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How can you build healthy spending habits?

On Behalf of | Oct 21, 2022 | Bankruptcy

No matter your income level or what you are spending your money on, learning about good spending habits can benefit you in multiple ways.

Taking a serious look at your regular routine and asking yourself important questions is one way to help build these habits.

Pause before acting

According to Psychology Today, when you feel pressured to finalize an order online or buy a quick item at the store when you are out, you may make choices you regret later. Catching yourself in the moment before you make a large purchase can help you determine whether or not you really want this item.

Walking away from the computer for a few hours, or even standing there for a minute, will give you time to weigh the pros and cons of spending money.

Write down what you spend

Seeing the amount of things you purchase written down in one place can help you realize just how much money you spend on unnecessary goods and services. After each shopping trip, collecting the recipes and writing down what you bought and how much it cost can help you realize how much what you spend adds up.

Noticing when you are buying items impulsively can help you find ways to avoid future temptations.

Notice your emotions

Being aware of what you feel when you make purchases can play a part in why you spend money. You may deal with anxiety or soothe your anger by getting new items. When you can find the source of your negative feelings, you may notice it is easier to create healthy spending habits.