How to Stop Overspending Online
1. Unsubscribe from Temptation:
Out of sight, out of mind! If you don't know about the offers, you won't be tempted to redeem them! So do yourself a fav & remove yourself from those email lists that keep luring you in with tempting deals.
2. Remove Apple Pay From Your Phone & Credit Card Auto Pay From Your Browsers:
This video speaks to me. Apple Pay makes spending money way too easy! Don't get me wrong- I love credit card points & am not telling you to carry cash around & use that instead- but just remove Apple Pay & autopay from your browsers so that you can't impulsively shop as easily
The time it takes to dig in your purse for your card or punch in that number is time you can use to BREATHE & reconsider the action you're about to take. Trust me… that split second where you're forced to think something through can change EVERYTHING!
3. Follow the 72 Hour Rule:
Picture this: you stumble upon the newest Prada heels – it's a love-at-first-sight situation. They're 20% off for Black Friday. You saw Jenna Lyons wearing them! You get hyper-fixated. Hold up! Give it a solid 72 hours before you press BUY. Let the initial adrenaline rush wear off, and use that time to ponder if it's really worth your hard-earned cash and precious closet space.
4. You've heard of the 4 questions at Passover.
Well — here are 3 questions to ask yourself before you make a damn purchase:
- Question 1: If you could have the money in cash, would you take the cash or the item? Do you want that $250 Reformation dress? Or do you want $250 in cold, hard cash? (If you choose the cash, then delete the item from your cart...)
- Question 2: Do you have something similar to what you want to buy? Do you really need that slightly redder lipstick when you already have 3 others? Or yet another pair of white sneakers? The answer is no!
- Question 3: Does this purchase support your financial goals? What are you working towards financially? Get a goal & use hitting it as your reason WHY NOT to spend impulsively. IF YOU KNOW YOUR WHY, it makes it easier to say WHY NOT!
5. Budget Like a Boss:
There's nothing wrong with shopping, as long as you can afford it & are investing and saving too. Following the 50/30/20 budgeting rule and having a spending cap will help you indulge without breaking the bank. This is the #1 most important advice I'm going to give you! The Money Book will solve this for you! It sets you up with a realistic budget that includes both necessities and a bit of wiggle room for guilty pleasures. Line item for random spending? Yes, please!
