How To Stop Spending Money (8 Research-Backed Tips)

Getting your budget under control doesn't have to mean sacrificing the things you love. Here's a better way to stop overspending.

In this post, we’ll talk about eight research-backed tips to spend less, stop impulse spending and make better overall financial decisions.

#1: Never Say “Never,” Just Say “Not Right Now”

If you tell yourself never to spend money on a certain thing, chances are you’ll go and do exactly that.

#2: Set Up A Discretionary Spending Account

Instead of budgeting every dollar that comes in and out of your life, a much simpler approach is to budget for discretionary expenses only.

This allows you to spend guilt-free on discretionary items and also drastically cuts down on the time needed to manage your money.

Tip #3: Monitor Your Expenses Daily

When you’re consistently spending too much money, tracking your expenses on a daily basis is helpful because it forces you to stay focused on how your spending affects your financial bottom line.

#4: Make Your Finances Your #1 Priority

Setting goals is important in many areas of life, and that’s especially true when it comes to finances. But not all goal-setting is equally effective.

#5. Leverage Meal Planning

A good strategy to save money on groceries is to closely track what you spend on food, using the daily monitoring technique.

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