Do you overspend each month? Then, let’s stop that bad habit!

Written By Gary Spirer Published March 26th, 2010

Every dollar you overspend each month can be saved for your future goals/dreams. Below are some detailed steps to stop your unhealthy repetitive behavior of overspending.


*Determine the difference between your needs vs. wants; and buy only “needs.”*
Write down everything you spend money on for each month. Review the list and determine what items fit the definition of a “need” vs. “want.” A “need” is a necessity for your survival. These include water, food, clothing, etc. A “want” would include items that are not needed for your healthy survival. For example, buying a second laptop because it is on sale, would be considered a “want.”

Step 2.
*Set up a punishment/consequence if you overspend*
Wager a deal with family/friends on what your consequence will be if you overspend. Or check out and wager a deal online. Peter Orszag, Obama’s budget director, is known to use this site to run marathons. is a popular site to help you meet your goals. Having a consequence/punishment for not meeting your goals can motivate you to work on your goals.

Step 3.
*Automate a sub-savings account*
As mentioned in other savings articles, automating a sub-savings account will guarantee your start of a savings account. You won’t have money left-over in the checking account to overspend.

Step 4.
*Use cash for all your expenses*

This will definitely prevent you from going on impulse shopping sprees; and/or buying “wants” because of a current sale at the mall.

Step 5.
*Read about other ways you can save via articles on this website.*

There are a mass of great articles that can help you in this area.

Overall, the above steps will help you to stop overspending, and start saving! Remember that you don’t have to reinvent the wheel! Someone has already experienced all your financial woes and has successfully implemented steps to head towards great savings and success.

So, what are you waiting for? Let’s get started with Step One today!

Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

My name is Roger Due and I am from Albuquerque, New Mexico and I am the owner of the Monsano software company. This has been an absolutely fantastic conference. This is the best I have ever been to.