NDSU Extension Service - Ramsey County


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Keeping Money in Your Pocket

Keeping Money in Your Pocket


                The long-time cliché, “burning a hole in my pocket’ refers to how quickly money can be spent – often followed by remorse as to how the dollars were spent.

                Patterns of how we spend and save money influence our ability to achieve financial security. Changing a pattern or a habit, can be difficult but understanding habits are shaped and the emotions in f spending behavior can make it much easier to change.  You can create new, improved spending habits and break poor spending habits.

                 A spending habit has five parts:

                The drive, which causes you to go to a location where you will have the opportunity to spend

                The stimulus, which attracts your attention and encourages you to buy

                Your decision to say yes or no to the temptation to buy

                Your actual response (action) to the stimulus

                The consequence or result of your action

                At any step of the spending behavior described above, you have a choice: whether to keep your money in your pocket or to spend it. Ask yourself important questions about your goals for the future: Is this the best use of my money? Am I buying to satisfy an immediate need? Will buying this keep me from reaching my goals?

                A major step in changing spending habits is to learn to recognize the drive that places you in a spending situation.  The drive is your inner force that creates a situation in which there is a temptation to buy. Your drive may be enjoyment of shopping a yard sale or flea market, or it may be your need for an item. Your drive places you in situations where you have the choice to spend money or not. One way to avoid spending is to channel your drive in another direction.

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