Five ways to change spending mindsets

By Sensible Life Editorial Staff
Published June 13th, 2009

1.    If you are accustom to putting everything on a charge card and rather than banking the money to pay it off every month, you spend your cash on eating out or impulse buys, then consider this. Every time you pull out your charge card, resolve to pay half of your purchase in cash. You’ll at least be charging less, thus will incur less of a finance charge if you don’t pay it off when you get your next bill.

2.    When paying in cash, never pay with exact change. Pocket the change and then put it in a jar when you get home, so you’re not tempted to use it. If you’re brave, do this when you have a few dollar bills in change as well. It adds up quick, but don’t use it for spending money. Put it in a savings account.

3.    If you can access your newspaper online, nix the newspaper subscription, and instead put that money into a savings account. Even if your newspaper subscription comes with coupons, you can get the same, or even better, coupons online at www.coupons.com.

4.    Gift giving can add up, especially in months that are saturated with weddings & graduations. Combined with other holidays, your gift budget can soar through the roof. In these economic times, it’s perfectly acceptable to go in with other gift givers to present one, really nice gift. Why buy some trinkets that have little meaning and won’t have long term usefulness when you can pool with others who are likely in the same financial budgeting boat you are.

5.    If you have difficulty controlling your impulse buying, then consider this. It’s way too easy to click through a few web pages and in a few days have something you want, so why not restrict your impulse buying to a Dollar Tree Store. I’ve found many a fun item here –even some bright and cheery tumblers for cool summer drinks – and the most I’ve ever spent at one time in a Dollar Tree is around $20. It’s much easier to live with yourself when you’ve spent $5 or $10 on an impulse buy, as opposed to $80 or $100.

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