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3 Steps on How to Control Spending Habits

Updated: Aug 25, 2022

Controlling spending and increasing savings is the best way to handle a recession, layoffs and rising inflation.

How to control spending

We're in unprecedented times right now and no one is sure of where the economy is going. The best thing to do in times like this is to save as much as possible and curb unnecessary spending or spending urges. How do you actually do it? Read on to learn the 3 steps to control spending habits.

TL:DR? Watch my Tiktok video on this topic instead.

Step #1: Estimate what your expenses will look like for the next few months.

That is sometimes easier said than done. What do you do if you don't know what your monthly expenses look like? For starters, check out my Annual & Monthly Zero Based Budgeting Spreadsheet. Once you look back a few months at how you're saving/spending, it will give you a good idea of what to expect for future months. I've been consistently budgeting for about 8-9 years now so I have a pretty good baseline on what my "needs" expenses are vs my "wants" expenses, which tend to be more variable.

Step #2: Assign a credit card a purpose.

Credit cards are amazing....if you use them correctly. If you have multiple credit cards, give each credit card a purpose. Make one of the credit cards your "needs" cr