5 Tips to Change Your Bad Spending Habits (and have more for Charity)
Don’t have enough money to give to charity? Hardly have enough to pay your own electric bill? The ability to fit charitable giving into your budget starts with discipline in your spending habits.
We’ve all experienced the impulsion to buy something we didn’t plan to purchase. “You ran into the grocery store quickly to pick up some milk, and as it so happens, ‘lintels’ are on sale. You don’t even really like lintels, but somehow they end up in your shopping basket.”
It’s easy to spend more than you make. If you give into impulsive purchases—you’re always going to be broke with no money for charity (or money for the things you really want, for that matter).
Here are a few tips to help you develop control over your bad-buying habits, so that you have enough money for giving (and your electric bill)
5 Tips To Change Your Bad Spending Habits:
1. Create a Budget Plan
One of the best ways to control your spending is to create a written budget plan. A budget plan accomplishes two things: 1) It allows you to visually see how much money you actually have, and 2) It allows you to identify and allocate your money accordingly for important purchases like food, gas, and other essentials. That way you never have to worry if swiping your card at the grocery store is going to make your check bounce for the utilities bill.
2. Find Someone To be Accountable To
Another way to have money for yourself and a little extra for charity is to find someone who will encourage you to stick to your budget plan such as a spouse, good friend, or a religious leader. A supportive figure can give you tremendous help with your spending habits (and also remind you to give to charitable causes)!
3. Wait Overnight
Give yourself time to get over that sudden “buyer-high” before making a purchase – don’t get married to it! Often, when you sleep over night, a little meditation gives you a good dose of mental clarity.
2. Consider Your Motives
Ask yourself this very simple question, “Is this a need or a want?” Addressing this question allows you to prioritize your budget by eradicating unnecessary items that don’t fall within your financial plan. You might also want to consider the question, “Should I give to self? Or spare some extra change to give to something more charitable?”
3. Don’t be Stupid.
Just because it claims to “Improve Your Life Miraculously in 101 Ways”, doesn’t mean it actually can. Turns out that your $25 duster buster *batteries included* (that thing you just had-to-have), is really quite impractical and requires specialty batteries that cost more than the product itself.
4. Consider the “Opportunity Cost”
Before you make a purchase, give yourself some financial coaching. Think about your money as an investment. “Should I take this money and invest in new clothes, give to a charitable cause, or even give to self in the form of a Roth IRA earning annual interest? (so that I can give to charity while I’m retired)” It’s important to realize that “money”, in and of itself, is of no value. The true value of money all depends on the value of what it purchases, or the value we give to it. Considering the opportunity cost of a purchase gives you better discernment and puts your spending-habits into perspective.
By following these tips, you will be able to control unnecessary spending, have money for yourself, and have extra for charitable gift-giving.
Wise men make disciplined decisions.
“He who is impulsive exalts folly.”
Tags: Fundraising
23. February 2009 at 6:00 pm :
Want to add more tips? Add them here.
Best,
The MicroGiving Team
25. February 2009 at 9:39 am :
Determine need vs want. Do you really need that new set of sheets are you just bored with what you have? Do you really need new clothes, shoes, etc or are you just bored with what you have?
Lots of times we have clothes, shoes, jackets etc but they are old and boring and we want something new and fresh. If you want a new outfit, perhaps you should take two old boring ones and drop them off at your local Goodwill or Salvation Army. Is it hard to part with an outfit? Hmmmm…maybe you really don’t need anything new? Perhaps instead of a new outfit you could check into a cheap package of clothing dye to change the color, pick up something from the craft store to dress up clothes you already have. You could create something unique, fresh and spend much less.
If you really did find two outfits you could load in your car and drop off at Goodwill…hey why not shop around Goodwill for a bit before you head to the retail store. You just might find something new and different. If you didn’t find anything…well at least you tried. Is there a Salvation Army down the road?
Ok…maybe not, but you did part with two outfits, you did check out a resale shop and if you skipped the starbucks and all the fast food joints on the way to your favorite clothing shop you earned that new outfit and gave to charity at the same time. Thanks for dropping off those outfits, you might have helped my family
26. February 2009 at 7:05 am :
I have enjoyed reading this entry! Great ideas and alot of useful suggestions.
when you lose a income or your only income, you need to sit back for a moment and learn to adjust to your new way of living.
Create a budget and stick to it!
Plan your meals a week at a time and stick to it.
Buy bulk when possible but check the prices of product.
Pack a lunch instead of buying
When purchasing meat of any kind, buy the biggest pack that fits your budget
break it down into pounds or recipes.
Buy whole chickens instead of packs, much cheaper and you can get at least
two meals out of one bird. Use the carcus of chicken or turkey, to make a
stock.
Drink coffee? Grind your own beans, you’ll be suprised at what you save.
And here’s one for the books. My father in law, who is 87 and one of 9 kids said his mother would slick and cube potatoes t add to any soup to make a meal out of it. She even added them to her chili.
28. February 2009 at 12:26 pm :
Great Ideas, Becky..
What I find….is that i spend compulsively, when I am depressed…so here is what I do..
I find a pair of jeans for instance, that are stained or old looking…i find another shirt or something with some trim on it that i wasn’t planning on wearing anymore.
I use the lace, or anything i can find, and trim the Jeans with it…
I love to be creative…and if I don’t wear it, i sell them at a yard sale..I like leftovers’ when it comes to food…good old pinto beans….stewed tomatoes, and hamburger meat,…and some chile powder makes a delicious chile, and also goes a long way..
buy some flour tortilla’s, and you have some darn good burritos too lol
If you can’t afford to give to charity…just let them know you would be happy to clean, help them set up booths,…sell for them in church events, etc…they appreciate it…and when you get on your feet…you will be able to help in a monetary way if you so desire.
2. March 2009 at 9:49 pm :
Leave the credit card at home!
And only bring as much money as you plan to spend… this will force you to keep your money for the purchase it was intended.
2. March 2009 at 9:56 pm :
Joanna wrote:
“I find a pair of jeans for instance, that are stained or old looking…i find another shirt or something with some trim on it that i wasn’t planning on wearing anymore.
I use the lace, or anything i can find, and trim the Jeans with it…
I love to be creative…”
Really like this idea! Sometimes you can freshen up an old coat or cardigan by replacing the buttons, or give it a new spin with buttons that are funky!
From a female standpoint, you’re less likely to feel the shopping-spree urge when you feel good about your closet. So revamping a few items is a really clever idea.
Kudos Joanna…
4. March 2009 at 8:44 am :
April, excellent advice about the credit card. Do you have any advice about someone on plastic only like a debit card? It costs those on prepaid debits too much to take cash out of the ATM. Those on prepaid don’t have checking/savings accounts. Fees are too high and overdrafts are too possible on a fixed income. Once OD will bury you for a few months and can bring on legal action that can render you homeless.
Here is my tip for dealing with prepay debit. Have one card that your benefits or payroll check is deposited on. Then buy yourself a few prepaid debits that you can get at almost any gas station or grocery store now. Put your extra cash on that debit card and ONLY take that card with you when you go out. That way you are not tapping into bill funds when there is a sale going on somewhere. Sales bring on impulse buys. If you bill paying card is safe at home you don’t wind up buying your kid an extra pair of jeans just cuz they are on sale then not have enough to cover your phone bill.
5. March 2009 at 3:31 pm :
I would have to say the need verses the went is okay,,,but sometimes I think I need the choclate candy bar…or the gallon of ice cream…man I get so confused…Lol….No…. really my secret is…when I’m feeling very vulnerable to wild spending, I send my husband…He is good at sticking to a list….
7. March 2009 at 3:29 am :
HSM…at least you recognize your weakness and will send your hubby. That is a great way to handle that.
When you are craving chocolate you may actually NEED it, there is enough science to say that chocolate helps with depression. If you are seeking chocolate you are seeking the actual cocoa so in that case you could scale down the cost by buying some baking cocoa and adding that to some cheap vanilla ice cream, adding a bit to your coffee, making some home make hot cocoa, learn to make real chocolate pudding and cakes. You can in reality handle a craving if you stop and examine the craving. Most cravings are in fact your body telling you need something and your mind recalling that you can feed that craving with a known item. If you study what the common item is in the foods you seem to be craving you can create new items that are less costly.
20. March 2009 at 2:12 am :
A great way to save money and if you are on a tight budget like we all are.. is buy your snack food at the Dollar General and those type stores.Its always cheaper there and many are even brand name.
They also have other food items like soups, can veggies, tuna. Even their house hold cleaners , dish detergent , clothes detergent, shampoo, soap ( ALL brand names) are so much cheaper there.
As well as school supplies.