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Fight the urge to overspend!

By Kemberley Washington · Bankrate.com
Monday, June 3, 2013
Posted: 5 pm ET

No matter where you turn, there are opportunities to spend. Whether it is reloading your coffee app, upgrading your food purchase or simply swiping your credit card, your money always finds a way to escape from you.

We live in a world where spending is encouraged and saving is discouraged. But we do not have to fall into the temptation to overspend.

Leave the purchasing power behind

There is no better way to curb your appetite for spending than leaving your purchasing power behind. If you have a habit of overspending by using plastic, simply leave home without it.

Instead, consider using cash. Or, create a debit account with limited funding, which will help you resist the urge to overspend.

Because many of your favorite apps have the capability to automatically reload funds into your account, think twice about using this feature with your debit or credit cards. Auto reloads can create another avenue for overspending.

Plan your purchases in advance

We prepare for so many events in our lives, but fail to plan for our purchases. At the beginning of each month, take time to plan your expenses. Planning ahead can help you save money by keeping you from making last-minute, costly decisions.

Also, review past bank statements and credit card statements to determine whether your spending is under control. Ask yourself the following questions.

  • In what areas do I spend the most?
  • Do I need to eliminate or reduce certain expenses to help reach financial goals?
  • What steps can I take to help me save more money?

Put something aside

We simply can't prepare for everything, so there will be times when we may have to overspend due to an unexpected expense, the loss of a job or an illness.

During such times, it is important to have money stashed away. Save money when your finances are going well, and adjust expenses when finances are not going so great. No matter what, fight the urge to overspend.

Remember: your choice, your future!

Kemberley Washington is a certified public accountant and business professor. She writes a personal finance blog at Kemberley.com. Follow her on Twitter and on Facebook.

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