Breaking Your Spending Habits And Building Up Your Savings Account


Have your spending habits become a problem? Are you living well beyond your means and unable to adjust to the new reality of this horrible economy? A number of Americans are in the same boat. However, a large number have decided to change their spending habits and concentrate on saving for the future. Perhaps you’re one of them. Perhaps you’ve decided that you can no longer afford to live on credit alone. Perhaps you’re burdened by debt and realize that you’re spending habits must change immediately. Maybe you were simply trying to buy loved ones everything you felt they deserved, or got accustomed to treating yourself far too often. Whatever the reason, deciding to break your spending habits isn’t easy. However, it’s the essential first step towards making prudent decisions about your future, saving for retirement and for that much needed emergency fund. Making the decision to break your spending habits is the first step. Now you must enact a plan that ends it for good and starts you on the road to saving money. Here are some steps to help you on your journey.

End Your Reliance on Credit

To be successful, you’ll have to understand that living on credit is no longer a viable alternative. You’ll have to end your spending ways and ensure you put a plan in motion not to spend any more. What does this involve? Well, depending upon how bad your spending habits are it might be as simple as making a conscious decision to stop. Some people are able to stop and nip it in the bud, so to speak. However, in a number of cases it may not be that easy to stop. It might just be a question of needing to end your access to credit entirely. Either way, if you’ve decided to put an end to overspending, make sure to know if you have the ability to consciously stop. If you need further help, consider cutting up your credit cards or leaving them with a loved one. Whatever method you choose, just make sure to end your access to buying on credit.

Rediscover the Meaning of Money

Ever notice how money rarely exchanges hands these days? We’ve become accustomed to buying on credit or using debit, that money is rarely used. It’s this disconnect with money that leads to people abusing credit. Put an end to this by giving yourself a weekly budget to spend. At the beginning of each week, take out some money and no more. This will be the amount you have available to spend until the following week. You won’t buy on credit and won’t use debit. All you can use is the money you have in your hands. You’ll likely find that you’ll have to make real decisions about where and how you spend your money. You’ll discover the meaning of money again by actually seeing it exchange hands and you’ll not have access to additional funds until the following week.

Start Saving Again!

Ending your reliance on credit was the first step. The second was getting to know the value of money again. Now you’ll start saving by taking whatever amount remains at the end of the week and putting it in a savings account. No matter how small the amount is, be sure to put it away. Make it a personal initiative to see how much you can save each week and how often you can do without buying something. You’ll still be able to treat yourself, but you’ll be much more cognizant of the importance of making simple choices about how you spend your money. Making those choices helps to put spending into perspective and adds importance to saving again.

Ending those spending habits is a trial in itself. However, saving becomes much easier over time. You’ll begin to understand the value of money and become accustomed to making smart spending decisions. Gradually you’ll save more and become less burdened by those impulses to buy on credit.

This post was written by

jason – who has written posts on Budget Clowns.
Father of three and married to a lovely women. Always looking for ways to save money, and invest it properly for my children's future.

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