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Starting Today You Can Stop Online Impulse Spending If You Follow These 7 Ways

Starting Today You Can Stop Online Impulse Spending If You Follow These 7 Ways

Online shopping is the best kind of window shopping you can do! You can sit around in your pajamas, regardless of the time of day, and shop for anything you can imagine. Unfortunately, this means it’s way too easy to let yourself spin out of control. Time flies when you’re surfing the Internet, and you might not even realize how long you’ve been shopping or how much you’ve spent. Check out these tips on how you can stop online impulse spending.

1. Pay from a single account.

Having multiple accounts makes it harder to keep up with your finances. Whether you use a bank account, credit card or Paypal account for online purchases, make sure you use just one of those. That way you can always know how much you have in the account and how much you’ve spent.

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2. Don’t save your credit card information.

One-click checkout is the easiest thing to do when you’re shopping online — it’s literally just one click to enter all your payment information and shipping address! But it’s this ease that makes it more likely you’ll spend more online, because you don’t even feel like you’re shopping. There’s no exchange of money for purchases — it’s all visual, through a computer screen until a box arrives at your door a week later.

3. Unsubscribe from promotional emails.

Sometimes you don’t even think about shopping until you get that email promoting the latest big sale your favorite store is having. Then it just seems stupid to miss out on major savings, right? Wrong! Unsubscribe from promotional emails from any store so you’re not tempted to buy when you don’t need to. You shouldn’t shop just to shop, you should only shop when you need a particular item. Not getting tempting offers in your inbox will help change your approach to shopping – and help you save time checking emails!

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4. Don’t give out your email address when you shop.

Most stores ask for your email now when you check out. They do this just like they used to ask for your phone number — because they want to contact you in the future and try to get you into their store! Instead of giving out this information, just tell them you prefer not to give out your email or phone number. They won’t badger you about it, they’ll just say ok and leave that blank. This will cut down on those promotional emails mentioned above.

5. Limit your time shopping online.

It’s so easy to waste time online just clicking through links, seeing what you wish you could buy if you had the money, checking out what the store recommends for you, seeing what people bought who liked the same item as you. Before you know it, hours have slipped away! It’s ok to shop online because, most of the time, it’s way more efficient than going to stores in your city. But make sure to limit time when you shop (or window shop!) online. Set a physical timer if you need it, but try to keep track of it yourself. Promise to just look for one item, or on one site. It’s way too easy to impulse buy when you’re just surfing the internet aimlessly. When your eyes get tired and you can’t scroll through pages anymore, you’ve probably had enough!

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6. Research every purchase.

Instead of simply clicking to put an item in your cart, do research first. Even if it’s not a major purchase, checking a few websites can help you make the best decision. Read reviews from people who have bought and used the product. Make sure it will last for a long time and does exactly what it says it will do. Make sure you don’t need to buy additional accessories. Check a few other websites and see if you can find it even cheaper, or with free or faster shipping. Sometimes you’ll find that you don’t really need this exact product, or that you’d rather wait to find it cheaper at another outlet.

7. Keep a wish list.

You don’t have to buy everything right now! A lot of websites allow you to keep a wish list, or add things to your cart and save them to purchase later. Or you can keep a list in a text document, complete with links. This ensures that you’ll remember cool things you’ve seen for yourself or others, but you can wait and make sure you still want or need them at a later date, instead of buy them right at that moment when you might not have the finances.

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Featured photo credit: Jorge Franganillo via flickr.com

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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