![Adopt This 1 Daily Habit To Keep Impulsive Spending In Check](https://notesbynani.com/wp-content/uploads/2023/07/DTS_Quiet_Glamour_Fanette_Guilloud_8349-768x1024.jpg)
When it comes to financial literacy, I speak a very basic language. In the July issue of my monthly newsletter, I unpack the importance of conquering distractions in your decision-making. I don’t know about you, but using impulsive, self-destructive behavior as a coping mechanism for stress can show up the same way in my bank account as it does in my appetite when my nervous system is out of wack.
If controlling impulsive spending is a regular obstacle you face, you need to first set yourself up for success. At the most basic level, this necessitates budgeting your income before you start spending so you know what you have to work with in the first place.
Have a budgeting routine
Since my job pays me bi-weekly (twice per month), as soon as I receive my direct deposits I subtract half of my total monthly expenses and transfer that amount into separate accounts so I can’t touch it. Then, whatever’s left is what I have to either save or spend.
Basically, I have different accounts for spending money vs. money that needs to be allocated toward my financial responsibilities. If I can’t see it, I can’t spend it. The theory here? Out of sight, out of mind.
But if you struggle with impulse control, you will need to adopt a practice that pins your current budget status to the top of your mind before the opportunities to self-sabotage can hook your attention. Here’s my advice on the best way to go about keeping your spending habits in check.
Record your spending balance on your calendar
One of the first things I do each day when I wake up is check my bank account balance and calculate how much of it is spend/save money. Then, as a part of my morning routine, I record it on my calendar right above my meetings, events, and deadlines for the day.
This way, when I get that email from Zara saying something I left in my shopping cart is on sale, I can either purchase it comfortably or pass on the distraction being mindful of my working budget.
One response to “Adopt This 1 Daily Habit To Get Your Impulsive Spending In Check”
An impressive share! I’ve just forwarded this onto a colleague who had been conducting a little research on this.
And he actually bought me breakfast simply because I discovered it for him…
lol. So allow me to reword this…. Thank YOU for the meal!!
But yeah, thanx for spending some time to discuss this issue here on your blog.