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Hi, this is Sloan Stevens from the Sincerely Slown podcast.
This podcast is proudly sponsored by Amica Insurance.
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Okay. Oh, this shirt has a very beautiful color.
I should buy it. All clothes are so boring.
But it's the end of the month now.
So I don't have much money left.
It's okay. Just consider it a reward for next month.
I just bought it a little earlier.
I didn't spend too much this month.
My credit card will handle it all.
Does this story sound familiar to you?
Do you see yourself or those around you in this situation?
This is a common thing in life over spending.
So why do we often find ourselves spending more money than we should?
Let's break it down.
First of all, let's talk about our world.
We see ads everywhere.
These ads tell us to buy new phones, cool clothes, or the latest gadgets.
It's easy to think we need these things to be happy or successful.
Another reason is convenience.
Now we can buy anything with a few clicks on our phones.
This makes us buy things quickly.
Have you ever bought something online just because it was on sale?
Even if you did not need it, I know I have.
So let's see what ways we can avoid spending too much money.
Understanding your spending habits is crucial.
If you know where your money is going, it's hard to make changes.
So how do we start understanding our spending?
The first thing to do is track everything.
I suggest starting with a simple exercise, write down every single purchase you make for a week or a month.
Yes, every single one.
It might seem boring, but it's very helpful.
You might be surprised at how much those small purchases add up.
When you have your spending list, take some time to look at it.
Also, keep track of your habits.
Are you buying coffee every morning?
Are you eating out more than you thought?
Finding these habits is the first step to making changes.
Now that we know our spending, let's talk about the difference between needs and wants.
This is important for managing your money better.
Before making a purchase, ask yourself, is this something I need or something I want?
Needs are important like food, rent and utilities.
Wants are things that are nice to have, but not necessary.
Like a new pair of shoes when you already have 10 pairs at home.
Without wants, you'll be fine.
It'll just be uncomfortable, but without needs, you cannot survive.
By carefully considering the items you buy based on needs and wants, you will have a more objective view and save money more easily.
Another good tip is to wait before buying something.
If you see something you want, wait 24 hours before buying it.
Often, the first feeling to buy will go away and you'll see you don't need it after all.
Waiting helps you think more clearly.
Sometimes you realize that you can live without that item or you find out that you already have something similar at home.
This simple step can stop you from making many unnecessary purchases.
Try it next time you want to buy something.
You might be surprised at how often you decide not to buy it after waiting.
Setting spending limits can also help you control your finances better.
You need to decide how much money you can spend each week or month on things you don't really need, then stick to that amount.
For example, if you set $50 a week for extra spending, don't spend more than that.
Moreover, using cash instead of a credit card can also help.
When you use cash, you physically see the money leaving your wallet, which can make you think twice before spending.
Creating a budget is one of the most effective ways to manage your money.
Start by listing all the money you get.
Next, list all the things you spend money on.
Include fixed costs like rent and utilities and variable costs like groceries and entertainment.
In addition, you should use your income to pay for these expenses.
Make sure you also save some money for the future.
When you plan, be realistic about how much you spend.
Don't guess too low as you might end up needing more money than you expected.
It's important to save a little extra money for unexpected costs.
Sometimes things happen that you didn't plan for like car repairs or medical bills.
Having extra money helps you handle these surprises without worrying.
Technology can be very helpful for managing your money.
There are many apps that can track your spending and help you stick to your budget.
Firstly, pick an app that is easy to use and fits what you need.
Some good choices are Mint, YNAB you need a budget, and Pocket Guard.
These apps let you enter and organize your spending so you can see where your money is going.
Also, set up alerts in the app to remind you when you are close to your spending limit.
This can help you stay on track and avoid spending too much.
Another way to save money is to choose cheaper options for spending.
You can cook at home instead of eating out and plan your meals to avoid extra shopping.
Or you can check for coupons and discount codes before you buy by using various websites and apps.
Using public transport instead of driving is also a way to do it because it's usually cheaper and better for the environment.
Let's put all these tips together with a practical example.
Imagine you earn $2 ,000 a month.
You can create a specific budget like this.
Spending $800 for rent, $100 for utilities, $300 for groceries, $100 for transportation, $100 for entertainment, $200 for savings, and $100 on other expenses.
This is just an example.
The amount of money you spend depends on how necessary the item or service is for you.
By following these tips, you can take control of your finances and reduce unnecessary spending.
Small changes can lead to significant savings over time.
And remember spending money is not about feelings.
It's about making smart choices.
From the tips above, gradually manage your spending.
Therefore, you can manage it yourself without having to stress about not knowing where the money is going.
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Enjoying your podcast?
We'll be brief. If you're looking for the perfect holiday gift, gift scratchers from the California Lottery.
With so many to choose from, you're sure to find the right gift for anyone on your list.
Now that your holiday shopping list is figured out, enjoy this bird singing jingle bells.
Give the gift of scratchers from the California Lottery.
A little play can make your day.
Please play responsibly.
Must be 18 years or older to purchase, play, or claim.
Hi, this is Sloane Stevens from the Sincerely Sloane podcast.
This podcast is proudly sponsored by Amica Insurance.
Amica understands how important it is to protect the things that matter to you most.
So they'll put in the time to make sure you're taken care of.
Whether it's talking through all the details of your policy or following up after a claim.
Your auto, home, and life insurance are more than just policies.
They're protection for the life you've built.
As Amica says, empathy is our best policy.
Go to amica .com and get a quote today.
