Thanks to today’s digital world, spending money is easier than ever. Sometimes it even happens without really thinking. Nowadays, there are things like one-click checkouts, limited-time offers, and subscription traps, which are all trying to get you to buy something. Because of this, it’s incredibly important to control your spending. This doesn’t mean living like a monk or not having fun; it’s only about being more intentional. By doing this, you can save up money, avoid debt, and just feel more in control. Next, we will go through five strategies you can use to control your spending.
1. Maximise Free Offers and Bonuses
First on our list, we have a strategy, which is often overlooked by people. Regardless of this, using bonuses, free offers, and promotions to your advantage still remains one of the smartest ways to control your spending. Online casinos are a great example, since they usually offer many different bonuses and offers. With these, you don’t need to deposit large amounts of money to play and enjoy entertainment. Currently, there are platforms like Coinpoker Australia, which are full of new, innovative, and generous deals. By joining platforms of this kind, you can save money, lower your costs, and still enjoy excitement.
While online casinos are a great example, this strategy can also be used elsewhere. For example, different online shops offer cashback deals or other discount codes that help you save money. Because of this, before you buy something, be sure to check if there’s any discount code or deal available.
Additionally, you can also start to check out free trials whenever they are campaigned. It doesn’t matter if it’s entertainment, fitness, or software tools; test it out before actually committing to it. While free trials can help save money and test products, they can become expensive when you forget to cancel the order before bills start coming.
2. Stick to a Budget That You Actually Use
A classic and well-known strategy to save money and control your spending is to make a budget and stick to it. While at first, it may sound restrictive, when it’s done correctly, it’s actually freeing. This is because it permits you to spend rather than the restrictive feeling. The key when building a good budget is to do one that reflects your lifestyle and goals. If it’s too strict, you will abandon it within a week, and if it’s too vague, it won’t work as supposed. To start, write down your monthly income and fixed expenses like rent, bills, and other things like subscriptions. After this, allocate what’s left to categories like groceries, transport, entertainment, and savings.
Now you just need to follow it. This can be done by tracking your spending in real time. To do this, you can use apps, a spreadsheet, or even a notebook. While this helps you stick to your budget strictly, it also helps you understand what you truly need and what you don’t. Additionally, this also helps you hone your budget to perfection. For example, if you notice that you are spending $150 a month on delivery food when you only budgeted $80, you can readjust. This can be done by cutting something back or making room elsewhere.
Different budgeting techniques, like the Sinking Fund Method and the Envelope System, also help you plan ahead for irregular costs. Birthdays, holidays, and travel plans shouldn’t feel like surprise expenses. If you know you’ll need $300 for Christmas, set aside €25 a month starting in March. With a good and stable budget, you’re not constantly reacting or stressing—you are anticipating.
3. Use the “Pause and Reflect” Rule
As said at the start, the digital world made spending money much easier. Because of this, impulse buys have become one of the biggest enemies of controlled spending. I am sure that you have ordered some gadget online at midnight as a last-minute decision and never used it once after it arrived. While it might only cost a couple of dollars, it’s still a waste of money, and small expenses tend to add up fast.
As a solution to this problem, implement a pause and reflect rule. The way it works is that whenever you feel tempted to buy something, stop and wait for at least 24 hours. For larger purchases, you can even wait a week or a month.
Usually, after the waiting period, the urge to buy has disappeared. This is because you then realise that you actually don’t need the product. On the other hand, if you do still want it the next day, you probably need it. The main idea of this strategy is to turn spending into a choice rather than a reaction.
The best way to practice this strategy is to make a wishlist. Whenever you get the urge to buy a product, put it on the list and start waiting for it. After the waiting time is over, come back to check it and forget it or buy it. The list’s main idea is to help you remember those impulsive purchase urges and understand your own spending habits better.
5. Block Digital Temptations
Since AI and other technologies like data analysis are now used to show personalised ads for users, controlling spending is even harder, especially if your phone is constantly showing ads as notifications. Social media, email promotions, and push notifications are all designed to make you spend. The solution to this is to reduce your digital space. This means to unsubscribe from promotional emails, mute shopping apps, and install browser extensions that block ads.
Even just removing your card info from the autofill setting can reduce your impulsive purchases by a lot. This is because then you will have a few extra seconds to think about the purchase while you are grabbing your wallet. Additionally, if you are using apps like Instagram or TikTok, think about who you follow. This is because even influencers can trigger unnecessary and impulsive purchases.
And lastly, to optimise this strategy, you can start to designate certain times of the day as ad-free zones. This means that during these times, you won’t browse online stores or apps. The times should be when you are bored, tired, or emotional, since in these moments you are most vulnerable to impulsive decisions like purchases.
