10 ways to stop yourself from spending money

Stop spending? You can do it

Cheryl Leong

Simply Her

Saturday, Dec 28, 2013

We've all succumbed to the temptation to spend. But when you do it repeatedly, it can become a problem. "Excessive or impulsive spending is like a bad habit," says BJ Tan, senior debt consultant from Debt Reform, a local debt management company.
"You need to break the cycle slowly to successfully control it," he says.
Here are some strategies to help you.

1) Have a No-spending Day

Schedule a day or two each week when you spend on nothing but daily necessities, such as meals and transport, or items that you've already budgeted for.

2) Find your hourly rate

Take your monthly salary and divide it by the number of hours you work in a month - including overtime - to get your hourly rate, BJ says: "Knowing you'll need to work a certain number of hours to fund a purchase may make you think twice about buying it."

3) Scheduling Post-shopping Appointments

Settling a time limit on your shopping helps you to control your spending. "If you know that you're an impulsive shopper , give yourself as little leeway as possible," BJ advices.

4) Don't shop with just anyone

Whom you shop with influences your shopping habits, say BJ. "Shop with someone who's a rational spender-who is likely to help you to watch your money and make sure you don't part with it too readily." He adds that your shopping partner should not encourage you to buy everything you try on, unless it's within your budget.

5) Ask: "Do you really need it?"

"We can always find reason for 'needing' something. But before you hand over your money, stop and ask : 'if you need it badly, how have I gone for so long without it?' It's a simple question to put your spending into perspective, explains BJ

6) Shop like a man

Men are efficient shoppers- they take only what they need and spend less time in shops, reducing their chances of going home with an impulse buy

7) Beware The Checkout counter

Those sweets and treats beside the counters? They can add up, warns BJ. Before long, you could find yourself forking out an additional $5 to $10 for these goodies.

8) Control your mummy guilt

You know the drill - you're feeling guilty about not spending enough time with your kids, so next time you're out, you 'make-out' for it by buying them clothes, toys and treats.

9) Remember: Group-buying Deals Add Up

Group-buying websites send out daily updates on current and upcoming deals, tempting you to buy things you don't need, just because of the fabulous offers, says BJ. He adds : "It's like having a sale all the time - it helps you save money but it also make you want to buy something you don't need, just to take advantage of the savings."

10) Be patient

You really, really want that new tech gadget? Chances are, you can buy it for less if you hold out a little longer- and you can save towards its cost in the meantime, BJ shares his own experience: "My first television set many years ago was a 42 - inch plasma that was retailing at almost $15,000. I had only set a aside a budget of $1,000, so I waited almost two years until the price fell within that region before I finally bought it."