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Overspending is never a good thing, and just like anything bad we’ve been doing too often, a detox may be necessary. Here are 4 ways you can detox from overspending that will help you recoup your losses and give your bank account a break!
1. Get to the Root of Your Overspending
Getting to the root of what caused you to overspend will help you prepare for the future. When you are familiar with your spending triggers, you can find other ways to relieve yourself. The first step is acknowledging a problem. Instead of beating yourself up, try to get to the root of why you overspent when you shouldn’t have. Unsubscribe from marketing emails, spend less time on Instagram and more time with a good book, and if a particular person or situation triggers you to spend more, you may not be able to avoid them completely, but be aware how their stimulus impacts your mood.
2. Save Daily For Something Bigger
Whenever you abstain from spending, you can reward yourself by topping off your goal account for the week with a really compelling dream to achieve. You should also try putting away small amount of money like $1 or $2 a day with an automatic savings plan. Even when there are ups and downs, you get to save more, and when you can’t, you still got your goal on lock.
3. Try Going on a Spending Fast
A spending fast is where you put a stop on all discretionary and non-necessary spending for a certain period of time. This is where you put the debit card away, freeze the credit cards, and block online shopping sites. However, the amount of time to complete your spending fast is up to you to decide. Just bear in mind that the longer you can avoid non-necessary spending, the faster you will make up the losses from your overspending. Now, certain things can’t be avoided, just make sure you are diligently following your budget.
4. Pull the Exact Amount in Cash for Something You Need
Leveraging cash for your spending is a great way to stay on budget and make sure you don’t overspend. You only have so much cash and it needs to last you, so you must be mindful. If possible, keep a copy of your budget in your phone, so you never forget how much is allocated to what. And, if you don’t use all the cash you pull, put it right back into your bank account. It can be used for an extra savings transfer or credit card payment.
