So many people don’t know where their money goes at the end of the month. You look at your bank account right before you get your next paycheck and you can’t remember where all of that cash went. Most of the time, we simply focus on the things that we want in the moment and spend all of our money on items that we just don’t need. Keep reading down below to learn more about how you can stop wasting your money on stuff that you just don’t need.
1. Do a run-through of everything you already have
The first thing that you need to do if you want to stop wasting money is to learn what you already have in your inventory. Check through your closet, throughout your home, in your basement, or in your attic to determine what you already have in your “inventory”. From there, you will be able to decide what you actually need to buy and what you already have. So many people go out to buy stuff that they just forgot was under their bed or in their closet.
2. Make sure that you are only spending your money on high-quality items
The best way to not spend your money on things that you don’t need is to stop buying low-quality items. If you are only spending your money on low-quality and mass-produced clothes, of course you are going to need to spend more money in the future. These clothes and other items are going to break down much more quickly than more high quality items.
3. Be grateful for what you already have, outside of your material possessions
Of course, the path towards not wasting anymore of your money starts with being grateful for what you have. When you have gratitude for your family members, friends, and the privilege you have in life, you are going to be less likely to spend your money on wasteful things. Start writing down what you are grateful for every day and you are going to find yourself wasting much less of your money.
4. Get rid of any temptations around you to spend money
We all have those temptations around us that cause us to spend money on things that we don’t really need. For example, you might have friends around you who tell you about tons of deals that they found online. Or you might have emails coming into your inbox every day, telling you about sales that are happening or special discounts that you can take advantage of. Make sure to get rid of these temptations as much as you can to help you from spending too much money.
5. Wait 20 minutes before you buy something
A great hard and fast rule that you should abide by is to wait 20 minutes before you actually decide to buy something. If you have an impulse to buy a new TV or grab that pair of jeans in the store, then it’s normally better to wait some time before you make the purchase. Most of the time, you will be able to talk yourself out of buying it and not wasting your money. That’s why they call them impulse decisions, after all! You don’t really think about what you’re doing until it’s too late and you’ve already spent all of your money.
6. Sharing is caring and you should learn that lesson
A great way to stop spending so much money and wasting it on things you don’t need is to start joining into the sharing economy. There are tons of ways that share on expenses with other people who you don’t know, but who share with you the desire to save money. For example, if you don’t want to waste your money on a car and get an auto loan, there are plenty of ride sharing apps to take advantage of. Or if you want to rent your clothes, rather than buying them, there are plenty of ways to do that, as well.
7. Think about whether or not you really need this item
The first thing you need to think about when you want to make a purchase is whether you really need this item or not. Most of the times, you will be able to determine that you don’t really need it – you simply want it for one reason or another. Do you really need that new top from the store or do you just want to impress someone? Do you really need to buy that car or are you just feeling lazy and you don’t want to take public transportation?
8. It’s totally OK to buy nothing while you’re out – don’t feel pressured
When we go out shopping, most of the times we feel pressured to buy something. There’s something about going to the mall that makes us feel guilty or bad for some reason if we don’t buy something in the end. So, we end up buying something, either a new pair of shoes or even some sweet candies. However, you should make sure to throw that guilt out of the window. There’s no reason that you have to buy something just to buy something from the mall.
9. Know why you are really buying stuff
You should determine the real reason why you are buying something before you make the final purchase. If you don’t do this, then you will just be buying something for the sake of buying it, rather than having a real reason for it. It’s best to take the time to know the reason for buying that item you have in your hand.
10. Stay away from sales, even though they may be tempting
One of the worst things that you can do for your bank account is go out shopping while there are sales going on. If you see the sale sign on the front of the store, steer clear of that store. This is only going to tempt you even more to head in there and spend money that you don’t have on things that you don’t need.
There you have it! If you want to stop wasting money and get your financial situation back in check, then you have got to keep the above tips in mind.