How to stop spending money: The best way to have more money is to stop yourself from spending it. Here are 10 Immediate Impact Tips.
Growing up, I wasn’t a natural saver.
I wasn’t taught about money or how to properly use it.
Before the age of 25, I spent frivolously on clothes, partying, a college education, and on things that got me nowhere.
To this day, though, I don’t mind spending money on good quality products and services. I like new technology and gadgets, too.
As such, I’ve had to find different ways to stop spending money.
For example, I pay myself first into my investment accounts so I can’t spend extra money.
But saving money can only go so far if you earn a middle class income.
Sometimes you need to learn how to stop spending money to save more of it.
In this post, I will show you 10 ways to stop spending money immediately.
Let’s take a look.
How To Stop Spending Money
How To Stop Spending Money
1. Leave Your Cards At Home
One simple tip to stop spending money is to leave your credit and debit cards at home when you go out.
Simply put, if you don’t have any way to spend money, you won’t spend money.
Sure, it’s an annoyance, but once you get home and you didn’t spend money, you will realize that you can do it.
After leaving your cards at home and proving you can refrain from spending, you might be able to take your cards and not spend down the road.
2. Gamify Spending
When you become an adult, anything in life can become a game.
The choice is yours.
If you want, you could turn spending into a game.
You could test yourself to see how little you can spend.
Just remember, there is a difference between being frugal vs. being a cheapskate.
3. Have No-Spend Days
Since I’ve been working from home, I have a lot more no-spend days.
I no longer have the option to spend money on snacks or coffee during my breaks.
If you are working from home during the pandemic, challenge yourself to see how many days of the month you can avoid spending money.
The key is to save money on groceries and stock up in bulk.
As long as you are stocked up on essentials, it becomes easy to stop spending money.
4. Never Sign Up For Anything That Leads To Extra Monthly Payments
Never add an extra payment to your monthly expenses.
The moment you sign up for something that adds to your monthly expenses, you have less money.
Regardless if it is a car loan, smartphone upgrade or streaming subscription, monthly payments subtract from your money.
If you avoid fixed expenses and monthly payments, you will begin to notice how easy it is to save money.
Suddenly, you will have extra money leftover because you have less bills eroding your money.
After a while, you will begin to view spending differently.
You won’t see cars on the streets, you will see car loans.
You won’t see the latest fashions and accessories, you will see brain-neutral purchases.
And instead of extra bill payments, you will see extra money in your account.
5. Cancel Subscriptions
A quick way to save money is to cancel unnecessary monthly subscriptions.
If you use Apple Music or Spotify, cancel it now.
Most music is free on YouTube, anyways.
Perhaps some subscriptions are worthwhile, such as Netflix. It provides a great value overall.
But if you have more than one streaming subscription, cancel all but one of them.
If you have cable television, you should have cancelled that yesterday.
Same if you have a home phone.
By cancelling a simple music subscription, you can add $120 per year to your pocket.
All those little payments add up over time.
Alternatively, to lower the cost of your subscriptions, consider a family plan or split the cost with family and friends.
6. Invest Your Money So It’s Gone
Out of all the ways to save money on this list, paying myself first is the one that works best for me.
The moment I get paid, I transfer savings into my investment accounts.
Then, I have no way to spend it.
Of course, it helps that I am motivated by investing and financial independence.
I am motivated to save money because every month I can earn more through dividend investing.
If you are looking for the surest way to stop spending money, force yourself to save it before you can spend it.
Then invest your savings into equities, real estate, or Bitcoin to hold for the long term.
7. Don’t Go Out
Another efficient way to stop spending money is to not go out at all.
Just stay home.
I’m sure you’ve heard that a lot recently, anyways.
But in all seriousness, if you just stay home, you won’t spend money.
You won’t waste gas or be tempted to buy something extra.
So, stay home and have a couch-locked night to save money.
8. Think About How Many Hours Of Work It Costs To Buy It
If you are tempted to buy something expensive, work out how many hours you have to work to pay for it.
If you begin to understand the correlation between time and money, your value system might change.
I mean, a new iPad would be nice, but is it worth it to spend a week’s pay on it?
Most likely not.
9. Try To Push It One More Day
It’s getting close to grocery day and you’re running out of ingredients.
What normally happens is you go to the grocery store and overspend. Plus, you end up wasting what was left from the previous shop.
To avoid spending money, try to push your grocery shop one more day.
Check through your current ingredients to see if you can whip something together.
Something like chicken fried rice, pasta, or a few leftovers put together.
In turn, you will waste less and add another no-spend day to your month.
For more grocery saving tips, check out: Save Money On Groceries: 14 Highly Effective Ways To Reduce Grocery Costs
10. Sleep On It
I almost bought a new iPhone 12 Plus Max. It was a 256 GB model in blue. It’s really nice…
Since I’ve been with Rogers for so long, and since my contract is up, they offered me a really good deal on it.
But instead of taking it, I opted for a lower monthly bill payment.
For the time being, I am still using my old phone.
The way I was able to come to this conclusion is by sleeping on it.
I didn’t rush and make an impulsive decision, even though I really want a new iPhone.
However, I realize that I need to keep my spending lean while I work part-time and try to build up my blogging business.
By taking my time with the decision, I saved myself $50 to $70 per month.
So, if you are thinking about making an impulsive purchase, sleep on it and decide the next day.
You might save yourself a lot of money in the process.
How To Stop Spending Money – Final Thoughts
If you avoid fixed expenses and learn how to stop spending money, you will keep more money in your pocket.
Eventually, you will have money leftover after each pay check instead of falling behind.
As extra money builds up in your account, you can invest it and start earning passive income.
So, instead of spending money, you are actually making money by not spending it.
As soon as it clicks that you can build additional income streams by not spending money, you will never look at money the same again.
Related Posts About Saving Money
Pay Yourself First – How To Pay Yourself First
Frugal vs Cheap: The Difference Between Frugality And Being A Cheapskate
Save Money On Groceries: 14 Highly Effective Ways To Reduce Grocery Costs
I am not a licensed investment or tax adviser. All opinions are my own. This post may contain advertisements by Monumetric. This post may also contain internal links, affiliate links to BizBudding, Amazon, Bluehost, and Questrade, links to trusted external sites, and links to RTC social media accounts.
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