Spending Triggers - Do You Know How To Spot Your Triggers and Not Give In?

No Credit Needed has been running a series on 33 Days and 33 Ways to Reduce Debt and Save Money. His most recent post challenges us to identify our spending triggers.

As NCN points out in the post:
"If you are aware of your ’spending triggers’ you can
A) avoid situations where you might be tempted to overspend.
B) discuss your financial goals with your friends and family, so that they will be “on your side” (helping and not hurting).
C) be absolutely committed to living on a budget."

Personally, my biggest spending trigger is the need to spend time with others which usually entails a meal or beverages. Its amazing how much money is spent if I don't keep a stringent eye on this category. Anyone following this blog will attest that I have made this a subject of my monthly goals and it is usually the one that falls short.

So, when you are kicking a habit whether its smoking, eating, drinking, biting your nails, shopping, etc. the first rule of thumb is to know your trigger so you can take steps to prevent it. As an ex-smoker, I knew that I had to change where I had lunch since I usually had a few cigarettes when I finished eating. Instead, I brought lunch to work, saved money by packing my lunch and not smoking. In my efforts to kick my spending habit on meals, I am working on stocking my kitchen with appealing meals and making lunches ahead of time so I don't have to think about it in the morning before work.

Day 4 Of 33 Days And 33 Ways To Save Money And Reduce Debt : Extra Payments Extra Deposits

No Credit Needed is posting a series on 33 Days and 33 Ways to Save Money and Reduce Debt. Day 4's topic is on making extra payments and extra deposits. The idea is to make extra payments because creditors calculate debt on a daily basis. I am a big supporter of this method, but it can also proove difficult if you do not already have an emergency fund in place. (Big red flag... this has been one of my greatest downfalls in my efforts to repay debt, but I'll get into that in later postings.)

I find that creditors are very supportive of receiving those extra payments, but I may have to explain what it is. Oddly, its my brokerage that seems to scoff at deposits that they don't deem as worthy. These brokers, who seem fresh out of school, must be able to make large deposits if they don't wish to be bothered by my attempts at saving. I on the other hand am quite happy when I can deposit an extra $25. One of these days, I will bring them a copy of "The Millionaire Next Door" by Thomas J. Stanley and William D. Danko to read. Until then, I just smile when they roll their eyes.

Some ways I've found extra money to make additional payments include housesitting/pet sitting, recycling cans for deposits, FSA reimbursements, mileage reimbursements from work, and e-bay sales. I am always looking for new ways to increase income.