How to Manage Money When You’re a Spender


Spenders derive pleasure from using their hard-earned money to buy things they desire, and they get more enjoyment from that experience than from watching their savings accounts grow.

However, if you’re a spender, you do have to learn how to manage money to ensure financial security for the future. With that said, you don’t have to curb every spending impulse. The key is to commit yourself to building a future of wealth, which even if you’re a spender, it’s easy to do.  

You can still learn how to manage money if you’re willing to follow a few rules of thumb.

Give Yourself an Allowance


Start by limiting your spending. Give yourself a weekly or monthly allowance that you can use for anything you want. The specific amount will depend on how much you earn and what you pay for ongoing expenses.

Make sure to give yourself just enough money to keep you satisfied versus deprived. You don’t want to blow money on things you don’t really care about, so force yourself to carefully consider each purchase. What value will it bring to your life? How will it help you achieve something, whether that’s joy or happiness or a goal?

Spenders often find themselves racking up charges without even thinking about what they’re buying. If you fall into that trap, practice mindfulness. You’ll learn how to manage money faster if you force yourself to think first before you swipe.

Track Your Spending

Learning how to manage money can’t happen until you know exactly what you’re spending it on. Vigorously track your expenses, both for necessities and luxuries, over a period of a few months. Then go back over your expenditures to evaluate them.

Do you still use the products you bought over the previous months? Are you still glad you made each purchase decision? You’ll start to get a feel for how your spending habits reflect in your overall finances.

Once you learn how to manage money, tracking expenses and income will become second nature. You won’t want to make hasty decisions because you’ll have a clear goal in mind for generating wealth and a greater abundance of self-awareness.

For instance, you might discover that you tend to buy lots of little tech toys that you never actually use. With that knowledge, you can pause before you put something in your cart at the electronics store and remind yourself that you’re feeding a habit that doesn’t actually bring you happiness in the long run.

Set Specific Spending Days

Another way to learn how to manage money better is to reduce your spending days. In other words, you can buy products on Saturdays, but not on any other day of the week. Don’t use that day as a shopping spree, but rather as an opportunity to indulge the part of you that enjoys spending.

You can even write a shopping list in advance. The abundance of e-commerce shops online, including Amazon, can help you learn how to manage money more efficiently. Decide in advance what you want to buy and don’t permit yourself impulse purchases over a specific dollar amount.

Set Aside Savings

Savings are important whether you identify as a saver or a spender. Everyone needs an emergency fund or a rainy day fund.

In order to save, put money aside every time you get paid. The amount, as with spending, should reflect your overall income and expenses. You might start with 10 percent of whatever you earn and work up from there.

Don’t allow yourself to touch your savings account unless you experience a true financial emergency. For instance, a new television wouldn’t qualify, but a car repair that will allow you to get back and forth to work would.

Build a Trading Account

Spenders love to go shopping, whether online or off, which means that they tend to need access to more cash than savers. You can embrace this side of your personality by forcing your cash to work harder for you. One of the best ways to learn how to manage money is to focus on growing more than you spend.

A trading account allows you to invest in the stock market and enjoy returns on your investment. If you follow professional publications, such as Money Map Report, you’ll be more likely to profit off your trades than if you were to do it alone.

Find an Accountability Partner

Accountability is a huge issue when you want to learn how to manage money. If you don’t think you’re capable of keeping yourself accountable, find someone who can help. He or she might be a spouse, friend, relative, or even colleague.

You’ll report your finances to that person on a regular basis, and he or she will check in with you to make sure you’re not spending more than you should.

How to Manage Money: A Checklist

If you’re looking for the best money management tips, I’ve prepared a checklist for you to keep in mind. Print it out and put it in your wallet if it will help keep you from spending more than you can afford.

Here’s how to manage money effectively:

  • Increase spending only when you increase income.
  • For every dollar, you spend on non-essentials, put a dollar into your trading account and another dollar into your savings account.
  • Pay careful attention to your retirement fund.
  • Increase your income potential through day trading and options trading.
  • Check in with your accountability partner regularly.
  • Track your spending on a daily basis.
  • Keep receipts for everything you purchase.
  • Force yourself to wait 24 hours before you buy anything that costs more than a certain amount, such as $100.
  • Limit your spending to certain days or occasions.
  • Never use debt to satisfy your desire to spend.
  • Learn from savers by watching how they make purchase decisions.


Learning how to manage money doesn’t happen overnight. It’s a lifelong journey toward wealth. However, if you’re a spender, you might struggle with how to manage money more than people who prefer to save.

Focus on following the above strategies to keep your spending under control. Sign up for Money Map Report for more money management tips, stock picks, and other financial advice. You’ll thank yourself when you have a huge trading account and enough wealth to satisfy your spending desires.


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