There are plenty of reasons why we tend to overspend. Sometimes it is due to peer pressure or FOMO.
Other times we truly think that we will be able to walk in and out of Target with just the items on our list.
Whatever it is, repeated overspending can lead to lighter wallets. Most importantly, reckless overspending can move us further away from our financial goals. And as a millennial in today’s world….we need all our coins.
Here is a look at the things we often spend too much on and some easy ways to stop overspending money you don’t have.
Birthday Dinners
Every Millennial friend group has this person. The one who orders 3 drinks, 2 appetizers, a steak entrée and then wants to split the bill evenly. How about a no. In fact, make that a HELL NO. If you just so happen to have a big social crown, then you know what I am talking about.
The (dreaded) birthday dinners. Often at the fancy restaurant with $27 appetizers the size of Ritz crackers. You can burn a hole through your pockets OR take one of our money saving tips into consideration for the next birthday dinner you are invited to :
- Meet up with your friends after dinner for a drink instead. (The after party is where the turn up is anyways right?)
- Join the birthday dinner mid-way through after everyone has ordered. This way you can still socialize without the added pressure of spending unnecessary money.
- Set expectations at the start. Tell the server beforehand that you would like your checks to be brought out separately.
Other Articles About Living Your Best Life:
- 6 Ways To (Actually) Remove Stress From Your Life
- How To Say No More Often And Mean It
- How Asking These Questions Got My Year Back On Track
Overdraft Protection
Having overdraft protection may sound nice but in actuality it is anything but. Overdraft protection is when your bank transfer over money from your savings or covers the pending charges for a “small fee” (usually $35). OPT OUT.
If you do not have the funds for an item, you should probably skip out on it until you can swipe your card without fear.
$35 here and there can add up pretty quick and set you down a path of over-consumption and staggering debt. If you are constantly over drafting your account, consider setting up a budget that puts you back in control of your finances.
Cable Packages
There is an ongoing debate as to whether or not it is worth it to cut the cable cord. If you would rather have your eyes poked out than miss a live University of Arizona game, fear not. You can actually still get your cable fix in different ways.
For example, you can meet up for your friends at a Sports bar to catch the latest game or upcoming fight. If bar food is not your scene, then try out one of these tips to cut down on your cable bill at home:
- Bundle your services. If you have a big home or multiple users, try this method out. You can bundle together common services like cable, internet and sometimes even a phone service. Bundling multiple services is a great way to cut down on overspend.
- Downsize your cable package. Nowadays, you can simply call and bargain with your cable provider to only include those channels that you do watch.
- Haggle for a better deal. Companies run promotions all the time to lure in new customers and you can take advantage of this. Whatever service is being offered, just call and ask to get in on the promotion. You would be surprised at what companies offer when they think you might leave.
If you just so happen to hate the idea of doing the leg work or talking to other humans…Do…Not…Worry. There are several companies out there like BillFixers and BillShark that help to negotiate down your bills for you. So try out any of these options and start pocketing your extra savings today.
Subscription Services
I love the new Disney +. I also love re-playing Ugly Betty on Hulu and binge-watching Nailed It on Netflix. However, as one person, there is no way I can watch all of these at once.
Bottom line: You do not need to spend extra money for all the subscription services out there all at once.
For instance, you and a few friends can save money by sharing the cost of these services.
Have one person pay for Hulu while another person signs up for Disney Plus. Create fun passwords for these shared accounts. Be sure that these share passwords are ones that you do not have for any other accounts. This way you can still access what you love without paying the full price tag.
Keeping Your COINS
Do you often find yourself overspending in these areas? What are some other practical ways to stop overspending?
For me, focusing on my biggest financial goal i.e getting rid of my student loans, helped me better identify needs vs wants.
I now see why it is important to stop overspending and most importantly I know how to do it.
If you need more help with your finances, check out and download our monthly budget bad ass money plan. It helps you easily keep tabs on your spending so you don’t go overboard.