We’re all facing high bills. Those bills could go even higher in the coming months. Many of us have bad money habits and when you combine these things, you end up with a real problem. Lots of us spend money without thinking about it. Without considering that the money you’re about to spend could be directed elsewhere, or put away for an emergency. This isn’t a call to stop you from enjoying your life. It’s a collection of simple tips that can help you stop spending cash should you want to. Let’s have a look at how to stop spending money UK.
Switch To Cash
It is so easy to simply beep our contactless cards at the till and walk out with those purchased goods. Whilst it saves time, it means you are spending money easier than ever. Bank cards are safe because they can be stopped if they go missing. However, there is still a great benefit to cold hard cash. You need to look after it yes, but when you see the physical cash in your hand as you pass it over to the cashier, you might think differently about spending it. Only taking £10 to the shops means you can only spend £10. This helps you be wiser with your decisions and looking at that note in your hand in the queue for the checkout, you might decide to pop a couple of items back on the shelf.
Freeze Your Card
Your bank card is important but it can be a nightmare when you look at how to stop spending money UK. Our bank cards make it all too easy. If you have online banking and an app on your phone, you can actually freeze your card. This means you cannot use the card. It’s part of the banking app that can be used if your card goes missing, however, it can benefit you by stopping you from physically being able to use the card. If you have to log in and flick the card back to being useable, that is time you can consider your purchase. Some people with really bad financial spending habits actually freeze their cards in Tupperware sizes blocks of ice. Have you considered putting your debit card in the freezer before?
Lower Your Contactless Limit
Speaking of your banking app, some of them have other features that you can use when looking at how to stop spending money UK. One of those features is lowering your contactless limit. The contactless limit was increased to £100 as standard across UK banking but that doesn’t work for everybody. If you are watching the pennies, £100 at the tap of a card is a big deal. Some banks are allowing you to choose your own contactless limit. Maybe it’s about time you lowered yours down to £20 or so? You can still take advantage of quick checkouts but you won’t be beeping your card for £80 or £90 anymore.
Sign Out & Disconnect Your Bank Details
Online shopping is also really easy. If you have shopped at retailers online before, you have probably set up an account and possibly saved your bank details in that account. That means it’s just a few clicks for you and you’ve ordered something you maybe shouldn’t have bought. Now is the time to sign out of these accounts we are automatically logged into and delete the cache so that information isn’t saved. You should also remove your bank details from these accounts. No longer shall we scroll through Amazon on our phone and buy something with a few clicks. We’ll have to work to make those purchases. Giving us time to decide if we really need to spend the money or if we’re just bored and impulse shopping.
Change Your Mindset
When you are looking at how to stop spending money UK, you need to change your mindset. So many of us may have had expendable cash in the past. Enjoying spending cash on frivolous things that we thought didn’t really matter. However personal finances can change and our situation now might be incredibly different. If you want to stop spending, you need to change your mindset and realise that you are doing this for the greater good. Buying a new dress or spending money on takeaways might mean you can’t afford the mortgage payment this month. Prioritise what is important and start building up a savings pot for if things go south one day. How would you survive if you lost your job? Start holding yourself accountable and realising that you need to think about the money you are spending.
When you seriously look at how to stop spending money UK, you will find ways to put money aside. Rather than a new shirt, you’ll be happy with the old one, knowing that cash can be better spent this month. Small and simple changes can help you stop spending money. Start stopping today!
