Money Monday: Reduce Your Excessive Spending Habits | Connecticut News

(WFSB) – During the pandemic, many of us bought things that we don’t need.

“How do you stop overspending?” Asked Stefanie O’Connell Rodriguez, host of Money Confidential at Real Simple Podcast.

Stefanie says a lot of people ask this question.

“First, it’s harder to spend money, so don’t keep that credit card number saved in your payment preferences so it’s so easy to spend it’s just a click away. If you have to go get your wallet or purse, pull out your credit card, and enter the numbers, it just gives you more time between that urge to splurge and make the purchase, ”O’Connell said. Rodriguez.

Or drop the card all together and use cash.

“Money is restrictive. You can’t spend more money than you have on hand like you can with a credit card, for example, so if you are trying to stay on a budget or in some circumstance where you know you tend to splurge, this could be an opportunity to try to use only money, ”said O’Connell Rodriguez.

Spending journals can help you stay on budget.

“What happens in those times when you tend to overspend or feel like splurging? Is it a special circumstance or situation? Is it a certain feeling when you are happy, when you are angry, when you are tired, when you are hungry? Just knowing when you feel like you’re overspending can help you identify ways to create better systems to handle those times, ”continued O’Connell Rodriguez.

And finally, create visual reminders of your goals.

“A background on your phone of the house you want to buy and the down payment you save for is a great example or print a photo of the vacation destination you want to visit after a lockdown, and wrap it up. your money and your credit card, so every time you go to spend money, you’ll be reminded if that purchase is going to get you closer to that vacation or away from it, ”O’Connell added Rodriguez.

The Money Confidential podcast is produced by the news station’s parent company, the Meredith Corporation.

Copyright 2021 WFSB (Meredith Corporation). All rights reserved.

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