How to Avoid Spending Money You Don't Have

One way to avoid lifestyle inflation, and entrenching yourself in debt, is to know how to stop spending money you don’t have.

How to Stop Spending Money You Don’t Have

Know what you’re bringing in each month and subtract all of those fixed expenses (rent/mortgage, utilities, debt, etc.)

Make a budget

Save Before You Spend

If you currently spend before you save – flip the switch and start saving first. Then see how much you have leftover to spend.

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Reduce Your credit cards

Eliminate extra cards until you’re down to two or three. Initially, this may lower your credit score, however, I think in the long run you’re doing yourself a favor.

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Prioritize Spending

If you know what’s important to you and your family, you’re more likely to focus on it, save for it, and you’ll stop spending money on things that you don’t actually care about.

Compare Prices

Looking for good deals can go a long way towards saving you money, can help you stop spending money necessarily, and give every dollar you spend that much more value.

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