How to Control Your Spending

Overspending has become a widespread issue in the United States. The social pressures of keeping up with the latest items and trends often lead people into debt and living paycheck to paycheck. Impulse buying is increasingly common due to the ease of purchasing and receiving goods so quickly from businesses like Amazon. We all love their two-day shipping. 

Research from a Clever Real Estate survey found nearly 75% of Americans report having an overspending problem, with 55% admitting to rash spending, and 45% saying they have cried over their lack of discipline regarding spending habits.  

Consider implementing these tips to take control of your finances and spend smarter: 

Utilize Digital Banking 

 The first step to managing your finances is understanding how much you're spending and where it's going. Checking your balances and transactions is important. That is why Gulf Winds makes it easy to view and search for recent transactions like deposits, debit card purchases, and ATM withdrawals. Another way to manage your finances is to review your e-statements. If you are not utilizing digital banking be sure to start here.  

Plan: Create a Budget  

 A budget is essential for making sound financial decisions. It allows you to plan and control your spending. Create a budget using a spreadsheet or a budgeting app to stay organized. Include your income, fixed expenses, bills, and any additional expenses and savings goals. Creating a budget should mean managing your finances so your earnings go further, and your savings increase. If your financial situation changes, such as receiving a raise or paying off a loan, adjust your budget accordingly. 

Prepare: Make a List  

Before you shop, whether for groceries or other essentials, make a list of items you need. This helps you avoid buying unnecessary items and helps you stick to your budget. Without a list, you're more likely to overspend, especially if shopping while hungry.  

Be sure to check our Member Savings and Discounts here. Save on movie tickets when you visit select branches. They can be used anytime at any AMC or Ridge Theater.  

Take Control: Limit Credit Card Spending 

Credit cards can be useful, especially for emergencies, but to limit spending, use a debit card or cash. This ensures you only spend money you have, reducing the risk of overspending like with a credit card. Many people plan to repay their credit cards but end up in debt. A high-yield checking account can also be beneficial, offering premium monthly dividends. To learn more about Gulf Winds’ high-yield checking account, click here.  

Consult a Gulf Winds Representative 

Have questions about how to take control? Consider making an appointment at your branch today. Gulf Winds is here to support you along your financial journey and provide the resources you need.