clipboard written with understand your spending habits

How To Change Your Spending Habits For Good This Year

With our hearts filled with positivity, we are all hoping for a better year ahead. This is the time where you are trying to change your spending habits and work on saving money. Working on our finances is always a goal we all should have. Having good spending habits since the very start of the year can pave the way for a comfortable financial future. Whether you need help with budgeting or embracing frugality, there are certain financial tips you should follow. Here are six tips to help you get started right now.

Here's How To Change Your Spendings Habits In 6 Simple Ways

1. Identify Your Bad Spending Habits

Before you look for better spending habits, it would be smart to identify the way you spend money and what you could change about it. Do you spend too impulsively? Do you shop too frequently? Is there a need to change your mode of payment? Brainstorm all the things you could change about your spending habits by looking into the main problems you face. Once you have an idea of what your bad habits are, it becomes much easier to look for specific ways to fix them.

2. Look For Sales And Savings

One important way to begin saving money is to always look around for more options or simply wait for the next sale season. Every year there are huge sales on things like clothing, home goods, and even food. Most people who spend wisely always know how to find the most cost-effective option. Instead of buying at a whim, try to save some money and look for better opportunities. You can even use apps to help you keep track of special sales and coupons at specific stores.

3. Track Your Spending

When we started this list of financial tips, we told you to identify your bad spending. Well, in order to start saving money and improve your budgeting, you need to track all of your spending constantly. It is natural for the amount of money you spend to fluctuate month by month, so you need to track it all the time so you can change your budget accordingly. 

To begin tracking your spending, write down all of your expenses – whether they are necessary or frivolous. From there, keep track of what you spend periodically. You can begin tracking either through an app or website, or just break out a piece of paper and a pen and write down every transaction you make. You can even decide if you want to track your spending weekly or monthly, depending on what works best for you.

shopping cart filled with new items

4. Stick To Your Budget

One of the best ways to improve your spending habits and be much better at managing money is by creating a budget. But what good is a budget if you don’t stick to it? This is an issue a lot of us face. We create a budget with all great intentions, but then as the year goes by, we find ourselves not sticking to it. A good way to stick to your budget is to set up goals. If you are saving for a specific reason – like an upcoming vacation or to buy a car – these will motivate you to stick to the budget you’ve created.

You can also give every dollar a job. This means your entire paycheck has a designated category – whether that is necessary expenses, unnecessary expenses, savings, and so forth. Then, each time you want to make an impulse purchase, you are forced to really assess what category you can pull that money from. If you feel like the impulse purchase isn’t worth pulling from other categories, you won’t spend that money.

5. Learn To Save Money

If you want to embrace frugality this year, a good place to start is by saving rather than spending. Rather than living paycheck to paycheck, it is better to have extra cash by the end of the month. When trying to learn how to change your spending habits, think of ways you can start to create your savings. These savings can help you fulfill a short-term or long-term financial goal. Or you can use them as an emergency fund. And there are plenty of ways you can start saving money as soon as right now.

You could start by creating a savings account in the bank and watch it slowly grow – depending on the type of account you choose. Or you could invest in some bonds and stocks to grow your savings that way. You could even begin a savings challenge to make things more fun for you and motivate you to save. Regardless of how you do it, saving money is extremely essential to save you from any possible financial crises, so it is important to keep this on your financial tips list.

6. Get A Title Pawn For Emergencies

The financial tips listed above are great ways of improving your spending habits and helping you when it comes to saving money. But sometimes, you still may face a huge financial emergency that you need help with – no matter how you’ve gone about budgeting your money. If you need a larger amount of money and have finished paying off your vehicle, you can come see us at Alabama Title Loans, Inc. and get an Alabama title pawn for quick money.

Title pawns allow you to acquire quick cash when you use your vehicle’s lien-free title as collateral. They are fast and easy to acquire and ensure same-day payment if you are approved. Title pawns can be used for emergencies like paying off unexpected medical bills, sudden home, and car repairs, or urgent traveling you have to do. Any of our representatives can go over the process with you, so don’t hesitate to fill out the online form on our website so we can give you a call!

pad and pen to change money habits

Work On Fixing Your Spending Habits This Year

In this new year, wipe the slate clean by learning how to change your spending habits and learn how budgeting can help you out. With these tips, you can create a much better financial situation for yourself. And if you run into an emergency, remember that we here at Alabama Title Loans, Inc. are here to help you out. Our title pawn is always available to help you with those expenses. Fill out the online form on our website to begin the process and find out if you qualify right now.


Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.