How To Deal With Overspending

Budgeting Finance || ||

I want to talk about something that happens to every one of us: overspending. December was a hard month on our budget, we went over budget in a lot of categories. Part of it was plain overspending, and part of it was oversight on my part, forgetting to include irregular expenses in our monthly budget. We ended up spending about $75 more on Christmas gifts than we planned, and I forgot to include my $200 reregistration as a massage therapist. BUT I’m moving on and taking steps to prevent this from happening again!

Here is how you can deal with overspending and get back on track.

Forgive Yourself

It’s easy to be hard on yourself after you’ve spent too much on something, or gone over budget for the month. I know I sometimes beat myself up about spending too much money but for the sake of your sanity, let it go. Move on and do better next time.

Figure Out Why

Did you forget to include an irregular expense? Was it an emergency? That happens to everyone at some point. That’s why it’s important to have an emergency fund.

Did you decide that you “deserved it”? It’s so easy to decide that you deserve a treat for working hard, but if it impacts your goals, you’re stealing from yourself!

Assess The Damage

Know how much you spent. If it put you into debt, plan how you are going to pay it off.

Return It Or Sell It

If you bought a physical item that you don’t actually need, can you return it, or sell it to make some of your money back?

Spending Freeze

Put yourself on a spending freeze by having a no spend day, week or month. It will help you get back on track and stop the habit of spending. Or if you only over spent a small amount, you might be able to cut back on another category such as entertainment or groceries.

Earn More Money

Work some extra hours, or sell something else you don’t need to make up the difference between your budget and what you spent.

Update your Budget

If you’re always overspending on something like groceries or gas, maybe you need to re-evaluate your budget in those categories if the amount you’re budgeting isn’t realistic.

Final Thoughts About Overspending

I truly believe life is about balance, in all things. Some times you’ll over spend and I want you to know that it’s okay. You’re human. It’s important to note that just because you went $50 over budget in your groceries that does not mean that your budget is ruined, and that you should stop trying. Try to focus on doing “the next right thing”, I find this really helps my mindset when dealing with overspending (or overeating, under exercising, etc.).

I hope you’ve found these tips helpful! What do you do when you’ve overspent?

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