Family

Family.com Household How to Put Your Spending on a Diet

Spring To-Do's

It's Tax Time!

How to Put Your Spending on a Diet

Find out if you overindulge… and how to stop.

By Elizabeth Weiss McGolerick

From our provider:

Indulging in an over-the-top purchase or beauty treatment is one surefire way to lift a gal's mood. But the cure is only temporary, because that momentary joy can leave you in the red.

Recognize where spending trips you up and adopt some small changes in spending habits to feel full and satisfied more often than not… without leaving a hole in your pocketbook.

Are You an Over-Indulger?

There's nothing wrong with a little occasional pampering. But let's face it, no woman wants to be in debt because of a pricey pick-me-up. Catey Hill, author of Shoo, Jimmy Choo! The Modern Girl's Guide to Spending Less and Saving More, identifies six types of female over-indulgers. Are you guilty?

Reward spender: Buys because she "deserves" something special for her hard work or accomplishments.
Social spender: Spends too much in certain settings because of peer pressure, a relaxed atmosphere, or a refusal to be "that girl" who insists on dividing the bill precisely.
Emotional spender: Can fall victim to the Internet when she's feeling down; spends because vegging at home and shopping in PJs is comforting, and there's no one to answer to but herself.
Some spenders hit the mall with good intentions just looking for a distraction but, instead of window shopping, she can become an "it's on sale spender" (can't resist a deal), "impulsive spender" (buys on a whim), or "absentminded spender" (purchases without thinking it through).

How to Curb the Spending

It's not easy to stop spending when immediate gratification is so tempting. Follow these tips from Hill and you can still get what you want… without going broke.

Practice the 48-hour rule. Create a money threshold. Any items that go over that amount (say $75) require a cooling-off period so you can think about how much you really want said items, and if they fit your budget.
Practice the five-second rule. For every item that's under your threshold – even a pack of gum – wait five seconds before putting it in the cart and ask yourself, "Do I really need this?" If the answer is no, put it back on the shelf – no exceptions.
Use apps to help you save. Check out PriceCheck, RedLaser or Coupon Sherpa apps to get price comparisons and coupons.
Go green – the cash-only diet. Withdraw a certain amount of available cash at the beginning of the week and leave the ATM and credit cards at home. Without a back-up plan, you'll be forced to make wise buying decisions.
Get online coupons. CouponCabin and RetailMeNot offer printable store coupons. Check out retailers' sites too to see if they offer deals online or send discounts via email.
Budget online. Mint.com pulls your bank account info securely and helps you make a budget so you can learn how you spend your hard-earned dollars – and it offers suggestions to help you spend less.