Technology has given consumers unprecedented access to shopping opportunities — you can shop, literally, morning, noon and night. From your phone or tablet. Debit, credit, store cards, gift cards…the list is endless.
There probably has never been a tougher time to resist the temptation to overspend. A few impulsive clicks and your carefully crafted monthly budget is kaput.
So it’s no wonder our personal finance experts get this question all the time — how can I curb my spending?
Since the root of the problem may be access to opportunities for spending money, try the following tips for limiting that access:
Focus on savings first
Send direct deposits into a savings account, not a checking account. Most people have their paychecks deposited into a checking account, where their wages become immediately available for spending. Instead, have your paycheck go into savings, and transfer only a budgeted amount every month into checking to meet your expenses.
Give yourself a cash allowance
Electronic transactions can be hard to keep track of on the fly, and they don’t give you an intuitive sense of when you have spent too much. Try using cash for routine expenses, subject to a budgeted allowance amount….
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