Financial Tip #3 Control your spending habits.

Seniour Couple Reading Shopping List

Financial Tip #3 Control your spending habits.


One of the major issues in relation to personal finances, is the lack of control and self-discipline. If we do not control our spending habits, it can lead to more debt and eventually bankruptcy. Lack of control will cause you to acquire things you do not necessarily need.

During this Christmas seasons and other special occasions in the upcoming year, you will be bombarded with so many sales, bargains and discounts that will tempt you to be out of control with your spending. The truth of the matter is that these sales tactics manipulate you to get into these stores to purchase the things not only on sale but to purchase other things in the store. They just want you in the store and when you get in the store, if you cannot control yourself, you will be caught up in a shopping spree you did not plan.

Here are some tips to control your spending.

Be rigid with your budget

No one knows the condition of your status like you. You know what your income is and what your expected expenses are. Budget accordingly. Therefore, when spending, ensure that you are rigid and you only spend what is in you budget. If you find a challenge maintaining a budget, then place cash in different envelopes for each spending category. When the envelope is depleted, discontinue further spending.

Use a list

Whenever you go shopping, take a list with you of what you really need. Stick to your list. Do not fall for the temptation of spending what is not on your list.

Be aware of the sales trick

Some of the items on sale are not really deals. If you were to examine the prices all year around, you will notice some of the retailers change the price just around the season to make you feel like you are getting a discount. While it appears you are benefitting from the sales, the real beneficiaries are the entrepreneurs. Therefore, be aware of this tactic and don’t fall for the trap of enriching others at your own expense. Control your spending.

Eliminate credit cards

If you cannot control yourself, use your debit card only as you know how much is on your bank account. If you use your credit card, you may keep spending and only able to pay the minimum. If you want to use the credit card to get reward points, then transfer the money from your bank account to your credit card and use the money that you transferred to your credit card. The key to this is discipline.

Do not compare yourself with others

One of the primary factors is that we tend to compare ourselves to others and as a result we spend money on things to keep up with the Joneses. You have to reach a point in your life where you have to stop spending unnecessary money on luxury items to impress others. Otherwise, you will be out of control on your spending.  Your life should not be based on what others think or do not think about you. It should be based on your own passion from your vision.


I know it is easier said than done to say control your spending habits. Therefore, I encourage you to go on a non-spending challenge in which you do not spend anything for a day or weekend. Start in small ways until you are able to control and discipline yourself fully.

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