How to Stop the Habit of Spending

Author: Jennifer Outram, SEO & Digital Marketing Specialist  Big Leap, LLC

If you’ve recently become self-aware of your spending habits, it probably means something bad happened. Maybe you were hit with a slew of overdraft charges, had your card declined, or saw a ding to your credit score from missed payments or too high of a debt-to-income ratio.

You may feel bad and guilty about these things, but you’ve now been sufficiently humbled enough to admit your problem and begin changing your habits and rebuilding your credit. And here are five ways to get you started on the path to better financial decisions

Budget and Inventory

Find out what went wrong. Know your numbers – your income, how much your bills are each month, how much you spend on coffee, gas, groceries, etc. This will give you a clearer picture of where your money is going. Once you realize that you’re blowing a huge chunk of money at Starbucks or online shopping, you can start setting specific goals and boundaries for your spending.

Cash is Key

Now that you know how much comes in and how much goes out on bills and necessities, it’s time to set limits on your discretionary spending. The best way to do this is to convert to cash. Allot yourself an amount for clothing, coffee, or other “fun” purchases, and take out that amount in cash. The most important part – LEAVE YOUR CARDS AT HOME. I know, crazy, right? But when you have the back-up of your cards, you’ll find yourself quickly rationalize spending more than you rationed because you can “just throw the rest on the card.” This will add up, so be disciplined with your cash.

Create a Vision Board

Do some real soul-searching and figure out what motivates you to change your habits. Maybe it’s a trip, maybe it’s retirement, maybe it’s to lose weight, maybe it’s simply to have the security of an excellent credit score and a comfortable savings account. Whatever it is, make a visible reminder that will help keep you motivated. Hang a picture of your vacation destination in your office or as your screensaver, create a poster with a gauge you can fill in as you hit different savings goals, or a picture of a healthier you that you want to get back to. Whatever it is, remind yourself of it as often as you can to help keep your spending in check.

Dedicate someone to be your second opinion

When you’re in the moment, you may think that those shoes really can’t wait, and you need them here and now. But after a few months of sitting in your closet, you might see them and realize they aren’t as cute as they looked in the store lights. This is where your designated second opinion comes in. Before you’re tempted to purchase something impulsively, take a picture and send it to this person, and get their opinion on how important it is. Obviously, you’ll want to tell them of their role beforehand, and that your goal is to cut back on spending. They will help talk you down when the pressure is hard.

Skip the cart

Shopping carts are big and getting bigger. Seriously. If it’s just a habit to grab a cart when you go shopping, opt for a basket instead. You won’t be able to fit as much and your arm will get tired, so you’ll naturally shop and spend less. This will help you stick to your list and avoid impulse shopping, so skip the cart and reach for a basket or your own arms instead.

These tips can help you gain control of your finances and rein in your spending.

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Thomas C. Corley About Thomas C. Corley

Tom Corley understands the difference between being rich and poor: at age nine, his family went from being multi-millionaires to broke in just one night, due to a catastrophic fire that destroyed his Dad's thriving business. For fourteen years they struggled with poverty. There were eleven in Tom's family, and they lived in constant fear of losing their home.

Driven by the desire to unlock the secrets to success and failure, Tom spent five years studying the daily activities of 233 rich people and 128 poor people. He discovered there was an immense difference between the habits of the rich and the poor. During his research he identified over 300 daily activities that separated the “haves” from the “have nots.” Tom decided to write a book to share what he learned. That book, Rich Habits: The Daily Success Habits of Wealthy Individuals (1st Edition), went on to become an Amazon Bestseller in the United States forty times over a three year period. To give you some perspective, in order to be a true Amazon Bestseller in the United States, where you actually receive a specific Bestseller designation from Amazon, you need to be in the top 100 of all books sold by Amazon in the United States in a given day. Rich Habits did that for nearly thirty straight days, rising as high as #7, eclipsing such Bestselling authors such as Stephen Covey, Robert Kiyosaki and J.K. Rowlings. Imagine that - an unknown, first-time, self-published author selling more books than J.K. Rowlings!

Tom now travels the world, sharing his Rich Habits and motivating audiences at industry conferences, corporate events, universities, multi-level marketing group events, and global sales organizations’ presentations and finance conferences. He has even spoken on the same stage with famous entrepreneurs and personal development experts, such as Sir Richard Branson, Robin Sharma, Dr. Daniel Amen, and many others.

Tom has shared his insights on various national and international network, cable, and Internet television programs such as CBS Evening News, NBC News, Yahoo Financially Fit,, India TV, Australia, and a host of others. He has been interviewed on many prestigious nationally syndicated radio shows, including the Dave Ramsey Show, Marketplace Money, and WABC.

Tom has been featured in numerous print magazines—such as Money magazine, Inc. Magazine, SUCCESS Magazine, Entrepreneur magazine, Fast Company magazine, More magazine, Epoca Magazine (Brazil’s largest weekly) and Kiplinger’s Personal Finance magazine—and various online publications, including USA Today, CNN, MSN Money,,, and the Huffington Post. Tom is a frequent contributor to Business Insider,, and a few other media outlets.

National publicity has garnered international media attention for Tom and his Rich Habits research spanning 23 countries. Broadcast media, online publications, and television throughout Asia, the South Pacific, Europe, the United Kingdom, and Central and South America have shared his powerful message.

In an effort to help parents, grandparents, teachers and adults become success mentors to the younger generation, Tom released his second book, Rich Kids: How to Raise Our Children to be Happy and Successful in Life in 2014. This book was the self-help category winner of the 2015 New York Book Festival and Runner-up in the prestigious 2015 Writer’s Digest Self-Published Book Awards Contest. In 2016 Tom released his third book, Change Your Habits, Change Your Life. This book provides the latest science on habit change as well as more of Tom's unique research on the specific habits that helped transform 177 ordinary individuals into self-made millionaires.

Besides being an author, Tom is also a CPA, CFP, and hold a master’s degree in taxation. As president of Cerefice and Company, CPAs, Tom heads one of the premier financial firms in New Jersey.
Phone Number: 732-382-3800 Ext. 103.
Email Tom
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  1. Thanks for finally talking about >How to Stop the Habit of Spending <Liked it!

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