How to Stop Spending Money

The most important thing to stop spending money is taking the decision itself

I can show you many ways on how to stop spending money

But if you're not willing to give up your luxuious life then don't read the below

I have few relatives who consider themselves smart by hunting deals on weekly flyers

I couldn't convince them that buying let's say clothes in huge discounts is considered waste of money

Unfortuantely you start giving yourself excuses that you needed what you got

I see we are living in a society that creates occasions one after the other to push you buying things you won't need

There are few affiliate links, if you click a link and make a purchase, I may receive a commission at no extra cost to you

how to stop spending money

Once we finish the back to school event we start preparing for halloween followed by Christmas and the new year

It is never ending cycle that's why I'll discuss few hints to stop spending money

Practice 30 days rule on non essential items

Start with a simple practice to stop spending money for 30 days only

If you are able to make it then increase the period till it becomes a life habit

Also 30 days rule you can apply on big tickets item you crave to buy

Theoratically a human being not buying what you want for 30 days you will lose your desire to buy it forever

Be careful not to be tricked by any deals

If it happens that you glimpse a huge discount on anything

I consider it a temptation as definitely you buy it because of the sale price

Not because you need it

I know what I am talking about as I used to be a victim of buying shoes I don't need

Recently I was at Costco and I saw a winter jacket discounted like 80%

I know I have already more than 4 winter jackets so for sure I don't need it

It took me a while to skip the offer and decide not to buy this jacket

Know your wants and needs

The key to stop spending money is to differentiate between your wants and needs

Don't be surprised if you don't know the difference between both the above two

Your needs are essential things you cannot live without like your shelter

I mean by shelter your rent or mortgage you have to pay to stay in your home

Also your essential food and transportation

On the other hand side, all your wants are completely non essential like your music subscription or your video games you buy for fun

Unsubscribe from emails

I won't ask you to stop reading all stores emails

I would ask you to unsubscribe from all promotional emails

By doing that you'll skip discounts on purpose

Trust me it is for your own benefit

If you are serious on how to stop spending money then go ahead and hit unsubscribe

Setup a plan for the Tax refund season

I know how the tax season represents for everyone

Most employees know that tax season is a refund time for them

You start building dreams on how you will spend that money and nobody can stop you

What would be better if you commit yourself redirecting that money towards something that could build a long term result

For example, if you have debt you can pay it to get rid of your debt

Otherwise thing about long term plan like retirement saving account

Automate transfering money to your saving account

One of the key concept to stop spending money is to save money instead

How? well we all know if your income is most of the times in surplus

It can happen actually this sitiuation occurred to all who started working from home due to COVID-19

You saved your transporation, your daycare, your lunch at work and many more

Definitely you would not stop spending money

You're not in stress and able to meet all your obligations as known as paying your bills

That's why wise people started to out themselves in obligations by saving more money when pandemic started

All you need is to ask your bank to automate transferring money from every paycheck

Plan for a budget

First, do you know what is a budget and how to create it

It is simply a plan of how you will spend your income during any given month

You put a rule in advance for every expense and you follow it

To know the right rule to follow just collect 3-6 existing debit or credit cards statements

If you are looking for the right budget structure like the below one

I already got your covered as I have an undated ultimate budget binder

It comes with current and 2 upcoming years

dated monthly budget page to live cheap by balancing your budget

Analyze your spending

The key to stop spending money is to analyze where you spend your money on

I am sure it happened to all of us that we see a spike in one of the months

We take a step back on all of our transactions and look for any suspicious spending

That's why it is better to track all spending when they occur

You can use my free track your expenses sheet from my products page

Income Expenses Tracker to live cheap taking care of your expenses

Cancel subscriptions

Finally this hint won't help you stop spending money

But it will restore it to a better position

Look for all of your current subscriptions and cancel few of them

It can be a magazine subscription or music and games subscriptions

I know lot of people who accepts the trial periods

But they forget to cancel before the trial expires and so they get charged

By the way you won't realize it until you examine all of your subscriptions

Final words on how to stop spending money

If you are serious to stop spending money today then start now and good luck

It would take you a lot of time and you may fail some temptations

The most important thing is to always remind you

I know true stores of people who failed couple of times

They managed to return what they already purchased within the same week

Michael launched Wealth of Geeks to make personal finance fun. He has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, and save for retirement. Michael is passionate about personal finance, side hustles, and all things geeky.