How to stop spending money (14 best hacks)

A guide to spending less

1. Creator vs consumer mindset

Instead of always being the spender, how I about you become the creator? To build wealth, you have to own something, for example, a piece of business or intellectual property.

2. First form the habit, then buy the gadget or item

One of the most popular New Year’s resolutions is the intention to exercise more. Weight loss and healthier eating are number 3 and 4 on this list.

You will save a lot of money by doing the same. Build a habit. Prove to yourself that you can put in the work. Then spend the money.

3. Remind yourself that you’re not rich

I have designed my Twitter feed in a way that 90% of the people I follow tweet about money and investing. In this way, I’m always learning from the very best. Sometimes, I hate it. I’ll be out here living my best life, buying myself a collection of fine fragrance mists because they’re on sale then somebody tweets…

“People in middle class remain in middle class because they spend a lot of their money doing things only wealthy people should be doing.”

4. Have conversations with yourself

Back in high school, we had this CRE (Christian Religious Education) teacher who once asked us ‘girls, do you ever talk to yourself?’ I wondered what she meant because talking to yourself is for crazies, right?

5. Have you saved first before spending that money?

On a good month, I transfer my savings and investments money to different accounts as soon as I’m paid. Only then can I proceed to pay bills and spend on other stuff.

6. Stay calm

Have you met people who have to spend on alcohol when they’re angry as a way to cope with their anger?

7. Don’t replace things that already work

If you’re in your wealth-building stage, avoid this trap. Your phone or laptop is working perfectly but you buy another just for the sake of it. You have a small TV that works fine, and serves the purpose but because the neighbours have a new one, you go ahead and buy a new one.

8. Declutter regularly

Have you ever found an item in your house and were shocked that you actually own it? That it actually exists, belongs to you and that you bought it?

9. Don’t be in a hurry to spend your money

When I moved into my current house, I didn’t buy a lot of stuff that I needed. Like a table and comfortable chair for my home workspace. I kept procrastinating because I honestly couldn’t afford a very good quality one. I also kept telling myself that I could still get the work done from the bed or sofa, which proved to be impossible during the quarantine period.

10. Take care of your stuff

I have been using my laptop for 6 years. It’s now an old, slow abacus that I can’t wait to replace. However, it still works fine. I’m also the type who will use a phone for years and it’ll still look new when the time to replace it comes. In this way, I save a lot of money.

11. Think of the opportunity cost

What will you lose if you keep overspending on the wrong stuff?

12. Appreciate your style

I have a friend from the UK whose wardrobe is made up of Bohemian style clothing. Like Frankie from that Grace & Frankie sitcom on Netflix haha. I lived with her for three months in 2016 and found myself wanting to rock the same style. In fact, I had started buying some pieces. I looked ridiculous, like a confused molecule.

“Before you buy anything, ask yourself: Does this help me live a better life now, or is this something my imaginary future self would own? Only buy for the person you actually are, not for the person you think the right purchases would make you.”- The Financial Diet “Every time I splurge on something, I take the same amount of money and invest it. So if I want to buy a $400 pair of shoes, I also have to buy $400 worth of stocks. Makes you re-evaluate how much you really want something since you have to save 2x for it.”

I’ve tried this hack severally when I have been tempted to splurge on stuff, the last one being sneakers. It made me realize I couldn’t afford both.

14. Use the Jaspreet Singh hack

The Minority Mindset by Jaspreet Singh is one of my favourite personal finance YouTube channels.

“A good deal may save you 30%. But if it’s not something you need, you can save 100% by not going for it.”

It also helps to write down your insecurities, then go ahead and guard yourself against marketers. What are you susceptible to? What is that one thing that you just can’t stop yourself from buying? Be self-aware and do what you have to do, for example, blocking ads.

“Stop thinking about what your money can buy. Start thinking about what your money can earn. And then think about what it earns can earn.”- JL Collins

Have you been in a situation where you just can’t stop spending money? Did you get over it? Which hacks did you use? Teach me and the tribe by leaving a comment below.



Your voice of reason before you blow all your money this weekend!

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