It may come as no surprise that consumerism has increased across the United States. This phenomenon has been covered in various news articles and is often associated with marketing, cultural expectations and impulsiveness.Ìý
If you struggle with shopping, overspending or living above your means, you’re not alone. Here are a few tactics to reject consumerism and stop overspending.ÌýÌý
Why do we overspend?Ìý
Overspending doesn’t necessarily look the same for everyone. If you find yourself spending more than you can afford, it’s important to identify why. Here are some of the most common reasons people overspend.Ìý
If you identify with any of these scenarios, you’re not alone. Here are some tips to help you curb your spending and avoid impulse purchases.Ìý
1. Review all your current expensesÌý
Do you know exactly where your money is going? One way to find out is to review all your expenses and break them up into categories.Ìý
You can do this by printing a copy of your bank and credit card statements or using free online apps like cket Money. If you can, try to look at two months’ worth of expenses. This will give you a better overview of your average spending.Ìý
As you look through your statements, try to break up your spending into two main categories:Ìý
If you notice that you are spending a lot of money on non-essential items, it can be helpful to break down this category even further. For instance, you may look at how much money you spend on clothing, entertainment, eating out or trips.Ìý
Understanding exactly where your money is going can help you figure out how you can cut back. If you need additional help budgeting, check out this article for more tips.Ìý
2. Avoid autofill optionsÌý
Having your credit or debit card information saved on your phone or browser is convenient. However, having the option to ‘autofill’ your payment method can also make it easier to go over budget on impulse purchases. To avoid this, try removing your card information to see if it helps you spend less on non-essential items.Ìý
Additionally, some apps may have automatic reloading options. One example of this is the Starbucks app, which allows you to automatically reload your card when your balance is insufficient or running low. These features make it easier to lose track of how much you’ve spent. Instead of reloading your card each time you run out of funds, try adding a set amount at the beginning of the month. Once that money has been used up, commit to waiting until the next month to add more. That way you’ll be able to stick to your budget better and know exactly how much you’ve spent in a given month.Ìý
3. Avoid shopping on impulseÌý
Impulse purchases, even small ones, can add up quickly. If you see a product you’re interested in, try to take a pause and avoid buying it right away. This can help you avoid purchasing things in the moment or on a whim.ÌýÌý
Here are some tips to help you avoid impulse purchases:Ìý
4. Practice mindfulnessÌý
Overspending can be a hard habit to break. That’s why it’s important to practice mindfulness whenever you’re shopping. Here are a few questions to ask yourself before making purchases. If you answer mostly yes, it may be a good purchase. If you answer mostly no, it may be best to skip it.Ìý
Asking yourself these types of questions can help you determine which purchases are worth it (and which ones aren’t). You may also want to consider things like how many hours of work it would take you to pay for an item. This tactic can also work well for non-product purchases like eating out or going to the movies. If you need to spend several hours of work to afford it, think about whether or not it’s worth it to spend that money.Ìý
ResourcesÌý
There are a variety of resources available for students, staff and faculty to support your financial well-being. Here are a few to check out.Ìý
Resources for studentsÌý
ÀÖ²¥´«Ã½ can meet with a trained peer wellness coach for a one-on-one consultation to discuss finances, goal setting, budgeting, careers, academics and more.Ìý |
Counseling and Psychiatric Services (CAPS) offers free drop-in sessions to help provide insights and connect students with additional resources.Ìý |
Counseling and Psychiatric Services (CAPS)Ìý CAPS offers free short-term individual counseling and screening services for students.Ìý |
The Basic Needs Center on campus provides support services for students seeking access to essential resources like food, housing and more.Ìý |
BursarÌý The Bursar’s Office on campus can help you understand your tuition bill, payment options, tax information, refunds and more.Ìý |
The Office of Financial Aid can help you explore ways to pay for college, including scholarship opportunities, loans and more.Ìý |
Ìý ÀÖ²¥´«Ã½ can search for on-campus and off-campus job opportunities, including internships. Simply log in to Handshake with your IdentiKey to explore positions.Ìý |
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Resources for staff and faculty
The Faculty and Staff Assistance Program (FSAP) offers free workshops to help improve employee wellness. You can attend workshops throughout the year to learn about retirement basics, health savings accounts, Medicare, home buying and more.Ìý |
Faculty and Staff Assistance Program (FSAP)Ìý FSAP provides free mental health services for all CU Boulder staff and faculty, including consultations, individual counseling, couples therapy and more. Employees do not need to use PTO or sick leave to take advantage of this benefit.Ìý |
Ìý CU Advantage is a one-stop shop to find and take advantage of benefits, resources, perks and advantages CU has as part of it’s benefits programs.ÌýÌý |
Ìý All CU Boulder employees can access perks through the State of Colorado, including information about budgeting, investing and student loans. They also offer a variety of deals and discounts for local businesses and travel.Ìý Ìý |
The Basic Needs Center offers free mobile food pantries to all CU Boulder students, staff, faculty and community members who are facing food insecurity or having difficulty affording groceries.Ìý |
Ìý CU employees are eligible to meet with financial professionals from TIAA for free. You can use these sessions to discuss budgeting, debt, retirement planning and more.Ìý |
Ìý Did you know you can automatically transfer money from your paycheck into your savings account? Simply log in to your employee account and update your ‘Direct Deposit’ options under ‘Paychecks.’Ìý Ìý |
Ìý CU offers three voluntary retirement plans for both 401K and PERA employees. These plans allow you to save more money into a retirement fund of your choosing through pre- or post-tax paycheck deductions.Ìý Ìý |
Ìý Want to earn a degree? Employees may be eligible to take advantage of the Tuition Assistance Benefits, which can cover college courses taken by an employee or dependent at any of CU’s campuses.Ìý Ìý |
Ìý CU employees can take advantage of a variety of free programs through your health insurance plan, including sleep support, pregnancy planning, fitness and more.Ìý Ìý |
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