Are you a big spender?
If you are, it’s hard to stop buying. Buying gives us rewarding feelings, and you can’t stop it. You can’t resist the urge to use your money right there and then:
“If you’re a spender, you can’t delay the gratification. With cash in front of you, just like the marshmallow, you can’t resist the urge to have it right now even if you’d have more later. That’s why you don’t have much savings in the bank, but it doesn’t bother you. You’ve been happy making purchases and enjoying them in the moment. It’s worked out well enough for long enough, so you just stick with the habit. But if you’ve realized that you’re trending toward extreme spending, then you’re probably looking to kick or curb your habit.”
Buying on impulse is dangerous, and you won’t have much of a financial future if you keep wasting money. Spending and enjoying life is good, but if you can find ways to cut down, do so. Set some money aside and save. There are plenty of great ways to save money and the best time to start saving is right now!
If you need some advice, get rid of the credit cards if you are overspending, high-interest rates are a trap you’ll never get out of. Credit cards are useful tools, but if you do have issues with spending, you’ll find it easier to spend cash that doesn’t technically exist.
When purchasing you should ask yourself some serious questions before you make the spend. Do you need the item? Can you actually afford it? Do you simply want it for short-term gain? You need to know the difference between what you want, and what you need. If it is something you need, like a new computer for work, shop around to get the best model for the best price.