I was intrigued by sales, clearance items, new tags, shopping bags and the feeling of purchasing something new. I didn’t think I was a shopaholic until I accumulated around $3,000 in credit card debt before the age of 20. The majority of the items I bought were impulsive and from there, I knew I had to stop before I started drowning in debt.
1. Get rid of the credit cards: Moreover, I was so excited to see the “You’ve been Pre-Approved” pieces of mail. I never signed up for these cards but I felt special that they trusted me with large amounts of money. I don’t care if you have to cut them up, hide them or give them to someone you trust but get rid of them! Not having them in your wallet when you go to a store or see something you have to have saves you a lot in the long run!
2. Think wisely: There have been plenty of times where I bought something “just because” but in reality, it was junk that piled up with no where to go. Ask yourself, “Do I need this?” or “Can I live without it?” because if you don’t need it and you can live without it, put it back!
3. Pack your food: I’m one of those people who live off of coffee. I feel like if I don’t have a cup of it, I won’t be able to function correctly. I usually order a Caramel Macciato with soy milk and a pump of toffee nut from a local coffee joint and it’d come out to roughly $4. For an entire week, I’d spend $28 alone on just COFFEE. Sounds ridiculous? I know.. it IS ridiculous. Soon after I crunched these numbers, I started making my own coffee and spend around $9 for a huge tub of grinded coffee beans that last an entire month. The $3 here for a sandwich or the $6 for a value meal adds up. Go to the grocery store, buy food and make your own! Numbers add up each week.
4. Don’t put yourself in a bad situation: So many times I’ve left the house without my credit cards but I’ve found other ways around credit cards. I’ve used cash and the devil of it all.. personal checks. I’ll swing around to my favorite stores because I’m lured in with the big red “SALE” signs. Don’t tempt yourself! If you have nothing to do, don’t “window shop” at the mall because chances are, you’ll find another way to shop even without the plastic.
5. Self Discipline: I know, it sound stupidly easy but its much harder than you think. I mean.. You’re gonna have to say goodbye to those 50% knee high boots, that cute $10 dress and the to-die-for diamond earrings.
With these 5 tips, you’ll be surprised to see how much money is accumulated in your savings account after 3 months!