Spending awareness...? Best method you've found for changing bad spending habits?

[importxpresions]

I have my budget planned out soft for the year on excel. It has monthly bills like car, student loans etc. The wife and I have our "allowance accounts" in which we have our money for whatever we want. Knowing how much we can and cannot spend helps. We also have 6-7 checking and savings accounts across several banks and credit unions. Accounts are for : vacation , spending accounts for each, emergency , mortgage fund, etc. 

This has worked well for me. 

[Anonymous]

Everyone has given you some good advice, so I'll just add one thing that I do on most purchases which have just become second nature and I do it automatically without thinking about it.

I ask myself 3 questions on an intended purchase.

1. Do I need it?
2. Can I afford it?
3. Will I use it?

I must answer an unequivocal yes to all three questions. One 'No' answer and the item goes back on the shelf. Just to qualify the questions/diagnostic above..... there is no grey area, just yes or no.  Do not try to bend the truth to get a 'yes' answer, be completely honest with yourself.

Fun Fact:  My partner hates shopping with me, as there have been many occasions we have walked through a shop with a basket overflowing with items, only to have just one or even no items by the time we reach check-out.

[Anonymous]

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@Anonymous wrote:

Everyone has given you some good advice, so I'll just add one thing that I do on most purchases which have just become second nature and I do it automatically without thinking about it.

I ask myself 3 questions on an intended purchase.

1. Do I need it?
2. Can I afford it?
3. Will I use it?

I must answer an unequivocal yes to all three questions. One 'No' answer and the item goes back on the shelf. Just to qualify the questions/diagnostic above..... there is no grey area, just yes or no.  Do not try to bend the truth to get a 'yes' answer, be completely honest with yourself.

Fun Fact:  My partner hates shopping with me, as there have been many occasions we have walked through a shop with a basket overflowing with items, only to have just one or even no items by the time we reach check-out.

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If I went by those rules, I would never spend a penny on anything except phone, internet, food, and replacing tech when it breaks. There are very few things I actually *need* in life. The wants make living life bearable though. 

[iced]

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@Anonymous wrote:

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If I went by those rules, I would never spend a penny on anything except phone, internet, food, and replacing tech when it breaks. There are very few things I actually *need* in life. The wants make living life bearable though. 

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The approach is still valid, one just needs to know how to turn wants into the exception to the approach rather than the rule.

The unwillingness or inability of people to delay gratification is a big part of why half this nation has spending habits conducive to having nothing in savings. There's a ton of research showing the correlation between the ability to delay gratification and wealth out there. 

[joltdude]

Know it might sound silly. but for more durable impulse purchases.... Look at it now.. do i need it or want it... and I still wait a day or two to answer is it useful.... This doesn't work for food items usually but for blinky shiny it can let you think it over... and even then i might go... this month or next... and even put it off longer.....

Actually saved a bit of money on something i would find useful, but didnt need... it went on sale AND i got an extra cashback on it from Miss Disco for using a point...and got the better model....

Gotta get in the practice of delayed gratification....

-J

[KLEXH25]

Where do you find yourself spending the most @SedimentaryRock ? If most of your spending is online, like Amazon, remove your saved credit cards from your accounts. That way you're forced to enter your information any time you want to buy something and make you rethink your purchase. Alternatively, you can resort to only using your debit card for 2-3 months until you get in the habit of spending within your budget. You can't spend money you don't have.

[SedimentaryRock]

Thanks!

[SedimentaryRock]

It’s not cheap! What makes you feel stupid is getting nowhere while swimming in a pile of yoga pants

[SedimentaryRock]

Thank so much everyone. I wasn't getting reply notifications but I really appreciate all the advice. I have to get my head around this. It sounds like being intentional and just focus and awareness are key themes. Like I said, I can do this in other areas of my life. 

I do have some emotional spending like for my sister and also for myself to fill in some gaps I guess. And that is on a deeper level.

But it's not severe. Negligence is my main problem I think. Just habit. Bad habit.

[SedimentaryRock]

Delayed gratification...I think I’ve heard of it...rings a bell...