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Think twice before spending

Cutting down on certain spending habits can bring you closer to achieving your short and long-term financial goals.

Lesson 4: Cut It Out. Limit Emotional Spending and Save.

How many times do you reach for your wallet without thinking twice? If there are too many instances to count, it might be a good time to start a monthly budget. Cutting down on certain spending habits each month can bring you closer to achieving your short- and long-term financial goals. Indulgences and emotional spending can add up. If you learn to cut certain spending habits either in half, or entirely, your long-term financial goal can turn into a short-term reality.

It’s easier than ever to spend money because there are countless ways to do it: subscriptions, online shopping, streaming services, the list goes on. With these modern ways of spending added to your monthly expenses, it can suddenly feel impossible to keep track of it all. Start saving today for your long-term financial goal by bringing your short-term monthly spending habits under the magnifying glass.

Cutting out spending habits can be an extremely effective saving practice, but it doesn’t seem like the most fun. Don’t worry. Giving up certain treats and indulgences doesn’t have to feel like a chore. You can still have fun with your friends and not bust your budget.

When it comes to saving, knowledge is power, and budgeting is key. By knowing where your money is going, you can be in better control of how much you’re keeping. Think of it as telling your money where to go, instead of wondering where it went. Try cutting out some of the extra spending habits. Be brave, you can do it! Plus, there are so many ways to still have fun while doing so.

Tips to help you save money

There’s no one right way to budget and each person has different situations and goals. Issues and stumbles related to money and budgets are often measured by one challenge at a time: saving for a house, paying off a credit card, even establishing an emergency fund. That’s because budgeting is really about finding the process that works for you. If you need a few tips to get you started, check out learn how to budget.

  • Write down your goals and put them where you can see them, like the fridge or on your bathroom mirror. That makes it easier to work toward them, because they're always in front of you.
  • Get budgeting help and learn how to stick to a budget.
  • Categorize your spending and funding of expenses.
  • Keep a log and track your expenses, then review it daily.
  • Be savvy and detailed about what you spend money on. Ask yourself "is this emotional spending?"
  • Look at a three-month average of your everyday spending to get a good baseline of where your money has been going.
  • Review your daily expense and find areas you could cut back on.
  • Still have fun but cut back and plan ahead.

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