Saving with 6abc: How to stop overspending

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Thursday, July 24, 2014
VIDEO: Saving with 6abc: How to stop overspending
We're here to help you stop overspending with a few simple and sneaky secret tips.

We're here to help you stop overspending with a few simple and sneaky secret tips.

Alexa von Tobel, author of Financially Fearless and CEO of LearnVest, says you have to retrain yourself to refrain from frivolous spending.

First, when it comes to bills, the bigger the better. Tobel says the smaller the bills in your wallet, the more likely you are to spend them on a lot of little things.

Second, avoid falling into the "nine mine." Tobel says people think they are getting a bargain when the price ends in a nine.

Round up the price to the even number and rethink the deal.

Third, rethink the tag! If something is marked down it always feels like a bargain when you can see both the original and the sale price on the tag. But, try thinking about what you would be willing to spend on that item before you even look at the tag. That sale may not seem so great after all.

Fourth, it seems spending time on social media makes you spend more. Experiments have shown that just five minutes on Facebook and Instagram makes us want to spend more money, whether to keep up with the Joneses or feel better about our own lives.