Tips to Avoid or Minimize Overspending Online

7 Tips to Avoid or Minimize Overspending Online

Impulse buys can be seen by some as inevitable – especially if the goods are so trendy and irresistible, and you have the money to spend.

However, while we thrive in the arena of online shopping, we should still consider avoiding or minimizing overspending online. This is so we can still have enough money for the things we really need and for our emergency funds.

Minimizing overspending online can be a daunting task to do, but it’s doable.

Here are seven tips to avoid or minimize your overspending online, which your future self would be thankful for.

Uninstall Shopping Apps

The first step to financial freedom is to have the discipline to control yourself.

A great way to start is to uninstall shopping apps on your phone.

The special discounts can really be tempting especially if these emails are blasting your phone every now and then. These sale and early bird promo notifications are not helping!

Actually, deleting your shopping apps is just the tip of the iceberg. Because in reality, advertising is everywhere. It’s present even on bus stops and on social media sites like Facebook or Instagram.

Drop Some of Your Credit Cards

Convenience is one of the top reasons behind many people’s overspending. As you may have observed, some shops have special lanes for those with cards and swiping takes less than 10 seconds.

Some may have the illusion that they save their time and efforts with this. Don’t fall into that trap.

Yes, convenience is awesome. But building your financial foundation is way better.

Have a target and enjoy a sense of accomplishment. It can be very exciting and motivational to tick off some goals from your list.

Distinguish Wants from Needs

Get that pen and paper. Be traditional just this once. What are the things that you really need each day?

Start the list with the needs you have upon waking up.

You need that good pillow, but not that luxurious eye patch. You need that face wash, but not the 100-dollar serum. You need that sharp knife for your cooking but not that bulky and lavish pair of hand gloves. Continue from that point.

Never Give in to Peer Pressure

Be honest. Have you noticed that you spend more money than you normally would when you’re with your friends?

If yes, then change your friends! Of course, we’re just kidding!

Essentially, if your friends have bad spending habits, chances are you will also acquire those traits.

The best thing you can do for now is to decline invites which you cannot afford. Their vacations and food trips should not define your rapports. After all, the best and closest friends will surely understand.

This could be another way to filter out non-quality friends, right?

Track Your Spending

There is a plethora of software and applications that would help you do this. Make sure to know where each cent is going.

We know that it can be tiring to always log your expenses for the day. But we promise you it’s worth it.

Be accountable for every penny you’re spending. It’s your hard-earned money after all.

Have SMART Goals

SMART stands for specific, measurable, attainable, realistic, and time-bound goals. This principle is usually seen in marketing and project management subjects. But this can also be applied in minimizing one’s overspending.

You say: “I will save a part of my pay for savings”. Too vague!

We say: “You decrease your spending on eating at fast-food restaurants from $300 a month to $150 a month and do it for 3 months”. Specific? Measurable? Attainable? Realistic? Time-bound? Check!

If You Can’t Help it, Reward Yourself Once in a While

We know it can really be tempting to buy that high heels or that new iPhone. But remember, patience and discipline are the keys to success!

Why not spend on a cheaper pair of sandals or a new phone case just to spice things up with your current unit.

Don’t deprive yourself too much. That would bring more harm than good.

Always remind yourself of the reasons why you’re making these sacrifices in the first place.

For more lifestyle news and tips, as well as business information to be successful financial-wise, visit Top World Business.