Today’s post is from our regular Wednesday contributor, Cat.
Don’t be fooled; spending can easily turn into an addiction. It seems like it’s harmless since everyone spends money at some point on something, but for some extreme spenders, it can be a compulsion that can be hard to stop.
Many spenders feel a need to spend money as a pick me up, to make themselves feel better. Some people just love shopping, even if they are consistently finding deals.
It’s important to remember that spending excessively in any form, even if it’s at the thrift store, really does add up over time. It’s far better to put your money into investments instead of buying an outfit that doesn’t fit quite right just because it was on sale.
If you are a spender who wants to be frugal, here are some steps to take:
1) Stop Hanging Around at the Mall!
Before I moved to Grenada, my husband and I would always walk around the mall on a Saturday. It was just something to do when we were bored. Looking back, we should have walked around at a park or on a nature trail. Instead, we chose to window shop and sometimes actually shop.
Even if we didn’t buy anything, we still saw things we wanted which made us feel badly about our money situation or tempted us to use our credit cards. It’s no wonder we flew to Grenada with $6,000 of credit card debt, which took me 18 months to pay off.
2) Track Your Spending
It’s a method that has worked for countless people. It’s just tedious and so a lot of people start doing it but then give up. If you write down everything you spend, then you’re so much less likely to swipe your card or get cash out of your wallet. Heavy spenders typically have no idea how much money they spend. They just go from store to store buying up what they want. At the end of the day, they’re typically surprised by their credit card bills.
If you’ve ever seen the Shopaholic movie, this is the perfect example. She constantly thinks someone stole her credit card because she doesn’t even remember using it to buy certain things!
3) Surround Yourself With Like Minded People
Support is everything, whether you’re trying to get out of debt or save money. If you’re constantly spending time with your friends who have Daddy’s plastic, then you’re going to feel like you want to keep up. Instead, seek out the company of others like you who are in your stage of life. The more time you spend with level headed people who are also frugal and don’t overshop, the more you’ll emulate their habits.
I know the above might sound a little harsh, but the truth is breaking any habit isn’t easy whether it’s something like biting your nails or a spending habit. The good news is, though, that if you break your shopping habit and come over to the frugal side, you have a life of financial stability and happiness waiting for you!
Do you have a shopping habit? Or, do you know someone who does? Any tips to help spenders to become frugal?
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Good advice–I think tracking spending is one of the absolute best ways to keep yourself in check. Reviewing every purchase you made in a month provides such a straightforward, detailed picture of what you’re doing with your money, and your time. And, like you said, ban yourself from shopping! That’s what I’ve done with thrift stores for 2014–I’m not allowed to go in :)!
Not a big shopper and neither are the friends I hang with. But, what keeps me in check when I’m feeling spendy is actually my tendency toward minimalism — do I need this? Am I just going to use this once then let it sit unused for two years before I give it away? So many wasted purchases I’ve avoided by asking just those two questions.
Reformed spender here waving hands madly! Great tips as I can say I’ve done all three and they definitely work. If you can’t find like minded people in your circle of friends or family, you’ll find them in the PF world on the ‘net and that works very well indeed!
I think anyone can changes their ways it just takes hard work. One of the best things as you suggest is to remove yourself from the temptation. If you know that you have a weakness for the storefront of J Crew, then don’t go there. Also, remove yourself from store emails you get. Seeing 20% off sales are difficult for some people to resist.
Track your spending! That is the #1 step toward changing your ways.
i actually never had a big shopping habit but even still I try to avoid trigger stores like Target unless I really have to go in there. That place pumps some kind of thing through their vents which causes you to spend money on stuff you never planned on buying. It’s true. :)
Mrs. Frugalwoods It’s so true! I know even thrift stores can get you!
taylorqlee Yes minimalism is awesome! I just gave away so much stuff.
debt debs It’s true. All my best friends are online mostly haha!
blonde_finance Yes e-mail lists are the worst!!
Holly at ClubThrifty I agree. Once it’s in front of you, it’s game on!
Beachbudget Yes go in for one thing at Target, come out with 500 haha.
As an alcoholic should avoid the bar, a spender should avoid the mall. Your first tip I think resonates most with me – why put yourself in that situation where you’re tempted if you already have the propensity to spend? It’s not worth it!
When I was on tour, one of the things “to do” would be to go to the mall when we had an hour or two break from traveling or from our crappy hotel rooms. I didn’t want to go spend money as an activity, so I ran instead.
“Like-minded people…” Spending time with people who don’t share your values is tiring, both for them as well as for yourself, and people’s attitudes to money is a great divider. There’s a lot of pressure to spend when you’re with a dyed-in-the-wool spender.
I would agree with all three of those. Avoiding the stores is my best way not so spend money. It’s easy to get trapped into thinking something is a good deal and before you know it, your shoes don’t fit in the closet anymore.
I think staying away from the mall is really important to curb the desire to spend. Just as important is to avoid online shopping. Sometimes I really feel the urge to spend when I get all sorts of emails from stores I shop at alerting me of sales
Spending can truly be an addiction to some people. We may laugh and wonder (and sometime judge) why they just don’t stop. But any habit is hard to break and when it has become a full-fledged addiction, it’s even harder, but it can be done. These are definitely great tips to help turn you into a mindful spender. To me, knowing what emotions where driving me to spend and to also recognize that mindful spending is not bad helps too. We all always spend money; we just need to be in control. It’s the out-of-control, mindless spending that is dangerous. People beat themselves for past mistakes, which can actually make it worse.
theFinancegirl I agree. I like to go to the mall and watch other people shop now. Grenada cured me lol.
brokeandbeau That’s probably an excellent use of your time!
Myles Money It’s true – just hang out with awesome people like yourself. ;)
Eyesonthedollar I know I was bad about that in a former life!
BudgetforMore I know I try to unsubscribe to as many as possible!
ShannonRyan It’s true. Habits are habits no matter what they are!
For some reason, my ex and his friends always went to the mall when they were bored. Thankfully, I kept my spending in check as I was never interested in shopping, but it can be a dangerous habit! #2 and #3 are very true as well. I don’t think I could hang out with someone who has drastically different financial values and goals.
JourneytoSaving I think people naturally end up spending more and more time with those who have the same financial values and goals. It would be difficult for someone paying down debt and trying to live frugally as possible to hang out with friends who see money as no object.
DC @ Young Adult Money JourneytoSaving I agree DC, it’s very difficult to spend time with people who don’t share your attitudes to money, and there’s pressure on both sides.
I agree with all three tips, especially number 3. I believe it is extremely important to be surrounded by like minded people who understand your struggle and commitment to financial freedom. A true accountability partner will say “Why are you purchasing that item?”, “Do you really need it?”, “Let’s make lunch/dinner at home, instead of buying it”.