STOP WASTING YOUR MONEY 💸 (How to finally quit overspending and buying unnecessary things)

this video is sponsored by chime there is a chance that you have gotten very good at justifying purchases like you needed that new rug because it was an investment in the house you needed those new shoes because you're going to wear them a lot this year plus they're on sale you got some extra goodies for a girls night you hosted because you wanted it to be Pinterest perfect you got a fancy new bakeware set because it'll make you start cooking at home more and you bought that weight set because you're going to really start working out like for real this time I'm no stranger to this I think I was the queen of meaningless spending at one point in my life but we need a lot less than we think that we do and many of the things that we justify as needs aren't and you really gotta face that truth as some of you know in 2017 my husband and I buckled down and got debt free and in our first year we paid off over seventy thousand dollars in debt and since then we have continued to live below our means and debt free because Financial Freedom just feels best and sure we did a lot of things that you think of when someone saves money we budgeted I worked two jobs for extra cash but the biggest impact that we made that helped us get to where we are is learning to cut back on buying things we didn't really need now saying you're going to stop buying things you don't need and actually doing it are two very different things and I'm here to tell you that you are probably not going to be able to do this overnight we started doing this back in 2017 and we are still constantly working on it as a couple the truth is we live in an age of consumerism and learning to buy less is like cutting in addiction the Temptation will always be there at every turn every time you go out every time you open an email every time you scroll Instagram let me break down a few of the best ways that I stay strong I battle impulse and emotional shopping I curb retail therapy and I prevent buying stuff that I just don't need [Music] number one constantly checking in hands down one of the best habits we adopted to stay on top of our spending is constantly checking in with the majority of our purchases happening on cards and online and we don't really take out cash from our wallet and slowly see there being less and less cash anymore it can be really easy to kind of lose sight of this in a way it's not as concrete and it makes it easy for overspending to slip away and it's easy to be like listen I'm the one spending like I know what I'm buying but sometimes looking at how quickly all of your little purchases added up from a weekend can be really enlightening sometimes we don't really want to log into our accounts we want to Shield ourselves from the disappointment or guilt of what we spent but I find when it comes to overspending it's really important not to avoid it checking in keeps you in check it's basically just accountability like if you're doing a diet or a workout you might have an accountability partner checking in on your accounts and your spending regularly I'm speaking one or two times a week at least is really going to help you stay in check and really curb overspending okay number two is buying the expectation of something next time you go to make a purchase ask yourself am I buying this because I need it or am I buying the expectation of what it'll give me you will find that very often we are not buying an item we are buying an expectation this will wake me cook at home more this will make me look younger this will make me look more wealthy this will make me look really cool at girls night out this will finally make me start exercising because if we all just bought things we needed and not expectations we'd all be walking around in really sensible shoes using a grocery tote bag is our purse right because sensible shoes are the best for walking around and any old tote can carry our stuff but we don't there are literally tens of thousands of kinds of shoes and we really believe our shoes can embody how we want to be portrayed to others and we buy a new purse or bag every year or more often than that in hopes that it'll make us more organized or look more trendy or hopefully both now learning to identify if you're buying based on need or expectation can be a little sobering at first but it can be really a huge huge step forward in curbing excess spending and that kind of brings me into my next point which is impulse buying but first I want to take a second to thank the sponsor for today's video which is chime chime is an award-winning Financial app and debit card that millions of Americans use to manage save and spend their money and a great way to help you stay on track with any overspending now the unique thing about chime is that they are designed with you in mind with resources to help you avoid usual money pitfalls that some of the traditional Financial institutions have set up chime doesn't charge Annual fees membership fees monthly fees low balance fees or late fees also chime offers fee free overdraft on up to 200 in debit card purchases and cash withdrawals was spot me for eligible members it's like overdraft protection but a little better you can also get your paycheck benefits and stimulus checks up to two days earlier with direct deposit using chime applying for chime online checking account is completely free so to learn more about chime go to the link in my description down below it's chime.com forward slash but first coffee okay learning to catch your impulse buying now impulse buying is one of the hardest things to occur because it typically happens well on impulse it happens in the moment so there's not a lot of time to catch ourselves and it can quickly botch our financial plans without us even realizing it a recent CNBC article stated that 73 of adults make most of their purchases spontaneously and on average Shoppers spend 314 dollars a month on impulse purchases which is up from 183 dollars just two years ago so how do you curb impulse spending first of all start to be aware of your weak spots that get you to impulse job many Financial experts think the reason the impulse shopping has increased so drastically recently is because there are so many more of us at home and online a lot more than pre-pandemic and it's estimated that two out of every three impulse purchases happen in our beds on our phones so well we want to blame the stores and their flashy end caps it's more likely that social media ads sponsored posts and emails about deals is really what's doing is in also think about why you are buying one of the most common culprits is we think that something is a deal flash sales discounts Deals they make us more likely to purchase so catch yourself next time if it's not something you'd buy full price do you really need it just because it's on sale secondly many of us tend to buy for the expect dictation of what the product will give us we already covered this really ask yourself am I buying this because I need it or am I buying the expectation of what I'm going to get from this and third many of us buy On Emotion right that idea of retail therapy the problem here is that it's actually been proven that retail therapy and long-term use doesn't work sure maybe a little retail therapy purchase one time has no harm but here's the thing about using shopping as a form of therapy Studies have proven that the joy and happiness of retail shopping isn't actually in the product but in the anticipation of the product we get a rush of dopamine from checking out our cart and waiting for the product to arrive but by the time the package arrives on our front door we're really not as excited about it the dopamine high is gone and since we're searching for that dopamine we're going to return to the excitement of checking out the cart and now you've kind of got a shopping addiction you know the feeling when you're scrolling online and you don't really even need anything that's where it comes from your body is looking for that dopamine hit so constantly being aware of these weak spots that cause our impulse shopping can help us identify when we're buying on impulse in the moment it's just an awareness shift of being aware of where it comes from speaking of weak spots like for me a weak spot is always going into the grocery store I shared with you guys in a recent video about how I cut back my grocery spending a big part of it is not going into the grocery store because even when I'm super aware and I'm being very strict and very careful I always end up with something in my cart that I didn't necessarily need or I didn't go in for so I've identified that as a weak spot for me and I try to avoid those shopping trips all right my next tip is a shift from guilt to gratitude how often have you looked at something you bought and thought I didn't need this why did I buy this I am so wasteful with my money it makes us feel bad and guilty and upset with ourselves and then just a week later we're usually buying something thing else that we don't need again and the cycle continues why why does this happen it's because it's really hard to take action from a place of shame we guilt ourselves because we think if we're too kind to ourselves we'll become self-indulgent and then we'll just become more frivolous with our money and we'll spend more but we speak to ourselves in ways we would never speak to a friend so try this try a little self-compassion instead of guilt next time next time you see something you bought and you didn't need and you want to sort of Shame and guilt yourself instead shift it to a place of compassion yes I bought this and I did not need it however I bought this from a place of good intentions I truly thought if I bought this it would make me start cooking more but it didn't and now I know an item isn't going to make me more likely to cook when it comes to shopping a lot of times we're buying again for the expectation or for the feeling of something we think it'll make us feel better or feel more successful or feel more wealthy and it's easy really really easy to get caught up in the mindset of I wish I had I I wish I had a bigger home a nicer car nicer stuff better clothes and this too can make us feel shame and guilt so it's that shift from guilt to compassion and remember the compassion is not the same as gratitude it's not like when you look at your car and you wish you had a nicer car and then you're like hey you should just you know knock it off you should be grateful that you even have a car to drive around because that just sort of actually fuels into that shame a little bit more so it should be compassion for the situation to say this is the kind of car I can afford right now I'm driving this car because I want to have no car payment and that's going to help me achieve other financial goals those financial goals are more important to me than having a nicer car and there's no shame in saying I'm doing this because I can't afford that all right guys I hope that this helps you out I feel like with overspending um it's like half part awareness and half part habit I feel like you really can't break the habit of overspending without sort of being aware of where some of the over spending comes from what it stems from and then obviously it's breaking that habit of doing it because shopping just like so many other things does tend to be a habit we tend to get in a habit of buying things whether it's shopping online whether it's purchasing from social media ads whether it's adding extra things to our cart when we're at the grocery store so it's really that two-prong step of constantly being aware as well as sort of changing your current shopping habits and I think a really important part that a lot of us forget about is that last step of trying to lift the shame because like I said we have been doing this for years we spend way less than we used to we overspend way less than we used to but we still do I still make impulsion purchases my husband still makes impulse purchases and so you can't let every time you do that be this like shame and this guilt it's just sort of being aware the more aware you are of it the easier it's going to make it make it to avoid it in the future I like to say you know like that sort of idea that there's really not any mistakes right it's not that you win or you lose you either win or you learn if you have any amazing tips that you have used to curb your overspending let us know in the comments down below I always love to hear your guys's tips and I know that you guys love reading the comments to get ideas as well as always thank you so much for stopping by and watching I hope you are having a fantastic day remember to be kind to yourself and to others and I will see you all in my next video

Channel: That Practical Mom

Views: 215,341

Keywords: saving money, how to save money, how to budget, shopping addiction, personal finance tips, OVERSPENDING, impulse spending, overspending addiction, how to stop shopping, how to stop impulse buying, save money, how to make money, how to stop spending money, online checking account, visa card, debit card, send and receive money, money transfer app, how to stop spending money on unnecessary things, overspending money

Id: _86MWDr47us

Length: 11min 46sec (706 seconds)

Published: Thu Nov 17 2022