Recovery Mode: How To Save And Eliminate Bad Spending Habits

Trying to find that happy balance between spending money and saving is difficult for the average person. That combination is even harder when you’re someone who had issues with overspending.

If you spend money freely and aren’t able to save but have recently turned over that proverbial “new leaf” but are still being pulled in the direction of spending the wrong way, you aren’t alone, and you certainly can pull entirely away from that way of handling money.

A lot of what can push you in the saving money direction centers merely on planning correctly, whether you’re talking about budgeting or just paying more attention to time management. While some don’t associate time management with saving money, you have to consider it as a driving factor.

Look at something as simple as meal planning and grocery shopping versus the prospect of eating out at restaurants consistently.

Eating out for lunch three days a week and dinner another three due to lack of planning is going to cost you a few thousand dollars per year, and what seems like a small number over 12 months, you’re talking about an insurance premium on two cars or money that could be in your bank account. The real issue is you’re not only spending money on groceries but also eating out at restaurants when you have perfectly good food waiting at home, suggesting you’re spending twice as much as you need to.

The budgeting part is hard to overlook as well, as you need to think long and hard as far as how to catch up in the savings money game. You need to look at your expenses and realize what can be cut and not afraid to live without since you’ve spent time spending way too much for quite a while. Most will look at cable television, cell phones and other monthly payments they can either live without or modify to make more affordable overall.

You also can’t discount trying to earn extra money in this entire process to help pay off debt, whether that means running a sale to get rid of a few odds and ends around the house or picking up a part-time job.

While all of this sounds like you’re giving up this and having to work harder for that, the truth is that is precisely what it is. You’ve stopped your bad spending habits, and the good that can come out of it is better strategy to save money, even if it means budgeting and not having everything you enjoyed before this money related epiphany.