How To Stop Spending Money And Really Stick To Your Budget

How To Stop Spending Money And Really Stick To Your Budget

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Have you ever started the month with every intention to curb your spending only to find that you’ve spent it all?

It’s more common than you think. 

We’ve done it many times ourselves despite our best efforts to stick to your budget. 

However, we’ve turned things around.

We’ve learnt that the biggest leak in our budgets is our spending habits.

Today we’re going to teach you how to turn your spending habits around and stick to your budget.

We’re going to dive into: 

• 3 mindset shifts that you need to adopt 
• 3 practical steps to take to curb your spending
• 1 thing that will empower you to successfully stop spending all your money without control

Why It’s Hard To Stop Spending Money

There are many reasons why it’s hard to stop spending money.

Advertisers employ marketing techniques that make you spend your money.

Online retailers constantly have sales and vouchers in your email inbox.

Restaurants entice you with happy hours and set meal deals at a lower price.

Lately, there’s a big push to buy-now-pay-later instead of saving now and buying later.

But ultimately, it comes down to your personal spending habits and your money mindset.

Why Do I Keep Running Out Of Money?

You may be caught in a vicious cycle that constantly leaves your money pot empty.

It’s vicious because you hit a dead-end no matter what you try and do.

The cycle is you get paid, pay your bills and spend your money until you realise there’s no left.

The problem is, you’ve run out before your next supply (income) is due.

You end up with two options.

The first option is to live on rice and beans until your next pay.

This sounds good because you don’t owe money to anyone however, you’re putting yourself at risk.

If a financial emergency happened and you have no money to cover it, you may end up taking option two.

The second option is to borrow money to meet your demands.

This sounds great because you have money that can tie you over until payday.

But you’re now in debt! 

The cycle gets worse as you’re earning to repay debts than earning for yourself.

In both scenarios, you’re caught in a cycle that makes it seem impossible to change.

But here’s how.

Want a system that will empower you to take control of your finances?
Check out the Ultimate Money Plan Budgeting Spreadsheet to reach your financial goals today.

Money Mindsets Shifts To Stop Spending Money

For as he thinketh in his heart, so is he - Proverbs 23 verse 7.

Despite your gender identity, this applies to you.

You are what you think.

Therefore the biggest step to changing your money habits is changing your money mindset.

Here are the three mindset shifts you should make.

Mindset Shift 1: Act Your wage

You’re spending money because you let your lifestyle choices determine your spending habits.

Instead, let your finances determine your lifestyle choices.

Our spending appetite is like fire, it’s never satisfied.

The aim is to act your wage – live within your means.

Build a life that is affordable to your level of income.

We actually live on much less than our household income, and that’s the biggest flex!

Mindset Shift 2: Sales Are Savings

There’s a misconception that buying something on sale means saving money.

If an item originally cost £100 but is now on sale for £60, the mindset is ‘I’ve saved £40.’

The two words may share the same first letter but they don’t share the same meaning.

The ONLY time you save money in this scenario is if you have been saving up to buy the item anyway.

But if you’re simply browsing and find something you like on sale, you haven’t saved a penny.

You’ve simply spent £60.

Shift your mindset to understand spending is spending no matter how it’s dressed up.

Mindset Shift 3: Delayed Gratification

One of the biggest reasons we spend so much is because of instant gratification.

This is the ‘I want it so I’m buying it right now’ mentality.

This is a costly mindset – both to your finances and your money mindset.

Make the shift to delayed gratification and stop reacting to your emotions there and then.

Delayed does not mean denied. It’s taking time to think about the purchase before making it.

Most times you’ll forget about it and not think about the item again.

But if you’re still thinking about it then it’s a sign you actually want it.

Delayed gratification also means – I’ll wait until I have enough money for it. 

Practical Steps To Stop Spending Money & Stick To Your Budget

Your money mindset will influence your habits.

But most of us, if not all of us, have not been taught how to control our finances.

We’re going to teach you what’s made the most impact on us and control our spending.

Here are the three habits that’ll give you back control.

Only Have The Money You Need

This is a strong challenge that’ll surely change your habits.

For instance, on your next evening meal with friends.

Decide how much you intend to spend in advance, and only have that money on you.

No extras, no credit card cards or overdraft.

You can take cash or only have one bank card on you with the exact cash in there.

This is a drastic move but one that works for the act your wage mindset.

This forces you to stick to your budget and not overspend any money.

Remove Saved Card Details From Online Retailers

Whether it’s on Amazon, eBay, Zalando or Alibaba.

Deleting your card details means you have to manually type in your details with every purchase.

This alone will make you think twice about buying something.

It’s an inconvenience when spending money but it’s a convenience when saving money.

It’s a practical way to enact the delayed gratification mindset.

Manage Your Spending On Food 

We found that food was the biggest area we spent our money on.

From groceries and work lunch to random snacks and eating out on date nights.

We spent A LOT on food.

The answer to this was to plan.

Failing to plan is planning to fail – and it’s true about your food budget.

Planning our meals, both at home and at work, has meant we buy what we intend to eat.

It also made us more mindful about the food we do have in the cupboards.

We also started to plan the restaurants we’d eat at by researching their menu and prices.

We researched local takeaways in our area that are well within our budget range.

All this effort went a long way to curb our spending on food and really stick to our budget.

One Thing To Empower To Stop Spending Money And Stick To Your Budget

The mindset shifts are a must – they influence your spending habits.

The practical steps are important – they are how you bring your new money mindsets to life.

But there’s one thing that empowered us the most!

We had been struggling for some time with spending money until we did this.

To learn more, watch our video on YouTube or listen to our podcast.

For the record, we’re for spending money.

Spending money is a part of our finances. 

You should spend and enjoy your hard-earned money.

What we’re talking about is spending the right amount in the right way. 

Take Action

Check out our Ultimate Money Plan to get in control of your money and smash your financial goals.

Share this post with others so they can also learn about money too.

Let us know how you’re getting along by getting in touch with us, we’d love to hear from you.

Knowledge is powerless without action.

So take action, and take care.

Thando & Lindie