spend too much by www.inspiredbudget.com

Have you spent too much money recently? Maybe you bought one big purchase or several small ones. When I overspend, the guilt sets in and it can be difficult to bounce back financially. Sometimes I have gone as far as spending even more money because I had a “why bother” attitude. Thankfully, there are ways that you can recover from shopping sprees and take back control of your money! Here are 6 ways that I have personally recovered from overspending.

1. Face the truth.

There is freedom in the truth and you have to face the fact that you spent too much money. Forgive yourself and promise that you will do what it takes to make the situation right. You’re allowed to make mistakes. Own them and move on. You’re not perfect and no one expects you to be perfect. So look yourself in the mirror, admit to your actions (even if they were childish) and declare that you’ll learn from this experience! Once you’ve done that, it’s time to find the root of the issue.

2. Identify the cause.

Next, identify why you spent too much money. Did you get too excited by the holidays and went a little crazy with gift giving? Maybe you saw that everyone else had something nice and you were a little jealous. Be completely honest with yourself and dig deep to find the purpose behind the spending. If you struggle with keeping up with the Joneses, read HERE about beating the comparison game. If your reasons lie deeper, then seek out a friend or family member that you can talk to. Explain to them the “why” behind your spending habits. If you don’t feel comfortable reaching out to others about the reasons behind your spending, then invest in a spiral notebook to start journaling. No matter how, you must determine the cause of your habits before you can fix them.



3. Make a plan.

You wouldn’t try to lose weight without developing a meal plan and exercise schedule. Likewise, you shouldn’t just claim that you’ll “be better with money” without a set plan! If you are spending money that you don’t have or that you didn’t plan for, then it’s time to set some tools and practices in place to help combat your old habits! You’ll need to learn how to set up a solid budget, how to save for purchases that you want, and how to pay off any debt you have. It can be an overwhelming task, but thankfully I’ve laid it all out for you in my FREE Budgeting Basics Email Course. It’s only 6 days long and will help you take back control of your money. This email course covers:

  • How to write a budget.
  • Items that are most likely missing from your budget.
  • What you can cut from your budget.
  • How to use cash envelopes.
  • How to pay off debt fast.
  • How to keep everything organized.

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4. Pay more than the minimum.

If you spent money on a credit card or you financed a large purchase, then it’s time to buckle down and pay more than your minimum payments! Just because your credit card company is only asking you to pay $75 each month on your balance doesn’t mean that you shouldn’t pay more! Do whatever you can to put extra money each month towards your debt. Is there something in your house you can sell? Maybe you even have enough extra stuff lying around the house to hold a garage sale! Regardless of how you find it, put any extra money towards your balance! I promise that your guilt will disappear when you are no longer paying on the purchases you made.



5. Just stop spending.

Although cutting out spending might seem like the simplest thing to do, it’s something that a lot of people struggle with. Either cut your credit cards up or stick them in the freezer so you’re not tempted to borrow even more money on them! Take your credit card or debit card info off websites so you can’t buy things with just one click. Do everything you can to pause your spending and pay yourself back for those big purchases! If your overspending is a band-aid for deeper emotional issues, then you’ll have to deal with those problems to stop your spending habits. Spending money may lead to temporary happiness, but it never leads to long term peace and fulfillment.

6. Start a side hustle.

There are so many people that have a side hustle to help pay off debt and save money! What can you do to earn extra money? Think about your talents and what you are already trained in. Market yourself on Facebook and to your friends. I know people who bake custom cookies, build wall decor, and even paint pictures of people’s homes and pets for extra income! You could offer to babysit for a small price, or even tutor if you’re a teacher. The possibilities are endless! If you have a deep passion (or just want to connect with others), you could even start a blog like me!

If you don’t take time to recover from spending too much money, then you’re likely to fall into the same patterns. Instead of repeating your actions, follow these 6 steps, find the root of the cause, and make a change for good. And above all else, remember that buying things only leads to temporary joy.



4 Comments on 6 Ways To Recover When You Overspend

  1. In recovering, would you recommend attempting to bump up payments, perhaps letting it affect or slow down your overall debt snowball, or pay the excess out of savings in order to reset? I can see the merits of both, but can’t decide for myself which way to go.

    • I think it depends on if you’re debt free. If you aren’t then I’d add it into your debt snowball. If you are debt free then I would pay it out of savings and beef up savings asap!

  2. These are great tips! I know I for one can start to spiral out of control if I overspend but if I can just remember to own up to it (and give myself a little grace) like you recommend in step one I could save myself a lot of trouble!

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