Barricade Your Spending Habits

Most negative spending habits come from a struggle between wants and needs.  Food is a necessity, but maybe not going through the drive-thru.  If you're outside a lot, you might need sunglasses, but maybe not a $200 designer pair.

There are loads of great articles online about how to prioritize your spending habits, so I took a few of my favorites that I use and tweaked them a bit to better apply to you.  Check it out!

1. The "30-Day List" for Wants

  • This one takes a little self-control but pays off.  Put anything you want on a list and write the date next to whatever it is.  Wait 30 days, then reevaluate what you want to purchase.  This helps you steer clear of impulse buys and passing fads.
  • Also, most people budget from month to month.  If you don't have the funds for the item you want after 30 days...good thing you didn't buy it!  If you do still want it, put it into your monthly budget.

2. One item in, Two items out

  • This is a great idea if you're a pack-rat!  For every tangible item that you bring in, get rid of two items you no longer use or want.  You don't have to throw these things away though.  If they're valuable, you may be able to sell or at least give them away!
  • You don't necessarily have to do this every time.  If you buy a DVD, it doesn't mean you have to get rid of two other DVDs that you like.  Exercise good judgement here.

3. Experiences Over Possessions

  • This idea can be tweaked to fit your own personal situation.  If you have the money to buy something that you want but don't necessarily need, think of an experience that would be more important to you.  I heard a great example of this online:  
    • A guy wants a new $100 gadget.  He bought a guitar because he always wanted to learn how to play, but it sat in a corner collecting dust.  Realizing he could either spend $100 on a gadget he doesn't really need or a month and a half of guitar lessons, he chooses the guitar lessons...or the experience over the possession

If spending habits are getting you down, it may be time to start building your barricades.  Try putting these tips into practice, but remember that the key is to be consistent.

Do you have any tips for spending your money wisely?  Leave me a comment below!  Lets get a discussion going!

Signing off...

Rob Cartwright