How To Stop Spending Money
Photo of seeds growing from three stacks of coins by Orlandow from Pixabay
Updated 2024.09.04
One of the best ways to stop spending money is to periodically go on a voluntary spending freeze.
A spending freeze is a period of time when you stop spending money on anything discretionary. In other words, you limit spending on luxuries, with “luxury” being a variable term.
The purpose of a spending freeze is to save money, pay back debt or take time to take stock of what you have to get the most out of your purchase.
Spending freezes also can be helpful because they give you time to evaluate your money flow, track where it’s going, redirect it, if needed.
They also can assist you in identifying new opportunities with the resources you have, since, when you can’t buy, you are forced to invent ways to use old things in new ways.
So if you ever wanted to take a breather from buying, appreciate what you have, or become your most resourceful self, a spending freeze may be for you.
All you have to do is stop spending money for a short period of time.
In general, the rules for a spending freeze are these:
You do not buy clothes if you already have them and they are in good condition. You do not buy food if there is already food readily available in your pantry. You do not purchase gifts for yourself or cash in on wishes, if they cost money.
During a spending freeze, you get down to the brass tacks.
You only spend money on what is required to survive - shelter, utilities, warmth and bills that are mandatory to keep life going as is.
You resist the temptation to buy, no matter how tempting it becomes, until the end of the freeze. No sales, no get this for just a bit of that, no deep discounts even if they are very deep.
While you are on a spending freeze, ideally, you take the time you have newly available from all the time you are not spending on researching new purchases and buying items, to inventorying what resources you have and really need, to maximize your value from what you have already acquired.
You may inventory your bills and see how they could be more efficient, you may inventory your household vendors to look for the best prices on repeating purchases that keep your life flowing.
On a spending freeze you can refill things that have expired or been used up, you just can’t add to your inventory.
The biggest challenge in spending freezes is resisting the urge to spend the money you are used to and accustomed to spending.
Training yourself out of spending money to solve everyday problems takes time, and with that in mind, on your first few spending freezes give yourself a bit of grace - you may buy something, and that’s okay.
But, to resist temptation to spend money during a voluntary spending freeze you choose to go on, read on below for a few ideas to help you stop spending money:
11 Tips To Stop Spending Money
Photo of coins on rough surface by Pok Rie from Pexels
1 - Imagine your worst day at work
When you want to buy something, ask, is this worth that? If it is not, put it back.
2 - Take an inventory of your house stock before buying a good
Do you have it already? Do you have something similar? If so, use it up first or use that first.
3 - Give yourself a holding chamber for “necessity” purchases
Using a bookmark on your web browser, put that purchase in the chamber for 7 days. If you realize during that time your purchase was a luxury, not a survival need, take it out of the chamber. If you realize it is truly a need, purchase it.
4 - Purge your closet
Put everything you no longer want to wear, no longer fits or suits you, in a pile on your bed. Stand over it and think about all the money spent on these items that no longer feel like you, let the thought of that money sink in.
Donate these items to your nearest favorite place that accepts donated goods as soon as possible.
5 - Turn off encouragements to buy
Remove them from your email inbox, your earth mailbox, and even your screen time whenever possible.
6 - See each dollar as a money seed
This seed can grow into a money tree when you save it. If you spend it now, it will never be a money tree, it will be destroyed as a seed.
The more money seeds you save now, the more chances you have at a garden of money trees later (this concept comes from the book Multiple Streams of Income).
7 - Use your rewards
When tempted to spend, see if the store you are at has points or rewards that you can build up. Use those, instead of your own money, to buy the item.
8 - Be creative with gifts
Use the greeting cards you have. Do you have merchandising or your own back stock you can use as a gift? Can you not buy an object and give something eIse of vaIue?
9 - See if you can get it for free first
Check out a Buy Nothing Group or see about signing up for Freecycle.
10 - Before you buy, ask yourself these questions first
Read the 22 questions here: How To Reduce Your Personal Spending
11 - View the act of not spending money as a game
It’s a fun game, you aren’t doing without.
Now that it’s a game, how Iow can you go? Does anyone know? It may be time to find out…
How To Stop Spending Money, 11 Tips To Stop Spending Money text over photo of coins on rough surface by Pok Rie from Pexels
Ready to stop spending excess money and start saving it instead?
The best amount of time to spend on a spending freeze is about a month, or 30 days. It gives you enough time to reserve any spending patterns you have, which makes it easier to stop spending money when you’d rather not in the future.
The best time to do a spending freeze is whenever you are considering it.
WhiIe you can start your freeze whenever you want, you must stick with it for the entire period. Even if you mess up. You have to go back to the freeze and try again.
If you are new to spending freezes, and the difficulty of not spending your excess is a concern, simpIy start with a 7 day period and work your way up to 30 days - then stick to the 7 day freeze.
So…. if you are currently thinking about buying something but want to start a spending freeze, just take a minute and put that thing in your hoIding chamber for 30 days. We wiII wait.
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