Skip to main content

  • Home
  • Home
  • Clients
  • Philosophies
  • Our Team
  • Contact Us 
    • Ask Us A Question
  • Affiliations
  • Blog
  • Financial Check-Up℠
  • Resources
    • Calculators
    • TD Ameritrade Account Login

    You are here

  1. Home
  2. Blogs
  3. How to Stop Overspending

How to Stop Overspending

Submitted by BCR Wealth Strategies on August 12th, 2019
  • Facebook Like
  • Google Plus One
  • Tweet Widget
  • Linkedin Share Button

Everyone who keeps a budget overspends once in a while.  Even the most disciplined spender occasionally makes a purchase that wasn’t in the budget at the beginning of the month.  Doing this once in a blue moon won’t completely wreck your financial future; however, if you habitually overspend, it can prevent you from reaching your financial goals or aspirations.

 

Psychologists say that most chronic over-spenders use spending as a form of self-medication.  They may view buying things as a way to alleviate sadness, boost self-esteem, or relieve stress.  But whatever comfort these impulse purchases provide rarely lasts more than a minute or two, so allowing yourself “comfort purchases” can be a slippery slope that leads to even more overspending. 

 

If this is a problem you often have, you can combat the urge to splurge by asking yourself the right questions, and if necessary, putting a buffer between your impulse to buy something and actually buying it.

 

Strategies to fight the urge

 

Before you add that shiny new thing to your cart, ask yourself, “How am I feeling right now – bored?  Sad?  Irritated?”  This will help you understand why you want to buy something in the first place. 

 

Then ask, “If I think about it rationally, do I actually need this?”  If the answer isn’t an immediate yes, put it back.

 

If you’re still struggling, ask:
 

  • Where will I put this item?  Will it fit in my life? 
  • How long will this make me feel better? 
  • Am I going to feel worse at some point if I spend this money?

 

The time it takes to ask and answer these questions may take care of these urges; they often pass in a minute or two.  If you need an even bigger buffer, institute a 24-hour wait rule for purchases.  If you still feel like you need it tomorrow, you can come back and get it.

 

None of these strategies will eliminate the spending impulses you get, but they can help you avoid their most destructive consequences.

 

-Marshall Rathmell-

 

Tags:
  • Author- Marshall Rathmell

Subscribe to Our Blog

Enter your email address:

Recent Blog Posts

  • Should You Invest to Get Income In Retirement? Not So Fast My Friend
  • Hiring the next Nick Saban
  • General vs Personalized Part 1

Categories

  • Author - Clay Wood (2)
  • Author - Harold Sasnowitz (1)
  • Author - Intern (13)
  • Author - Lindsay Birchfield (2)
  • Author - Mark Hume (24)
  • Author - Marshall Rathmell (6)
  • Author - Sandra Cleveland (3)
  • Author- Clay Wood (31)
  • Author- Harold Sasnowitz (29)
  • Author- Kristie Clayton (7)
  • Author- Marshall Rathmell (92)
  • Author- Sandra Cleveland (49)

Archived Blog

  • February 2021 (4)
  • January 2021 (4)
  • December 2020 (4)
  • November 2020 (5)
  • October 2020 (4)
  • September 2020 (4)
  • August 2020 (5)
  • July 2020 (4)
  • June 2020 (5)
  • May 2020 (5)
  • April 2020 (8)
  • March 2020 (6)
  •  
  • 1 of 7
  • ››

Contact Us

Ask Us A Question

 

Alabama

Phone: 205-298-1234
Fax: 205-298-1230

1952 Urban Center Parkway
Vestavia, AL 35242

Get Directions

New Jersey

Phone: 607-238-7718
Fax: 607-238-2859

22 Lenox Ave
Clifton NJ 07012

Get Directions

Affiliations

BCR Wealth is an independent firm that puts its clients’ interests first.  In order to maximize the value we provide clients we have affiliations and strategic alliances with other organizations including:


TD Ameritrade, Inc. is one of the firms that we use to custody our client assets. TD Ameritrade, BCR Wealth Strategies, and the other entities named are separate and unaffiliated firms, and are not responsible for each other’s services or policies. TD Ameritrade does not endorse or recommend any advisor and the use of the TD Ameritrade logo does not represent the endorsement or recommendation of any advisor. Brokerage services provided by TD Ameritrade Institutional, Division of TD Ameritrade, Inc., member FINRA/SIPC. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. Used with permission.

  • Sitemap
  • Legal, privacy, copyright and trademark information
  • Form CRS

© 2021 BCR Wealth Strategies LLC. All rights reserved.

Website Design For Financial Services Professionals