How Do I Stop Overspending?

Overspending is defined as spending more money than you can afford.

Does this sound familiar?

You are not alone. I used to be addicted to spending money. I was an overspender.

Would be in the midst of doing something and something would come to mind that I thought I “needed”, I looked it up online, one click I would buy it and wouldn’t even care when it showed up on my doorstep.

Would be having a bad day, feeling stressed, sad and I would find myself driving to my favourite store and buying things to make me feel better.

Would be having a great day, happy and I would find myself driving to a store to celebrate how I was feeling.

The list goes on and on about how I found myself pulling out my credit card to change how I was feeling. It worked, but only for a moment. I would get the dopamine hit. It was lovely. Then it left and I wanted more.

I would get a statements from the credit cards I used and often would have to take from a retirement account to pay the minimum payments. It was a vicious cycle.

How did I stop?

I hired a money coach. The biggest part of the process that really worked for me was writing out my money story and understanding why I was overspending. It was something I had always done. It was a habit. It was something I learned.

I also learned that I was trying to change my feelings by buying “stuff”. I was relying on the “stuff” to make me feel better.

These are some steps you can take to start to look at your overspending:

  • Carry a journal in your car and when you feel an urge to go into a store, PAUSE, check in with your feelings to understand what you are trying to escape from?
  • Make a spending plan, I have a template for you RIGHT HERE!
  • Track your spending. This is critical. Two programs that I recommend are MONEYGRIT and You Need a Budget. This will help you start to understand where your money is going and where are you are overspending.
  • Delete your credit cards from the shopping apps and the websites you shop. This will make it easier for you to not spend if you have to actually get up and get your card. If you start to get up to get your card – PAUSE, check-in with your feelings. What are you trying to escape from?
  • Hide Instagram/facebook ads that are tempting you. Press those three dots that are attached to the add and select hide ad. Stop the algorithm from showing you these shopping ads so they aren’t tempting you.
  • Only use your debit card. No more credit cards. Yes, I’m serious. This will also help support you with your tracking if all your spending is one place. It will also ensure you are not incurring any more debt!
  • Check in with your heart. How are you doing today? How can you connect with your feelings to better support you and your spending?
  • Be mindful. Meditate. Breathe. Yoga. Tapping. Being mindful will help you remain present. Being present prevents you from going down the rabbit hole of overspending. 

 I hope this help supports you to start to look at your relationship with money and your overspending. These are non-negotiables for me and they always will be to maintain my Financial Recovery‚Ą†.

 I have also made a free checklist to help you understand why you overspend. Check it out RIGHT HERE. I hope you LOVE it as much as I do!

 

Hi, I'm Linda!

I'm a Certified Money Coach©, Financial Recovery Counsellor‚Ą†, Certified Professional Recovery Coach, She Recovers® Coach. 

I am here to help women transform their relationship with money. 

Want to join a group of amazing women who are supporting each other through their money journey? I have a Facebook Group just for that - check it out RIGHT HERE! I would LOVE to see you there. 

 

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