How to Avoid Spending Money
Are you somebody who struggles to keep cash in the bank?
Do you rush out to the store on payday to spend all your hard-earned wages?
If so, you’re not alone.
Many people feel powerless to do anything about their spending habits.
And ultimately, a lot of them end up in serious trouble with creditors, trying to pay off debts they can’t afford.
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Data suggest that Canadians now owe $2.3 trillion overall, with household debt ratio approaching 180 percent.
Fortunately, there are plenty of easy ways to avoid spending money and prevent your bank account from hemorrhaging funds.
Check out the following.
Dump Your Credit Cards
Credit cards aren’t just a tool for spending money, like debit cards or checks.
Instead, they’re a product, meaning that there’s a company behind them trying to make money out of you.
They know that if they can convince you to borrow to pay for things today, they can charge you lots of juicy interest tomorrow.
If you have credit cards, don’t delay.
Cut them up.
Unless you’re a sole proprietor with inconsistent income, you don’t need them.
Pay Your Bills First, Then Have Fun
Don’t want until the end of the month to pay your bills.
Instead, get them to go out on the same day as your paycheque arrives.
This way, you can prevent yourself from spending too much in the interim.
Then, once your bills go out, you can see what you have left for the rest of the month.
Unsubscribe From Marketing Emails And Letters
Retailers know exactly how to tug on your emotions and get you to spend money.
They’re adept at convincing you that you need the latest products or the fanciest services.
However, the truth is that you need very little to lead a healthy, happy and productive life.
You don’t have to subjugate yourself to the marketing whims of brands that don’t always have your best interests at heart.
You can break out.
Start this process by unsubscribing from all marketing material, including any promotional emails.
Remove temptation from your path and find a new focus in your life that doesn’t involve ransacking your bank account.
Pay Now, Not Later
Retailers love “buy now, pay later” schemes because they get a nice, fat commission from their lending partner.
And where does that commission money come from?
Yes, you guessed it – it comes out of your pocket.
Buy now, pay later schemes are essentially just regular loans.
A lender gives the retailer cash for the product up front.
Then you pay the creditor the amount you borrowed, plus interest, of course.
Hunt For Free Stuff
Finally, look for opportunities to avoid spending money at all.
Take advantage of free samples.
Get free products from sites like Freecycle.
And if you desperately need tools for an odd job, ask somebody you know if you can borrow theirs.
If you’re trying to avoid spending money, you may wish to speak with a credit counsellor.
They can help you better manage your finances and address bad habits.
Plus, they can give you peace of mind if you find yourself in unsustainable debt.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?