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It’s often reported that the closer you are to spending actual cash, the less likely you are to part with it and the further away you are from touching your own cash, such as using credit cards (plus their incentives like cashback or miles), the larger amount and more easily you will spend.
Now, we had debt once, but we worked through it. However, now, we put everything on credit and pay it off monthly. Not for the rewards so much, but more for the convenience.
If you’re like us and do this, you can still trigger a sense of loss in parting with your funds. Yes, you can stop or reduce habitual and possibly frivolous spending that happens!
Do the following to enhance your purchase process and bring intentionality back into the flow:
- First, unless you know it is a need, then consider it first for a set amount of time. Decide about it. Where will it go, will it replace something, can you do without it by using something you already have, etc?
- If you can, the defer the item to a list.
- For small items, think about the purchase for 10 minutes in advance.
- For mid-size items, consider it for a week.
- For large items, consider it for a month!
- If you can, the defer the item to a list.
- Next, if you still want it, buy it.
- Once you’ve bought it, record the purchase in a register. Just like the old check register, carry this with you so it becomes entwined with your purchases. This will make it so you are deliberately making the purchase and feeling the loss of money. Using this method can help you acknowledge that you have parted with money. This also gives you the benefit of being able to look back and review your purchases and spending patterns.
