Essential Ways to Avoid Overspending While Stuck at Home

By Steven McKean · May 16, 2020 3 min read

Smart Spending

Stop impulse buys and keep more of your money

Spending more time at home makes it easy to slip into impulse online shopping. These simple habits — budgeting, tracking, and goal-setting — help you stop overspending and save more.

With an increase in the amount of time we are spending at home, you could be tempted to do some online shopping. It might start by browsing your favorite clothing brand’s website or checking out the latest finds on Amazon, but before you know it, you could have wasted hundreds of dollars on impulse purchases you didn’t even need. Instead, save yourself some money and use these tips to stop yourself from overspending.

1 Create a Budget

If you have been neglecting your personal finances, now is the perfect opportunity to see what shape you are in. Look at your past transactions and take note of where you are spending the majority of your income. To control any bad spending habits, you should create a monthly budget. This not only helps you save money, but can encourage you to build better financial habits long-term.

To start your budget, calculate your total net income for a month. That will be the amount of money you take home from your paycheck, not including any taxes, insurance payments, or 401(k) contributions. You will want to make sure to take into account all of your sources of income when calculating your monthly income total. From there, you can start to plan how you will spend your money for the month.

First, you should add up all of your essential expenses. This includes costs like utilities, rent, food, phone, or loan payments. These are necessary expenses you will consistently have every month. Once those expenses are added to your budget, you can use your remaining income for non-essential purchases. These costs could include entertainment, eating out, clothing, or gifts. Using your previous month’s transactions as a reference, create a plan that will allow you to spend money without going overboard. Remember, you want to have money left over at the end of the month to be set aside for your personal savings.

2 Track Your Spending

Now that you have a budget created, you will need to hold yourself accountable to the limits you set. While this is difficult, you can make it easier by recording every purchase you make throughout the month. After each transaction, it may be helpful to enter the amount of money you spent into the appropriate category of your budget. No matter if it was your rent check or a meal at a restaurant, tracking this can give you a more representation of where your money is going. Your budget can’t help you change your spending habits unless you use it consistently.

To speed up the process, you can use an online money management platform to track your spending in real-time. Setting up mobile alerts will let you know how much you spent and the total remaining balance of your bank account. Using the notifications, you can then update your budget after each transaction without having to save receipts. It’s also easy to overspend when shopping online because you don’t have to physically hand over money. Seeing your bank account dwindle each time you make a purchase will help you realize how much money you’re actually spending.

3 Set a Financial Goal

Just like any new habit you are trying to form, finding the right motivation can help you achieve it faster. To help you stay focused on your budget, you should set a financial goal to give yourself some extra motivation. Start by selecting a short-term, attainable goal. Plan a dream vacation for next year or save up for a down payment on a new car. No matter what you want to accomplish, just make sure you hold yourself to it. Write down your goals in a journal or find a friend with a similar mindset to be your accountability buddy. Having an end goal will give you that extra urge to keep saving money for the future.

You don’t need to be a financial planner to take charge of your money. Take the first step by using this opportunity to plan ahead and create a budget for yourself. And don’t get discouraged if you have a hard time sticking to it. You might just need to adjust your budget to find the right balance between spending and saving.

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Frequently Asked Questions

How do I create a monthly budget to avoid overspending?

Start by calculating your total net income for the month — the money you take home after taxes, insurance, and 401(k) contributions. Add up essential expenses like utilities, rent, food, phone, and loan payments. Then use your remaining income for non-essential purchases such as entertainment, eating out, clothing, or gifts, and make sure to leave money for your personal savings.

What counts as an essential expense in a budget?

Essential expenses are the necessary costs you consistently have every month. According to the post, these include utilities, rent, food, phone, and loan payments. Once you add these to your budget, the income you have left can go toward non-essential purchases and savings.

How can I track my spending more easily?

Record every purchase you make and enter the amount into the appropriate budget category. To speed it up, use an online money management platform to track spending in real-time and set up mobile alerts that show how much you spent and your remaining balance, so you can update your budget without saving receipts.

Why is it easier to overspend when shopping online?

It is easy to overspend online because you don’t have to physically hand over money. Watching your bank account balance dwindle with each purchase through mobile alerts helps you realize how much you are actually spending and keeps you accountable to your budget.

How does setting a financial goal help me save?

Finding the right motivation helps you stick to new habits faster. Set a short-term, attainable goal — like planning a dream vacation or saving for a down payment on a car. Write your goals in a journal or find an accountability buddy. Having an end goal gives you extra urge to keep saving money for the future.

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Spending more time at home makes it easy to slip into impulse online shopping.

With an increase in the amount of time we are spending at home, you could be tempted to do some online shopping.

If you have been neglecting your personal finances, now is the perfect opportunity to see what shape you are in.

To start your budget, calculate your total net income for a month.

First, you should add up all of your essential expenses.

Now that you have a budget created, you will need to hold yourself accountable to the limits you set.

To speed up the process, you can use an online money management platform to track your spending in real-time.

Just like any new habit you are trying to form, finding the right motivation can help you achieve it faster.

You don’t need to be a financial planner to take charge of your money.

Start by calculating your total net income for the month — the money you take home after taxes, insurance, and 401(k) contributions.

Essential expenses are the necessary costs you consistently have every month.

Record every purchase you make and enter the amount into the appropriate budget category.

It is easy to overspend online because you don’t have to physically hand over money.

Finding the right motivation helps you stick to new habits faster.

Billshark negotiates your bills for you — no savings, no fee.

Billshark helps lower internet, wireless, cable, satellite radio, and other monthly bills.

Our experts handle providers for customers and share updates throughout the process.

Customers pay only when Billshark finds savings on eligible bills.

2 Track Your Spending.

3 Set a Financial Goal.

Frequently Asked Questions.

How do I create a monthly budget to avoid overspending?.

What counts as an essential expense in a budget?.

How can I track my spending more easily?.

Why is it easier to overspend when shopping online?.

How does setting a financial goal help me save?.

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Essential Ways to Avoid Overspending While Stuck at Home

1 Create a Budget

2 Track Your Spending

3 Set a Financial Goal

Frequently Asked Questions

How do I create a monthly budget to avoid overspending?

What counts as an essential expense in a budget?

How can I track my spending more easily?

Why is it easier to overspend when shopping online?

How does setting a financial goal help me save?

Related Blog Posts

Top 3 Apps for Finance: Manage Money & Build Habits

After Bills: Smart Budgeting for Extra Spending

Boost Financial Success: Smart Ways to Use Bill Savings

Easy Ways to Lower Utility Bills and Save Money

Financial Awareness: Tips for Lasting Financial Health

Boost Your Budget: Smart Ways to Save on Monthly Bills

Overpaying? Top 5 Things to Cut & Save Money Now

Save Money on Spring Break: Smart Tips for Your Vacation

Protect Your Finances from Banks: How to Build a Cushion

Save on the Bills You Just Read About

Essential Ways to Avoid Overspending While Stuck at Home page context