Tips to tie up your funds to keep them safe from yourself!
Despite your best efforts to control your TEMPO and stay on top of your energy resources, you still may need a little help controlling your impulse purchasing and maximizing your ability to make wise choices.
Once in place, this is the easy part! Tie your money up to keep it safe from yourself:
- have two bank accounts and keep your savings separate from your chequing or routine transaction account
- only allow deposits to your savings account when doing electronic (ABM) or internet banking – set it up so that you have to go to the teller to make a withdrawal
- set up direct deposit to your savings account for a portion of your pay cheque – out of sight, out of mind
- move your savings account to a financial institution that you don’t go to frequently
- take your savings account off of your ATM card or move it to the “other” button so that you can’t access it in the stores
- lower your cash withdrawal and debit limits on your ATM card
- don’t shop with your credit cards in your wallet – keep them locked up in your safety deposit box
- keep track of your credit card spending with a cheque register booklet – jot each purchase down as you do when you write cheques. This gives you a very visual account of what you’ve charged and will need to pay for later.
- only pay with cash – once it’s gone, it’s gone
Now that you’re aware of some of your triggers and you’ve tied up your money to keep it safe from yourself, the final step that will help you control your impulse spending behaviour, is to plan to walk to a different beat, literally. Fill in the following table based on your TEMPO and plan your steps to change:
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