Your buddy could be a friend, relative, or your spousal partner. It could even be someone who is an overspender, too. When you find yourself getting the urge to jump in the car and head for the mall, call this person instead. Let your buddy help you get through your temptations.

Like any kind of compulsion, with overspending you likely won’t succeed in curbing your daily spending without the help of an overspending buddy.

Overspending Series Part #2 – The Triggers

Wofadmin — Fri, 22 Sep 2006 22:39:56 +0000

The idea here is that whenever you feel the urge to shop, simply “jam the binge trigger” by doing something you really enjoy. Working with your spouse, partner, or friend, brainstorm some things you really like to do. For example, perhaps you really enjoy talking to a special friend, or maybe you like to read or take long walks or trips to a museum. When you find yourself getting the urge to spend, do something you enjoy instead.

Take your mind off the item you want and break the blood lust to buy. It’s like any addiction, this overpsending addiction. Leave your credit cards at home, and don’t give yourself the chance to crank up your plastic debt.