Why It’s Time to Ditch the YOLO Mindset and Control Your Spending

Living in the moment is great until your bank account is empty! Here at Mozo we agree that perhaps it’s time for us Australians to take a step back from the YOLO economy and rethink our “you only live once” consumption habits.

To help you with this, we’ve put together some strategies to keep your spending in check so you can still enjoy life while making money at the same time.

Replace “impulse” spending with “targeted” spending

Instead of taking advantage of every opportunity that comes your way, ask yourself: Does this purchase add real value to my life? If not, consider redirecting that money to causes that align with your priorities, such as creating a larger holiday fund or making additional extra donations.

Set small financial goals

Set yourself a fun challenge and try to limit overspending. Try something simple like a weekly “no spend day” or challenge yourself to save every $10 or $20 bill you receive. These mini-goals may seem small, but over time they add up to big wins. They also help you change your spending habits so that they are fulfilling rather than restrictive.

Strive for Conscious Communication

We all love spending the evening with friends, but it’s no secret that socializing can quickly drain your budget. Try replacing a casual dinner or date night with inexpensive alternatives like a picnic in the park, a BYO game night, or cooking a meal together at home. This way, you can still connect with friends without risking blowing your weekly budget for one night.

Save on autopilot

Setting up automatic transfers to your savings account can help you set aside cash before you even have a chance to spend it. You can schedule them right after payday and then relax knowing your savings are growing in the background. Aim for at least a modest amount, like $50 or $100, something you can manage consistently until it becomes a habit.

Practice “wait and see” shopping.

Impulse buying is a fast track to YOLO overspending. Good rule of thumb? Wait 48 hours before making an unplanned purchase, especially if it’s over a certain amount. This cooling-off period often helps you figure out whether you really need the item or whether your desire to buy is fading.

These simple strategies will help keep your finances on track without taking away from the fun of spending. So the next time you feel the urge to spend your money on YOLO, think of it as a chance to create long-term wins for yourself in the future. To get started faster, compare savings accounts below to help you reach your goals faster.