The Rachel Cruze Show - 16 Ways to STOP Throwing Your Money Away

Starting point is 00:00:05 Everyone's money situation looks different, but there's one universal question that people ask all the time regardless of their financial background. How do I stop overspending? Well, today I'm going to share 16 quick ways to stop throwing your money away. Now make sure to like, subscribe, and share this video with a friend's. Hey, listen, spending money first and foremost, it is not bad. I feel like some people hear spending money and they're like, oh my gosh, it's terrible. Now, if you don't have the money to spend, yeah, not so great. But spending money in general is fine. Like, we have to spend money to start. survive. And if you have surplus, if you have margin, you can spend on things that you want. But it's this problem of spending when we don't need to, right? And it is just like gathering all

Starting point is 00:00:44 these wants. We don't want that to be a practice in our life. And you want to make sure that you have the money to actually spend. Now, if you have a tip beyond what we talk about today, make sure leave it in the comments. All right. We're going to go quick here. You ready? Number one, tips for not overspending. Identify your spending tendency. So it's always good to know who you are when it comes to spending. So are you a natural spender? If so, maybe a little caution around spending. Are you a saver? Do you prioritize buying quality things or quantity to like a bunch of things, right? So just knowing how you actually spend and why you spend is really helpful, especially for tip number two. You want to create a budget. So this is going to help you not

Starting point is 00:01:26 overspend. So you do a monthly budget, have your income at the top, list out all of your expenses, including giving and saving, put dollar amounts next to everything, and the goal was your income minus all of those expenses and giving and saving should equal zero. Now, if you need help, the every dollar app is a fantastic budgeting app, make sure to check it out. But in general, if you are spending within what you have planned for, you're not going to overspend. It's going to be great. Number three is to set money goals. So if you have debt, make it a goal to pay off all of your debt. If you need to replace your car, save up and pay cash for that, cash flow your next vacation. So just know that, yeah, this may take some slowing down your actual purchasing, but that's going to help you not overspend.

Starting point is 00:02:07 Number four is track your spending. So you can do this in the Every Dollar app that I mentioned or other ways if you want. But just knowing what you're spending and keeping up with it day to day is going to help you not only just stay within the budget, but it's also going to give you a red flag if you were spending way too much money beyond what you had planned. Number five, do a no spend challenge. This is always a great one. So maybe you just say, hey, for the month, I'm only spending on necessities, food, shelter, utilities, transportation. So we're going to take a break from subscriptions and streaming services, unnecessary trips to target. All of these things that are happening, we are going to set those aside and not mindlessly scroll Amazon.

Starting point is 00:02:44 We are only going to buy what we need. And that actually kind of may reset your spending, which is great. Number six, no eating out. Okay, listen, eating out, it will always cost more than cooking at home. So if you need to pull back their spending and save some money, this is the best tip I can give you. Don't go out to eat. Challenge yourself to cook at home for a season. I'm telling you it will save you money.

Starting point is 00:03:08 Number seven is to plan your meals. So be very intentional with your food when you are cooking at home and knowing what you're going to cook. Because usually if you don't have a plan and you get to the end of the day, it's just like, let's just go grab something. It's easier. So make sure you have a plan. Do you need a tool? You can check out my grocery savings guide. and put a link down below, but meal planning is going to help you not overspend.

Starting point is 00:03:31 Number eight, the envelope system is great. So when you actually spend with cash, old school cash, you actually end up spending less. And so we've seen this disappear in our culture, cash, because so much spending is online and all of it, I get it. But listen, if you want to reset your spending habits, pick a different category or two every single month and cash out those categories and only spend in cash. So so much of our money is in our control. but one thing that can slip through the cracks if you're not careful is protecting your personal and financial information online and that is why I love Delete Me. If you don't remove your personal data from the internet, it's basically like a billboard

Starting point is 00:04:09 with your name and your address email. Even your kids' names are out there on sketchy data broker websites and then they take your data and they sell them to other sites and then that puts you at risk for scams and fraud. So the good news is that Delete Me goes in and removes your information and helping protect you from harassment, even other online threats and scams and spams, all of it. Winston and I use Delete Me and it saves us a ton of time and worry. You guys, your family safety and financial security are way too important to leave exposed. So sign up for DeleteMe and take control.

Starting point is 00:04:45 Go to join DeleteMe.com slash Rachel for 20% off, bringing your monthly cost to under $9 a month or click the link down in the description. All right, back to our list. nine, get debt out of your life. So this is going to help you not overspend because when you actually spend with money you have, you will spend less. So getting rid of credit cards saying, hey, I'm even going to like, when it comes to my car, if you have a massive car loan, maybe you sell your car, you do things where you can put money back in your pocket, not just from a payment standpoint, but also the actual means of spending you will spend less when it's not on a credit card.

Starting point is 00:05:22 It is your own money. Number 10, rethink, rethink. retail therapy. So instead of just blowing off steam by scrolling online just to feel like, oh my gosh, I'm going to just buy some stuff, don't do that. Maybe instead go for a walk. Listen to your favorite podcast. Do a task around the house. So do something else productive with your time, then scrolling and buying things that you don't need. Number 11 is say no to sales. So sales are great, but they also can tempt us to buy things because it feels like it's a great deal. So remember, just because it's a good deal does not mean it's a good deal for you. Number 12, shop with a list.

Starting point is 00:06:00 When you actually have a plan for when you're shopping, and this could be groceries or thinking about back-to-school shopping. I mean, like anything that's out there, have an actual plan and write it down. And that way you stick to your list and you're not going off and buying things that you don't need. Number 13, limit social media. I'm telling you so much spending happens because of social media. And listen, love a great influencer. I really do.

Starting point is 00:06:23 with cute outfits and all of it because it's sometimes where I buy my clothes. But also, if we scroll and we keep seeing new things that we didn't know existed because they're showing us, it's like, I want to buy that. And it's not their fault. It's our fault because we're the ones spending our money. So take a break from social media and I promise you will save some money that way. Number 14, pause before you spend. I'm telling you, don't just hit that add the cart button or buy now.

Starting point is 00:06:46 Like, just wait. Just wait. Like wait a few hours. It's still going to be there. walk away and then come back to your phone. And even the best is the 24 hour rule. Wait 24 hours because it's amazing how much our adrenaline pumps up when we want to buy something. And then when you don't buy it and you walk away, let all that settle and you come back and

Starting point is 00:07:06 you're like, eh, did I really need it? Probably not. So it's just a great filter to use. Number 15, use what you actually have. So instead of going and buying something new, go and look at like, you know, your junk drawer that everyone has, you know, or your bathroom drawer that's full of stuff. or like things in your laundry room shelves, like things that are just like piled away,

Starting point is 00:07:25 take everything out and actually see what it is because you may realize, oh my gosh, I totally forgot that I have another bottle of Windex. I don't have to go buy another one. That always happens to me with cleaning stuff. It's like you buy things and they get tucked away in some random place and you forget about them. So get everything out and see what you have

Starting point is 00:07:40 and use that before you go and buy. And number 16, create accountability for yourself. So if you do tend to overspend a lot, talk to someone, like talk to a friend or your spouse or a mentor, like someone in your life that you're like, oh, yes, they are good with money. Or maybe I can just like run it by them if I want to buy something just to have another brain, if you will, in the purchasing system because having someone else kind of think with you is really, really helpful. But let's face it, sometimes cutting expenses just isn't enough

Starting point is 00:08:11 to make some extra cash that you may need for a season. So to learn the easiest way, make sure to check out my episode at seven creative side hustles for an extra $1,000. a month, you can click there, or if you're listening on podcasts, click the link below. Or you guys remember to take control of your money and create a life you love.

The Rachel Cruze Show - 16 Ways to STOP Throwing Your Money Away

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