Curb Your Credit Card Spending with These Easy Tips

Handing over a credit card for that must-have item and heading home with it can give you a really good feeling. However, the effects of retail therapy tend to be short-lived, especially when you get a huge credit card bill in the mail. If you want to cut down your credit card spending so that you’ve got more money in the bank for when you really need it, there are a few things you can try.

credit cards

Tip 1 – Figure out why you impulse shop

Some people go shopping to cheer themselves up after a stressful day of work or after receiving bad news. Others impulse spend because they’re bored, or because they feel they need the thrill of shopping in their lives. More often than not, excessive impulse shopping is to do with your emotions. If you can learn to recognize when you’re more vulnerable to splashing the cash, you might be able to steer clear of temptation by leaving your credit card at home or blocking access to your favorite shopping websites until your mood has changed.

Tip 2 – Lower your credit limit

It makes sense that the less you have available to spend on your credit card, the less you can spend on unnecessary impulse buys. When you first apply, credit card providers will offer you a certain credit limit, but you don’t have to stick to this. Get in touch with your provider and ask to lower your credit limit, so you’re less likely to spend more than you can afford to pay back at the end of the month.

Tip 3 – Give yourself a cooling off period

Whenever you’re tempted to buy something on a whim, force yourself to take some time to cool off and think about whether you really need the item or will actually even use it. Three days is a good cooling off time frame, after which you might come to your senses and realize what a waste of money that purchase would have been. If, after the cooling off period has elapsed, you still think it’s a good idea to buy, go ahead.

Tip 4 – Plan out your purchases and arm yourself with a shopping list

One final tip for curbing your credit card spending is to write yourself a list of what you actually need to buy before you go shopping, and stick to it as best you can. With a written list of what you need, you’re less likely to get distracted and buy what you don’t need.

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