Creating a budget is one way to build financial stability but sticking to that budget can be easier said than done. Even with the best intentions, it’s easy to overspend. Whether you regularly spend more than your means or occasionally make an impulse buy, a few smart spending strategies can help you curb your overspending and keep more money in your wallet.
Understand your spending triggers
Did you know that much of our spending behavior is influenced by emotional and psychological triggers? A spending trigger can be any situation, emotion, place or person that tempts you to spend money. If you can identify and remove these triggers, you’ll remove the temptation to overspend.
Pay with cash instead of cards
Credit cards can be a major catalyst for overspending. You may not even realize you’ve overspent until the monthly statement arrives in your mailbox. Rather than relying on cards for day-to-day purchases, pay cash. Take only the amount you need and leave the rest in the bank.
Plan purchases with a shopping list
Impulse buys can add up quickly. Avoid them by making a shopping list and sticking to it. Shopping lists aren’t just for groceries. A clothing list can be an excellent way to build your wardrobe slowly as your budget allows.
Ignore the “Buy Now” button
We all love the instant gratification of making a purchase quickly and easily, but many times we don’t stop to consider if we really need the item. Online shopping has made it even more tempting with the Buy Now option that has your purchase on its way to your doorstep with the click of a button. Resist the urge to click and let the item sit in your shopping cart for a few days. If you still need it (and it fits into your budget), give yourself permission to buy.
Track your spending
If you find yourself spending more than you’ve budgeted, consider using the You Need a Budget (YNAB) app* to track your spending across all your accounts. You can even connect your app to the WellBeingAtAECOM.com platform to earn WELLwins through the new activity tracking feature.
For more resources to help you stick to your budget, visit the Financial Resources page.
* You Need a Budget is a third-party personal finance and budgeting platform. Setting up an account does not give AECOM access to any personal financial information.
