For our first article in the learning center we’re going to talk about creating what they call spending stoppers. He want to build some automatic spending stoppers so that you don’t let your personal finance get out of control and to make sure everybody is on the same page. Unless you live completely along which is not the norm you have to learn to communicate regarding financial matters. So here goes.
After you sit down for an hour each week to total your expenses, think about what you will have to pay for in the coming week. Besides in advance exactly how you will use your money this week, go to the bank, withdraw the money, and then take your ATM card of your wallet. Also, take all credit cards out of your wallet except one card that has to be payed on a monthly basis or one that you have vowed to pay off every month. (When I first did this, my wallet shrank and I could actually snap shut for the first time ever.)
You may already have credit cards with balances on them; put them away and try to use the one that has a zero balance of possible. If they all have balances, think the one with the lowest outstanding balance and make a commitment to yourself that you will pay all new Chargers every month. Use jacks instead of cash when possible so you can track how your money has been spent. If you are reluctant pay by check or credit card because cashiers ask for personal information, remember that what paying by check you do not have to write a credit card number on the check. Nor do you have to write your address or telephone number on any credit card receipt. In fact, some state specifically prohibit the merchant from asking you to do these things because does on a sales clerks might use your personal information to make unauthorized charges on your credit card or cash counterfeit checks on your account.
The best thing to do with your credit cards is to put them in a place where they are hard to get. One of my favorite stories, which I use quite a lot these days, comes from a young woman in San Antonio, Texas, who sent in her financial story (and sometimes nightmare). Sophie had run up about $1500 in credit card debt, and your parents suggested she got up all her cards. But she decided that rather than get rid of them altogether, she needed to teachers self-restraint.
This enterprising young woman put your credit cards and they leak-proof plastic bag and then froze the bag and a container of water. As you explained, if she ever once the user credit cards, she will have to wait several hours; she cannot put them in the microwave to speed up the fine process without ruining the magnetic strips and melting the cards. The last time I spoke with her, she was pleased to report that she is not had to use them once.
Another good spending stopper when shopping is to decide how much you want to spend and what you are planning to spend it on. Take only cash; leave your credit cards at home. If you find the by of a lifetime, you can always have it put on hold, then drive home and pickup your credit card or check. But by this time, the urge to buy may pass.
Clients have told me this is especially effective when shopping with children or teenagers; sometimes their offspring will forgo those new toys if they have to return home and then come back to the mall with their parent. The new jacket your child absolutely must have becomes too much of a pain if it means another trip to the mall with Mom or Dad.
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