One of the most common problems adults deal with every month is efficiently managing their finances.  Depending on your salary, and your regular monthly expenses, you may find yourself struggling to stay afloat or save some extra money.  If you’re wondering where your paycheck is going, you may want to take a deep look into your spending habits. While you may be covering all of your necessary bills, you may also be overspending on things you don’t necessarily need.  Not to worry; this is something many adults deal with, and there are plenty of solutions to help better manage your habits.  Here’s how:

Track All Spending

The first and most obvious step to curbing your overspending is tracking your spending in general.  Every week, you should track where your money is going. By the end of the month, you should have a compiled list of what you’re spending each week, and where you can cut back.  Seems like an easy task, and something you really wouldn’t need to track; however, the smallest purchases can really add up and make a significant impact if you have enough of them.  For example, if you’re someone who goes out to lunch on your break from work, you’re likely spending almost $10 a day, if not more! This ad’s up to a minimum of $50 that you could be using for necessary bills, or putting into your savings account!

Know Your Spending Triggers

It’s not uncommon to spend based on your emotional or psychological triggers.  Things like your mood, environment, friends, etc., can really dictate the way you’re spending.  Take notice of this. Recognize what you’re feeling, or doing when you’re out splurging on things you don’t need.  For example, if you’re an emotional spender, you may find the need to go on a spree if you’re feeling down or even happy.  However, when you’re trying to save money, this can be detrimental to your savings plan. Be aware of your triggers, and do what you can to supplement them in ways other than swiping your credit or debit card.

Limit Your Credit Card Usage

Credit cards are one of the most common ways for individuals to get in over their heads when it comes to spending.  Your credit cards are a way for you to have “guilt-free” spending, but only for the time being. Anything you purchase on your credit card may not come directly out of your account at the moment of purchase, but eventually, you’ll need to pay it.  Additionally, if you’re making large credit card purchases, and you can’t pay the full balance off at one time, you could possibly have to deal with interest charges. While credit cards are a great way to improve your credit score and gradually build it up, it’s easy to lose control.  Try to use them only if you know you’ll be able to pay your balance in full when it’s due.

Set Short Term Goals

A great way to combat overspending is setting short-term goals for yourself.  A short-term goal is something that’s easy for you to work towards and will improve your financial status in the end.  Whether it’s having a specific amount of money in your savings account by a certain time, or paying off a high credit card debt.  Set goals so it gives you something to work toward.