8 Better Money Habits: How to Stop Spending Money on Unnecessary Things

January 6, 2021 | Louis Tully

At some point in our lives, all of us will fall into the trap of spending money on things we don't need. While doing this once in a blue moon is fine, turning it into a habit will end up causing you a lot of problems.

Luckily, you've stumbled upon us. We have all the tips and tricks you need to create better money habits. Let's take a look at them.

One: Set Some Money Goals

If you don't have anything to financially work toward, you will probably just keep spending too much. Likewise, you'll rarely ponder what it means to be financially free.

Setting a monetary goal will truly change how you think about and use your cash. Why? Because your mind will think about your long-term goal when you're heading to the checkout line with the fourth pair of shoes you've bought this month. It is a way to make you stop and think before spending.

For those of you, who aren't sure what your financial goals should be, try one of the following:

  • Start a savings account
  • Invest for your retirement
  • Save $100,000
  • Save for your child's future
  • Repay student loans

Two: Track Your Spending

If you don't know just how much you spend each month on those unnecessary things, you won't be able to stop. The long and short of it is, if you spend money without tracking it, you will always come out on the bottom.

Nowadays, there are tons of apps (and even bank accounts) that make it super easy to track where your money is going.

Three: Understand Your Spending Triggers

Everyone has triggers. Your trigger might be that you spend money when you're sad. You might be influenced by social media. You might be egged on by your friends to spend. Or you might just walk into the shopping mall and see all those great deals. Whatever it is, find what makes you spend money.

After that, it's simply a case of being mindful. Once you admit to your spending triggers, it's easy to notice when you're spending out of necessity or emotion.

Four: Go to Sleep

No, this isn't an avoidance tactic (in this case!). What we mean by "go to sleep" is to wait before you purchase something that you want and don't need.

For example, if you're browsing the aisles at your favorite department store and spy a brand-new speaker that would be wonderful for your living room, don't buy it then and there. Instead, go home and wait a few days.

If you forget about it, you won't have wasted a boatload of money. But if you're still as excited about it, then you know it's something you can save toward!

Five: Start a No-Spend Challenge

No-spend challenges range from a weekend, to a week, to a month, to 6 months, and sometimes even a year! Regardless of the duration you choose, the goal is the same — you don't spend any money throughout this time.

The point of these challenges is to hold yourself accountable and clear your mind of your old money habits.

Six: Always Have a List

Always take a list when you're going to buy groceries. Otherwise, you fall into the trap of buying the things that look good at the time (especially if you're hungry!). Sticking to a list is a sure-fire way to only buy the items you need.

Seven: Tap Into DIY

Instead of paying someone else to do simple repairs, why not tackle it yourself? You'll save a bunch of money on tasks that would otherwise cost you an unnecessary number of dollars.

Eight: Get to the True Cost

To figure out the true cost, consider how much time and money it would take to make the item. Then, you've converted this dollar figure into an hourly one which can stop you from buying something you'll regret.

What If You Need Money for Necessary Things?

The real problem with spending money on unnecessary things is that it won't be there for when financial emergencies arise (medical bills, house repairs, etc.). At this point, you're bound to need a bit of help.

That's where we come in with our online payday loans and online title loans.

The Advantages of Title Loans and Online Payday Loans

  • You don't need a perfect credit score to be approved.
  • You just need a couple of documents to gain approval.
  • You keep your car (applies to title loans).
  • The repayment terms are flexible.
  • They can improve your credit score.

How to Get Title Loans Near Me

  • Go to CashCowLouisiana.com.
  • Fill in the request form.
  • Talk to the representative on the phone.
  • Take your vehicle, lien-free title, and ID to your nearest store.
  • Wait for your car to be inspected.
  • Receive your cash on the same day!

How to Get Payday Loans

  • Head to the website above.
  • Send the online request form in.
  • Talk to an expert on the phone.
  • Submit your most recent pay stub, ID, and a blank check.
  • Receive your money.

It couldn't be easier! Just follow these simple tips and tricks to build better money habits and avoid the purchase of unnecessary things to help keep your financial status in good standing.