3 ways to become a conscious spender
Right, so now that we’ve taken a look at some of the different options you have to help keep the credit card debt at bay, let’s dive into our top three tips to help you turn over a new leaf in 2020!
1. Identify your impulse-spending triggers:
The first step towards building a better financial future is identifying where the issue lies. Go through your bank statement for clues on where things started to go wrong. If you can work out what it is that triggers your impulse spending, then you can find a solution.
Ask yourself, did generosity really get the better of you this Christmas? Or did you just forget to set a budget and wind up splurging on gifts you couldn’t afford?
Or maybe it goes a little deeper. The holidays can be the happiest time of the year for some people and the loneliest for others. Maybe your impulse spending over Christmas was actually just a classic case of comfort spending?
Whatever your trigger is, just know that once you become aware of it, you can gain control over it by making a plan and setting some boundaries. That way, the next time that you get triggered, you’ll be ready for it with a game-plan.
2. Set some positive savings goals
If you’re trying to ditch mindless spending for good and start spending more wisely, then you’ll need to set some clear goals. Seriously, what’s the point in saving without a purpose?
So sit down and think long and hard about what you want so you can set some positive savings goals! Nothing’s off-limits, folks. A multi-million-dollar mansion in Point Piper? A cherry-red Ferrari? The biggest misconception in life is that dreaming is a ‘waste of time’.
The key is to start with one big end-goal and then work your way back until you’ve broken it down into small practical steps.
3. Budget your way to better habits
Once you’ve identified your triggers and set some positive savings goals, it’s time to seal the deal with a solid budget.
They say it takes at least 21 days of conscious effort and consistency to form a new habit. The keyword here is consistency people! But good intentions aren’t good enough on their own.
In order to break your old, bad spending habits and replace them with good ones, you’ll need a plan to get you there. Which means you’ve gotta budget baby!
First things first, head over to our handy free budget calculator and pop in all your regular bills, expenses and income. Once you’ve done this, go back and reflect on those new savings goals so you can create a budget to help you achieve them.
It’s important to break each goal down into small achievable steps so you can gradually work towards your bigger goals.
Check out our credit card comparison table for more hot credit card deals or head over to our family finances hub for more top tip and tricks to help you take control of your finances in 2020!