Probably the most effective way to stopping accumulating more stuff is to stop shopping completely, but that is hardly a realistic approach. In our, “spend now, pay later society,” some discipline is required to prevent financial hardship down the road. Exercise these ten ways to stop bringing home unnecessary items.
1. Cash-only strategy – Leave the credit and debit cards at home whenever the need to shop arises. Take enough cash for the items on a detailed shopping list. Save the receipts until the end of the month for a financial review.
2. Detailed budget – Every living expense should be documented in a detailed monthly budget that will indicate the amount of money required to pay every obligation each month. Include debt payments to reveal how much overspending has already occurred. Designate enough money each month to execute a debt elimination plan.
3. Financial goals – Write out three goals that require saving money each month. One goal should be one year in length with a specific dollar amount. The second goal should require five years of saving. The third goal could be a very large purchase such as an automobile or home. These goals will redirect frivolous spending into goal-driven saving.
4. Shop alone – Pressure to buy something comes from many external sources including people who do not have to pay the bill after the purchase. Until new habits are formed, buy groceries and necessities without anyone else present. Develop the willpower to walk out of a store empty-handed prior to taking friends or family along.
5. Frugal friends – Influence from others can be positive or negative, and having a friend who is a master at saving money can be a great encouragement when trying to learn to save money instead of spend. Have contests with this friend to determine who can save the most and find the greatest deal on the next necessary purchase.
6. Read books not ads – Browsing weekly sales ads creates the desire to save money by spending too much on items that are not needed. Adopt a habit of using the local library to learn more about financial management. Read for fun and avoid the constant bombardment from television, radio, magazine, and newspaper ads that are designed to create discontentment.
7. List of wants – Prior to making any purchase, place the specific item on a “wish list” along with the date it was added. If the same item is still desired after thirty days, start to save for the item. All purchases must be paid in cash so restraint will be required to stay committed to the item until the cash purchase can be afforded.
8. Savings game – Sales are fun, but learning to find high-quality items at ridiculously low prices can become a game. Frugal people spend more time figuring out how to save money than actually shopping.
9. Great gifts – When new shopping techniques have been adopted, the ability to give great gifts is a natural outpouring of moving against the spending trends. Find useful items to give as gifts and refuse to simply buy something that another person does not need. Become an example to friends and family of an informed shopper who refuses to waste money.
10. Reward yourself – Restraint can be the source of frustration unless rewards are built into the plan. When the first savings goal is reached, determine if the money will be spent for the desired item. If the item is no longer interesting, leave the money in savings and reward yourself with a nice dinner out or an adventure using less than ten percent of the money.
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