canstockphoto9752144Do you find yourself out of money before payday? You are living paycheck to paycheck and you feel like you’re working so hard with nothing to show for it. This isn’t the fact that you aren’t earning enough money. It’s because you don’t know where your money is going. If this is the case you may have a problem with emotional spending.

If you aren’t familiar with the term emotional spending, it is when you purchase things on impulse without giving it a second thought. This spending behavior will possibly get you into big financial trouble. Now this doesn’t mean that you can’t spend money on things that are fun. It just means that you will need to learn how to better manage your finances that you have left over after paying all of the necessary expenses. There are many ways you can control impulse purchases and build your savings quickly.

Some of these ways are:

 

Pay close attention to the things you are spending your money on. Do you shop out of boredom? If you find yourself throwing items in the shopping cart that you really don’t need, this is a good sign that you are an emotional spender. You can avoid this by only shopping when you need something and keep a close watch on what you purchase by writing out a good old fashion shopping list on paper or by using your smartphone.

Don’t overindulge in material things. It’s okay to take your friends and family out to an expensive dinner occasionally or to buy yourself a nice outfit every once in a while. However, if you continuously make this a habit this will become quite costly.

Beware of small purchases. Just because you find items that are cheap doesn’t necessarily mean that you are saving money. Sometimes, this is quite the opposite. If you find yourself buying items on sale but you aren’t using them, you are actually throwing away a lot of money. Whether you are buying cheap or expensive items, only buy things that you need or will use in the near future.

Pamper yourself occasionally. Even though I stated that you should treat yourself every once in a while, it isn’t limited to wining and dining. Get yourself a body massage or even buy yourself a new tech gadget to reward yourself for sticking to your budget. Make sure you plan ahead and save for these items. You will feel much better about it and this won’t mess up your financial security.

Acknowledge that you have a spending problem. Admitting these feelings is the first step to reaching your goal of financial freedom. If you notice these emotions that are making you feel that you need to buy things, you will be less likely to act on them.

Keep your priorities in mind. Focus on your most important goals. For instance, if your goal is to get out of debt, look at making senseless purchases as an obstacle. If you want to make a large purchase such as a new car or paying extra on your mortgage, take the money that you would normally spend frivolously and put it away.

Stay away from retail shops and online stores where you have a habit of overspending. If you find that you spend more money than you need to when you go to the mall or even on eBay, avoid going to those places. Try going out for a walk at the park, take up a hobby or volunteer for your favorite charity.

The strategies above are some of the ways you can build your savings quickly while getting rid of the habit of emotional spending. You can use these methods or even come up with your own solutions to reach your goal of financial freedom sooner than you think.