We’ve all been in this situation: you finally get your paycheck then you impulsively go on a shopping spree. It’s fine. You may have spent too much on unnecessary purchases, but it did make you feel good, right? After a few days, that one day of impulse shopping eventually haunts you. You’re left with this guilt and regret of Overspending a little too much on things you don’t need while living paycheck to paycheck to cover for your fixed expenses.
These are the times where the damages of your spontaneity urge you to make disciplinary actions towards yourself. Yes, the money already went down the drain but fret not because there are ways you can make up for and assist your finances back to great health.
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First and foremost, don’t be tempted by any of the red signs calling for your attention at stores. Better yet, avoid the malls as much as you can so you can easily dodge temptations. Impulse shopping is more prevalent during the pre and post-holiday seasons. Pre-holiday sales, it’s okay to go for a quick shopping to gift for your family, friends, and to yourself. However, post-holiday sales (or any seasonal sales for that matter) can easily bait customers with little to no effort.
Resist temptations and only reward yourself when you’ve accomplished something worthy of a treat. Stop spending your money on things you don’t need. Stop splurging when you know you can’t afford to.
Leave your credit card at home
Often times, people use their credit cards irresponsibly; they treat it as a card worth of unlimited cash they can just swipe to pay off their purchases. Keep in mind: credit cards should be used responsibly otherwise, your credit history and crippling debt will haunt you for the next months/years.
Credit cards are convenient to use, however, often abused. The best way to keep yourself from doing so is to leave your credit card at home when you don’t plan on using it to buy something you don’t need. Moreover, use cash as much as you can. Seeing your wallet nearly empty of cash encourages you to save what you have left. Since you can see how much you have, it prevents your impulse shopping tendencies.
Assess your spending to escape from Overspending
This is an important step: evaluate how much money comes and goes; examine your expenses and when possible, cut unnecessary ones. List down your fixed expenses and look at your discretionary income for the following months. If circumstance allows, cut down on your entertainment allowance and pay off your debts, cover for the financial damages you just committed, and try to get back on track. The numbers should tell what your next moves shall be.
Look for a side hustle
If the budget is really tight and your single paycheck is nearly not enough to cover your expenses and needs, maybe looking for a second job or picking up extra shifts is the solution? Furthermore, if you’re in crushing debt, looking for a second job and earning a few extra dollars can greatly help out in paying off that debt. You may have a lot on your plate but it’ll be all worth it once you lift a heavy financial weight off your shoulders.
To stir away from any more debts and spontaneous shopping sprees, keep this in mind: if you don’t have the cash to afford it in the first place, just don’t buy it. Also, always keep your needs above your wants. If you don’t want to get yourself trapped in a debt cycle, monitor your spending habit, and track your expenses.