Simple Steps to Stop Spending All Your Money

Temptation surrounds us. It’s everywhere, calling to us and whispering sweet nothings about happiness if only we buy the thing. 

Marketers make it hard to resist the allure of their products, so we spend money we shouldn’t for that fleeting moment of wholeness. 

Before we know it, the money is gone, replaced with junk food wrappers, toys, books we’ll never read, and who knows what else. 

It’s time to stop spending all your money. 

How to Stop Spending All Your Money

Its payday!

You celebrate with a few cold ones after work, then hit the mall on the weekend to grab that new purse you’ve been eyeballing. Of course, you want to treat yourself to coffee from your favorite cafe on the way. 

By the time the weekend ends, you barely have enough cash left for groceries and rent. 

How did you get here? And how can you regain control of your spending?

It’s okay. Follow these steps to stop spending all your money and start on the path to financial security. 

Track Your Spending

To control a spending problem, you need to identify where the money is going. Track every purchase for a month. Include everything, from your biggest bill to the smallest stick of gum you bought at the gas station. 

Understanding where your money goes is the first step to managing your spending. 

Make a Budget

When you track your spending, you identify where your money goes. Budgeting allows you to redirect that money. 

With a budget, you tell it where to go rather than watch it fly out the window seemingly of its own accord. 

Pay Yourself First

Your first line item on your budget should be a payment to yourself. But it’s not for nights out or a shopping spree. 

That money should go directly into a savings account. If possible, set up automatic allocations so it doesn’t even touch your checking account. Out of sight, out of mind works for money. 

Many people don’t have much disposable income for savings. Start small—with just five dollars a paycheck if that’s all you can afford. Slowly increase the amount as you get used to budgeting or get raises.

Know Yourself

Everyone has different weaknesses. A mouthwatering sandwich may tempt some, while others can’t resist the craft store’s captivating pull. 

You can’t control your spending until you identify the areas where you lack willpower. Tracking your spending will help with this, but you also must be honest with yourself. 

Most of us can justify spending if we don’t want to stop. You need that shirt for work. You need that game because you will play it with your friends and it’s your only social outlet. 

But you know you didn’t really need it. Stop lying to yourself and accept that you’ve spent money needlessly. 

Avoidance Temptation

Once you know your spending triggers, you can avoid them. 

Food is my biggest trigger, especially at restaurants. I love trying new things, and usually can’t decide between entrees. I get two, plus an appetizer. It’s terrible for both my wallet and my waistline. 

So, I avoid restaurants. I only go out on special occasions. 

Stay away from stores you tend to overspend in. Stop going to Target if you can’t help but fill your cart with cute home goods. Avoid the mall if you can’t stick to window shopping. 

Avoiding your biggest temptations eliminates their hold on you. 

Make a List

We can’t always avoid all our temptations. People with bad junk food habits still must go to the grocery store. We need things from Target and the mall. 

If you must face your temptations, do so with preparation in hand. Make a list of everything you need, and stick to it. Only visit the aisles you must. 

Fixate on your list with a tunnel vision so intense nothing else exists, and you won’t spend needlessly. 

Allow Yourself One

It sounds counterintuitive, but sometimes, the best way to prevent yourself from spending all your money is to spend a little bit.

Sometimes, we have to give ourselves a little win. That way, we won’t feel like we are depriving ourselves, and we won’t binge on our vices. 

When I make my weekly grocery store list, I allow myself one bag of chips and one random impulse buy. I add both to the list. 

Allowing myself those two treats helps curb my other impulses. 

 Avoid Emotional Shopping

You shouldn’t shop when you’re tired, stressed, angry, or hungry. While buying these can momentarily alleviate those bad feelings, it will only cause you more pain in the long run. 

Positive emotions can also lead to impulse spending. For example, when we get excited about a new project, we buy $100 worth of supplies we will never use. Similarly, when we are happy about a raise, we overspend to celebrate. 

Avoid shopping when emotions run high to avoid access spending. 

Increase your Income

Many people who live paycheck to paycheck don’t have a spending problem; they have an income problem. 

It’s impossible to stop spending all your money when you’re spending it all on essential living expenses. 

You must increase your income. Consider asking for overtime, starting a side hustle, or applying for new jobs. 

You Can Stop Spending All Your Money

Old habits die hard. But you can break them. With a bit of willpower and discipline, you can persevere and stop spending all your money. 

The hardest part is starting. It will get easier once you realize you can live without new shoes every month and start seeing your savings grow. 

You’ll have a solid emergency before you know it, and you won’t even feel like you had to give anything up!