It isn’t hard to watch those small purchases add up in a big way.
When you realize how much money you’ve spent each month as you go to pay your bills you may curse yourself for your excessive spending. But, what if there was a way you could convince yourself not to spend so much money?
Here are some tricks you can use to stop bleeding money in 2016.
Limit Your Use of Credit Cards
When you use a credit card it is easy for your brain to fool itself into thinking you’re not using real money. This is why a lot of people manage to rack up a lot of credit card debt even though they wouldn’t normally spend a lot of money. Instead, stop using your credit card and keep cash in your wallet.
Skip the ATM and Go to a Bank Teller
Another psychological trick you can use to keep yourself from spending too much money is avoid getting money out of the ATM. If you have to add the extra step of going inside the bank only during business hours you’re less likely to spend what you have on you. Because the ATM starts with a debit card, it is also easy to associate it with free money.
Withdraw Money in Large Bills
When you do approach the teller, ask them for the money in large denominations such as fifty or one hundred dollar bills. You are also far less likely to break a large bill for a small purchase which will make you rethink whether or not you need to buy that thing to begin with.
Ask for New Money
Also, ask for these large bills in brand new money. You won’t want to spend the brand new money, or at least you think twice before parting with it. When you have old and worn bills in your wallet you’re more likely to spend them because your brain wants to discard old things. You’re more likely to keep something new for longer.
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