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Good spending habits means a better life

Millions of Americans find themselves overspending each month. If you can count yourself as one of them, you no doubt want to find ways to keep living the lifestyle you’re comfortable with, but keep your checking account out of the red. The truth is, with some minor adjustments you can do both.

In a recent blog we discussed some less-than-great spending habits you should avoid. This time we will be examining what good habits you can pull into your daily life which will help keep your wallet full. Shoving out those bad habits and embracing these good habits can have a major impact on not only your bank account, but also your peace of mind.

Make a budget

If you’re like most people, when you see something you want to buy you think about how much is in your bank account, do some quick mental math to subtract the cost and most likely make the purchase. This is not enough.

We’ve all heard that we need a budget for a reason: it makes a huge difference in your spending and savings. Tracking all your expenses against your income will let you fine tune how much you save each month and will also give you accountability when you go over. It’s not glamorous, but a budget may be the single most useful tool for saving money.

Research purchases

Making a major purchase on a whim rarely works out for anyone other than the person taking your money. Say you are in the market for a new TV; consider what features are the most important to you, shop around for a good price, consider whether a model one step down would be just as good – just take time to think before striking the iron.

Avoid hotspots

If there is a store you always find yourself leaving with a considerably lighter wallet, you should probably avoid going to that store. Different people have different triggers for shopping. You will want to be aware of them and let that knowledge drive your actions.

Appreciate what you have

It may seem a little strange at first but take a few moments each day to look at something you own and fully appreciate it for all it is worth. Making just $15 per hour puts you in the top 1 percent of the world’s earners, slow down and let yourself enjoy it.

Savor a purchase

Spending your hard earned does not have to be cloaked in a sense of shame; it should be a joyous experience! When you make fewer purchases it will make the things you do buy all the more meaningful. When you do finally buy that new TV, let yourself really savor the transaction and enjoy the product.

Spending money is not wrong, but you have to do it right. Think about your spending habits and really make an effort to bring in ones that will help you and push out the ones that will hurt you. You and your bank account will be happier for it in the long run.

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