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10 Money Saving Tips to Stop Impulse Spending

10 Money Saving Tips to Stop Impulse Spending


Financial problems cause emotional suffering and lots of turmoil in your life. When you have a spending habit that is out of control, it can cause anxiety, depression, and even relationship issues. Impulse spending is the worst type because it’s as powerful a drug and just as addictive.

You may become a serial shopper or someone who shops to fill that void in your life. This type of impulse spending happens more than you think. Do you find that you are wasteful with money? Think of all the savings you could have right now if you just started conserving when you were younger?

Even if your bank account has more zeros than the national deficit, there’s no time like the present to make some changes. If your mindset is “Carpe Diem,” and you have no thought for tomorrow, then it’s time to alter your thinking.

Here are ten easy ways to stop your impulse spending and stash cash into a savings account.

1. Return Products You Might Have Sitting Around (Don’t Live with Your Buyer’s Remorse)

Most people have things sitting around their homes that they have every intention of returning, but they never make it to the store. It could be things that you order from a catalog, which are inconvenient to return.

The sad fact is that you probably have a lot of money sitting around in those returns, and you could put that cash into a savings account. If you waited so long that you are past the return period, no worry. Post your unused items on a local Facebook yardsale page, sell it on eBay, or host a tag sale.

So, reject your buyer’s remorse–return those items and stash that cash for a rainy day.

2. Wait 24 Hours Before You Make Purchases

How many times have you bought something on an impulse, and it sits at your home unused? What about those designer boots you had to have but live in a tropical climate? Sure, you had the best of intentions, but you didn’t give much thought to your purchase.

If you feel that you need those new shoes, a purse, or a wallet, you should think about all your purchases before you spend the money. The chances are if you go home and think about it for 24 hours, you will change your mind.

Think and rethink each purchase, and you will see a big difference in your checking account. Buying on impulse is a dangerous habit.

3. Seek Counseling

Do you know there are support groups and counseling specifically for those who have impulse spending problems? Spending money can be addictive, so you may need a therapist to help you make better choices regarding your money.

If you cannot find local support groups, then you can find some online help. Many times, there is an underlying mental health issue like anxiety or depression that can fuel the fires of impulse spending.

4. Start Eating and Drinking at Home

One of the biggest money wasters is eating out. Do you grab a gourmet coffee on the way to work each day? If you spend $5 for a large frosted cappuccino, and you did that for five days a week, you would spend approximately $1,300.

Now, think of all the things that you could do with an extra $1,300 each year? If you got a coffee maker at home, then you could make coffee and save. Coffee savings is just the tip of the iceberg; think of all the other ways you can conserve.

Stop giving your money to fast food establishments. You pay $2.49 for a soda at a drive-through, but you can get a whole 24 pack for less than $8.00. Do the math, and you will see how much you waste by eating and drinking out.

5. Set a Household Budget and Stick with It

Do you have a household budget? Did you know that more than 33 percent of the population doesn’t maintain a budget? Budgeting is important because it’s like a financial roadmap from where you are today and where you want to be in the upcoming months.

So, the best thing that you can do is to plan for tomorrow. If you want to buy a new home or a car, you must start setting money aside. It’s better than waiting until the time comes and having no money to put down. Sadly, you will get higher payment amounts because of the lack of cash.

6. Start a Savings Account and Make Automatic Deposits

Do you have a savings account? Did you know that the average person only has about $4,000 in their savings? While that may seem like a nice chunk of change, it’s barely enough to survive one month without income.

If something should happen that you lose your job, have a major medical setback, or have other financial hardships, small savings like that could be depleted overnight. Try having money taken out of your check and put into a savings or money market account.

Even better, why not start a 401K where your money is waiting for you when you retire, and you can always borrow from these funds if you need it.

Want to earn money online to bulk up your savings account? Here are thirty money-making ideas.

7. Do The Envelope Method

Most people don’t like to use cash these days, and with safety concerns, it’s not advisable. However, for those who have impulse spending issues, a credit card is deceptive. Many people spend cash more frivolously because they can’t tangibly see it.

The envelope method is an old trick where you put so much cash that you allow yourself to spend in each envelope. Once the money is gone, you can’t spend anymore. Some people prefer money because they feel they can keep a better handle on their finances with it.

You can also do this method electronically if you have a bank or accounting program that tracks your spending and separates it into categories.

8. Talk to a Financial Advisor

A financial advisor can look at your income and tell you the best ways to make your money work. They will look at your current standing and how your retirement will be if you don’t change your ways. With the instability in the Social Security system, it’s not safe to take bets on this program for retirement.

It usually doesn’t cost anything for an evaluation. When you learn how to invest your money correctly, it can net you some serious change.

9. Make a Menu and Meal Plan

One of the greatest expenses you will face each month outside of your mortgage is your grocery bill. Did you know that the average family of four spends over $1,287 each month in groceries? Thankfully, you can reduce that bill by a few hundred dollars by learning how to meal plan.

Remember the old Adam Sandler song, “Lunch Lady?” The song states that yesterday’s meatloaf is today’s sloppy joe. You need to develop that mindset and repurpose leftovers. Do you think these restaurants that you patronize don’t recycle?

Take, for instance, the legendary chain you love called Wendy’s. Their famous chili is made from the hamburger leftover from the day before. If you’re shocked, you shouldn’t be as all eateries do things like this to save.

Those hamburgers sit in the warming drawer for a certain amount of time. When the time limit expires, they move them to a container to save in their walk-in cooler. The next day, they use them to make their soup.

It’s a considerable saving to them because they would throw away all that meat if they didn’t have such a plan. Now, you need to implement the same kind of philosophy.

You can take leftover hamburgers and turn them into a soup, tacos, or delicious shepherd’s pie. Just think of all the food that goes to waste that you could repurpose.

10. Learn How to Effectively Grocery Shop

If you run into the grocery store when you’re hungry and shop for the things you need for the day, you will probably do some impulse spending. Did you know that there is a right and a wrong way to go to the supermarket? Here are some tips that you should follow.

•Never shop when you are hungry

•Make a list and stick to it

•Shop early morning for discount prices and markdown deals

•Use the sales flyer to plan your meals

•Sign up with a service that will pay you money for trying products you use

•Do not go to the store every day or every couple of days

•Make one big trip a week and don’t keep going back

•Have a dedicated shopping day

•Buy in bulk and divide and conquer your budget

The list seems to be overwhelming, but it’s not that bad once you get the hang of it. Smart shopping can save you hundreds each month and thousands on the year.

Final Thoughts on Knowing When It Is Time to Stop the Impulse Spending

It’s important to stash money into savings for a rainy day. Those rainy days happen to everyone, whether you’re prepared for them or not. Thankfully, even if you only have a dime in your account, you can change that quickly.

It doesn’t have to be big and significant changes, just start small and start building. You will be so glad that you stopped the impulse spending once you have a nice nest egg built for your family. Who doesn’t want to stash money into savings?

Lifestyle

How to Tell If Your Marriage Is Worth Saving (Or If It’s Time to Let Go)

How to Tell If Your Marriage Is Worth Saving (Or


There’s nothing better than spending eternal bliss with someone you love. Sadly, many marriages end in divorce. Some people hold on much longer than they should and only make themselves and others miserable.

Is Your Marriage Worth Saving?

How do you know if your marriage is worth keeping, and has the newlywed bliss worn off and has turned into a bitter battle for survival? Here are some tips to help you decide if your marriage is worth saving.

1. You Still Feel Butterflies When You See Them

Life and marriage are hard. When you bring two people together, the wedded bliss will quickly fade as the cares of life take over. However, you know there is still a fire burning if you feel those butterflies.

When they call you or walk into the room, do you still feel like a teenager melting in their arms? While it takes more than feelings to sustain a relationship, you must have a connection that can withstand life’s trials. If there are still any feelings at all left, then you can rekindle the fire that once burned strong.

2. They’re the One That You Want To Be With

When the world comes crashing down around you, your spouse is still the one you want to be with for the remainder of your natural life. When danger is all around you, you look to them for comfort. If you always find yourself picking up the phone to tell them about your day before you get home, call them on lunch, and text throughout the day, there is still an incredible connection that many people don’t have.

3. You Never Miss an Anniversary or Birthday Celebration

It’s always the little things that make a relationship unique. If you still celebrate all your anniversaries, birthdays, and plan unique gifts and getaways for each other, then it shows there are love and care still there.

Many guys and girls could care less about celebrating those little things like the anniversary of your first kiss. If you find someone who can remember all the small details that are so important, they are worth holding on to.

4. You Miss Each Other

If you were to go away for a weekend with your friends, would you always be thinking about what the other person was doing? Do you find yourself lonely and missing them even though others surround you?

If absence makes the heart grow fonder, and you can’t stand to be apart, then it might be worth saving this marriage.

5. You Don’t Argue or Fight

It’s healthy to disagree and get your opinion across, but if you go to great lengths to protect the other person, then it’s a sign that there’s something beautiful there. It takes a lot of patience and excellent communication to sustain a relationship. Being protective of their feelings, even in the heated moments, shows your love and devotion for them.

6. You’re Great Role Models

The best couples are the ones that can have disagreements about money or other issues, but they never take them out into the open. You make sure that you are always upfront and honest with each other, but you do it behind closed doors. When it comes to your family and children, you never air dirty laundry in front of others.

There’s nothing worse than a couple that fights and argues in front of others, especially your kids. It makes them feel uncomfortable, and they might feel as if they need to choose sides. If you are still great role models though there are issues, you may have something worth working on.

7. You Can’t Stand the Thought of Being Apart

Does it scare you at the thought of your relationship ending? Do you feel like you cannot live one day without them? Wanting to be close to the one you love is essential to make things work.

How does the other person feel about you? Is there devotion to you on the same level as your devotion to them? If the thought of them not being there when you wake up in the morning scares you, then your marriage may be worth saving.

8. The Good Outweighs the Bad

Into everyone’s life, a little rain must fall, but does the sunshine outweigh the storms? Can you look at your marriage and say that the good times have always been way better than the bad?

Sometimes relationships go through so many struggles that it becomes tough to stay together. However, if you can look at all the trials with a smile remembering something good that came out of it, then it’s a sign that you have something worthwhile.

9. You Both 100 Percent Committed

Are you both committed to each other no matter what the troubles you’re facing? Do you know that they’ve got your back, and are your biggest cheerleader? If one of you is in the relationship 100 percent and the other only 50 percent, then it’s hard to make things work.

While things may seem a bit turbulent right now, when you’re both committed to making it better, it makes a big difference.

10. You’re Still Number One

If you called your spouse right now and needed them to drop everything to get to you, would they come? It would help if you were committed for things to work, but you also need to know that they will put their life on hold to help you.

When the chips are down, they are right there when you need them. A love like that surely doesn’t come around very often, and you should invest time and effort into saving your union.

Know the ten signs that it is time to seek the aid of a marriage counselor.

Is it Time to Let Go of the Marriage?

You’ve read all the beautiful reasons why you should keep your marriage healthy, but how do you know when it’s time to move on? Don’t waste the best years of your life loving someone who could never love you the same way.

You deserve to have someone who will love you and be there for your 100 percent. Here are some signs it’s time to let them go.

1. You Argue 24/7

No one likes to live in a war zone. If you’re fighting and yelling every day, then you might want to rethink your union. It’s not healthy to live in a constant state of unrest, and you deserve to have a home filled with peace and love.

2. They’ve Cheated on You

Some people can forgive cheating and move on to have a great life. However, others cannot move past such a massive event. If they’ve cheated once or ten times, can you live with the betrayal?

3. Your Spouse is Not There for You

Do you need to schedule an appointment just to talk to them about the children or the finances? Is there work taking over their life and they have little time for the family? While this person may be trying to make a living and provide for you, it’s hard to have a relationship when the other party is married to their job or socially isolates you from their life.

4. You Can’t Trust Your Spouse Anymore

Do you have a hard time trusting him or her and doubt every word out of their mouth? When you’ve lied to time, and again, it makes it hard to believe. Lying is a horrible habit that can wreck relationships. Your wedded bliss can end abruptly if they lie and are dishonest about things.

5. You Dread Being Around Them

The spark that you once had it gone. There’s no longing for them to come home from work, and there are no more sweet nothings being whispered in your ear when you wake up. The fire that once burned so strong is now nothing more than smoldering coals.

Part of having a relationship is being together. If you find yourself dreading those times of intimacy or even being in the same room, then maybe it’s time to let them go.

Final Thoughts: Should You Stay in the Marriage or End Things?

It’s hard to make decisions about love and relationships. Sometimes people become quite comfortable with a routine and don’t want to change things. Though making changes are never easy, it’s not good to live in a toxic relationship either.

Newlywed bliss only lasts for a short time, and then you must face the real world and everyday life. There are odd work schedules, financial burdens, and cares that come about every day. Life certainly brings with it troubles that can have a dramatic impact on any relationship, but you must cleave to each other no matter what is going on around you.

Maybe you feel like the marriage has sustained so many blows that you can’t possibly go on another day? It would help if you tried counseling and time apart to work on your issues and then issues as a couple. This person shouldn’t make you miserable. Life and circumstances can get you down, but your spouse should be the one thing that you can always count on.

Lifestyle

Financial Planners Share 21 Money Saving Tips Never to Ignore

Financial Planners Share 21 Money Saving Tips Never to Ignore


Financial planners have different opinions about what you should do with your money, but there are essential money saving tips they all agree on. So, what do financial planners say are the best money saving tips you should never ignore?

21 Money Saving Tips Never to Ignore

1.Have some savings

One tip all financial planners agree on is that you should have a savings plan. They advise that you save a certain amount every month, at least five or ten percent of your salary. It’s best to have the money automatically deposited into your savings account from your paycheck. Experts recommend you save at least one month’s funds to cover an emergency.

2. Don’t spend everything you make

This advice seems simple enough, but if you are living paycheck to paycheck, it is challenging to do. If you have a small salary with debt, you must consider this as you make financial decisions. This time may not be right to purchase a car or eat out every evening.  Making wise choices on big or small purchases helps you live within your means.

3. Ask for a raise

If you need an increase to make ends meet at home, ask for it. You need to know what your job is worth in the marketplace. Think about your education, training, job experience, and what you’ve done for your company-all these things contribute to your overall job worth.

Get paid what you’re worth, being underpaid is money you need for bills, savings, and investments. You’ll never be able to get ahead if you are underpaid. If your current job can’t pay you what you’re worth, it may be time to find another job.

4. Pay down credit cards

If you have several credit cards, pay down the credit cards with the highest amount of interest first. Pay off the smallest amount required on your other credits cards to avoid a penalty. After paying off the high-interest credit card, close that one out using only the low-interest cards.

5. Have a budget

Another money savings tip recommended by all financial planners is to have a budget. It gives you a good understanding of where you’re spending your money. Figure out what your total income is after taxes. Choose what kind of budget plan you want to use to keep track of your expenses. You can use banking apps that automatically break down your spending or a spreadsheet to keep track of costs. Pick the plan that works best for you. Then decide what your costs are. The National Institutes of Health offers a list of money-saving tips for food budgeting.

Besides food, your budget includes

  • Other groceries
  • Rent
  • Household expenses
  • Insurance
  • Car
  • Child care
  • Entertainment
  • Perscriptions
  • Pet care
  • Parking
  • Clothing
  • Work wardrobe
  • Gifts
  • Banking fees
  • Loan payments/credit card payments
  • Travel
  • Gym memberships
  • Subscriptions

6. Prepare for retirement

Saving for retirement doesn’t seem important when you are just getting started, but it’s one money savings tips all financial planners suggest.  They say you should contribute something to your retirement savings, even if it’s a slight amount. Your employer may offer you a 401(K) retirement plan, and it’s a good idea to add to it.  Some plans match what you add with interest.  Saving for retirement is essential, and if you begin early, you’ll be nicely situated when you’re older.

Remember, too. Your overall expenses will go down once you hit retirement age. By the time you reach 65  or 70, your house mortgage will be paid off. Plus, your children will be out of the house, so you’ll be spending less on supporting their needs.

7. Pay down other debts

Most financial planners suggest you pay down your student loans and mortgage

slowly. Many mortgages have a penalty if you pay off the loan early. Also, this kind of debt isn’t as high in interest as other kinds of debt. And the interest on student loans and mortgages are tax-deductible. Use for money for other things, like investments or savings.

8. Keep your savings and check account separate

Your checking account has available money you need for your regular monthly expenses and bills. It’s the place where your paycheck will be automatically sent, minus monies you’re putting into your savings account.  A checking account gives you access to your money right when you need it.  A savings account should be left alone. Depending upon your bank, they will offer an interest rate on your savings.

9. Get rid of your subscriptions

Dump your subscriptions. They eat away at your income. It’s easy to forget if you have them. You often get one or two months free, and then the fees kick in. You may forget you have it.

10. Buy life insurance

If you’re young, you may not think you need life insurance. But if you have dependents or people who depend upon your financial contributions, then you need life insurance.

These people will become financially responsible after you die, so it’s a necessary part of your fiscal money-saving plan. This life insurance will be used to pay off debts after you die. Even if you’re young, buy life insurance since it’s cheaper when you’re young and healthy.

11. Review your budget every year

Every year, review your income, budget, savings, and debt. Life changes, you get a new job, or you have a baby, you realize these changes mean you need to adjust your budget or taxes since you now have a little tax exemption. Other things that affect your financial assessment include;

  • Rent changes
  • Health insurance premiums rise
  • The cost of living goes up-food, clothing, etc.
  • Inheritance
  • Auto-insurance goes up
  • Property taxes rise
  • Water or electric costs rise

Doing an annual review is like a health checkup.  You keep a pulse on how you’re doing financially and can adjust things if needed at this point rather than in a moment of panicked realization of some unexpected costs.

12. Write down all your expenses

This concept is simple enough, but many people don’t do it. Keeping a record of how you spend your money may be revealing. You may be shocked to find you’re spending lots of money on subscriptions or memberships you don’t even use.

13. Check your credit score

Your credit score is the number that shows lenders your borrowing practices. Knowing your credit score will help

  • Keep your loan interest rates lower when you borrow money
  • Helps you know your overall financial health
  • Make sure your score hasn’t been compromised
  • Determines if you can spend money on a house or car
  • You may not be able to rent an apartment if you have a bad credit score

Having a good credit score is like taking care of your body. Keep it healthy, and you’ll be able to do more things with fewer problems.

14. Use bank apps

Downloading your bank apps on our phone is excellent for keeping tabs on your spending habits. You’re more apt to check your phone since you carry it around. Plus, you’ll get notifications when your account gets hit, so it’s more secure, too.

15. Start saving for holiday costs in January

How many days till the holidays? The best time to save for the next holiday season is as soon as the season is over. Holiday gifts, parties, and travel all add up. When you save early, you won’t be hit with huge expenditures around the holidays.

Financial planners suggest you put aside $50 every month starting in January for your holiday fund. By the time you get to the holidays, you’ll be ready to pay for everything without going into debt.

16. Invest if possible

Most financial planners suggest you invest, even if it’s just a little bit of money. You could invest in

  • the stock market
  • real estate
  • Your employer’s retirement plan
  • 401(K)
  • mutual funds

17. Learn to say no

It’s easy to spend money because of others. If your extended family wants you to join in on a beach house rental for a week, it’s tough to tell them you can’t afford it. It’s hard to admit to your co-workers you can’t go out for drinks with them on Fridays. It takes strength to just say no, but it’s the best choice when you’re trying to get yourself financially stable.

18. Cut out things you don’t need

It’s easy to spend on unnecessary things. Whether it’s purchasing a large coffee every morning at a coffee shop or buying snacks at the snack machine every day, these things add up. Go over your daily, weekly, and monthly expenses. Stop spending money on these little habits. It’s a simple way to save money.

19. Save extra money

If you get a big tax refund, stow it away in your savings account as soon as possible. Things like a bonus at work, an inheritance are perfect for your savings. They weren’t part of your budget, so it’s money you didn’t expect to save.

20. Wait a day before buy

Financial planners would agree that giving yourself a good twenty-four hours before you make a purchase. This waiting period helps offset impulsive purchases. If you’re shopping online, see if you can put your items on a wish list, then go back a few days and see if you want to buy them.

21. Make a cash-only rule

Some financial planners suggest this money saving tip of spending only cash for a brief period. They recommend this so you can get control of your overspending. It’s an abrupt way to get your spending under control, but it might be worth a try.

Final Thoughts on Implementing These Money Saving Tips

These money saving tips will help you get your finances in order. With careful planning, you can lead a satisfying and secure financial life.