How to Stop Bad Spending Habits

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I don’t like spending money.

One could say this stems from when my rent cost 2,000 dollars a month and I had to cut out almost everything fun if I wanted to save any money at all…. However, saving money at all costs is not healthy or sustainable.

The goal is to create healthy spending habits and STOP bad spending habits.

Today’s blog post is talking about recognizing that spending money is ok and not always bad, along with some things to consider when you’re actually spending (to stop those bad habits).

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Table of Contents

Why You Should Spend Money

Has any personal finance blogger typed out the words “why you should spend money” before? Anyway…

Stopping bad spending habits is about creating healthy spending habits, not simply cutting all spending. Cutting all spending is not sustainable.

I always say financial independence is about freedom. It is about being in control of your own time and getting to decide what you want to do all day. If that’s work, great! But it can also be taking care of your dog, or family, or traveling, or playing tennis!

However, if you have to remove everything that brings you joy so you don’t spend money, in order to reach this “financial independence” number; is that actual freedom?

No, I don’t believe so.

Life is short and stressful. What is the point of completely depriving yourself? The key is to create a balance and ask yourself what are the most important things to you?

Begin identifying the things you would like to spend money on and removing the excess.

Just throwing it out there, it is unrealistic to think you can do everything and still save money (unless you make an insanely high salary).

So prioritizing is key. What is worth the money to you?

Categories Where I Spend Money

Things That Make Your Life Easier

I have absolutely no problem spending money on things that make my life easier. Within reason of course.

This means getting a meal service box delivered so I don’t have to think about what I want to eat and then go to the grocery store. This alone saves me a few hours a week and it is life changing!

It might seem like a waste of money, but getting a couple hours back every week is huge! This is time I can spend writing blog posts like this or spending time with friends, instead of doing chores.

When spending money, I always ask myself “will this make my life easier?” And if the price isn’t outrageous, I go for it!

Quality Over Quantity

This is a pretty straightforward one. Purchasing more expensive items of higher quality that will last you longer, will more often than not be worth it in the long run. Assuming you do indeed keep those items for longer and don’t replace them every time there is a new trend.

Activities Over Physical Items

Switching the focus from purchasing items to spending on an activity, has helped me save a lot of money.

Detaching “joy” from physical objects has helped me stop impulse buying or constantly having something in my Amazon cart.

When purchasing items, you always get a rush of excitement as the anticipation builds waiting for it to arrive, however once it has, after a few weeks that excitement seems to fade and we forget about that item and move on to the next.

This is definitely the minimalist within me talking but, when you no longer constantly crave new items you are more free to focus on activities and creating memories. There seems to be a weight lifted when you feel you have everything you need.

You no longer crave to spend money shopping, you can go have fun with your friends and spend money out without feeling guilty or overspending; because you’re not spending it in other places.

Activities That Make You Happy

Now that we’re focusing more on events and activities over tangible products, well what are those activities that make you happy?

Whether it is going out with friends or traveling, it’s good to know which activities bring you the most joy and spending in those areas.

High Traffic (High-Use) Items

Although we are shifting the focus from physical items to activities, it is inevitable to need physical items.

So when we do need these items I try to spend more money on the items I use the most. For example, a good mattress and pillows, a nice pair of shoes or an espresso machine. Items you will use every single day should be comfortable and once again, make your life easier.

If I’m going to spend ⅓ of my life sleeping or laying down, my mattress is gonna be comfy.

Final Thoughts

It is more than ok to spend money! Prioritize your spending to help maximize your money.

Thinking about these couple of categories before making purchases can help cut out your bad spending habits.

Make your life comfortable and easier by focusing on the items you use the most or the items that will give you back a few hours each week. Focus on activities and start detaching your happiness from physical products so you are no longer tempted to keep spending.

Hopefully this helps walk you through what I focus on when spending money!

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