Sticking to a budget can be extremely difficult, particularly if your finances are tight and you are not inclined to be particularly organized or disciplined. However, you can successfully curb excess spending and keep your budget intact by following certain tips. Oftentimes, people spend money on spur of the moment purchases that they really should be saving for something else. The easiest way to avoid this bad habit is to portion out your money every time you get a pay cheque. Put your bill money (including credit card payments), grocery money and funds for other necessities in the bank. Take out in cash the remaining money which can be considered spending money. Having the funds in cash can often help you monitor your spending better as people often go overboard when buying things with a credit card because they don’t see the account balance shrinking in front of them.
Next time you head out on a shopping trip, plan to run all your errands at the same time. If you have a list of places to go and things to accomplish, you will be less likely to spend extra time shopping or browsing for items other than those on your list. Check your list before you leave your house and eliminate anything you don’t actually need. It will not only help you stay on track but will most likely make your entire outing more efficient and effective and will help you avoid forgetting something important and having to make an extra unnecessary trip.
Many people over-spend because they feel that shopping eases stress or relieves depression and they often buy things they don’t really want.
You might want to buy a device with a slick new function and you may want to upgrade your existing device. Ask yourself whether you really need it before buying it. Don’t buy something because you are worried about hurting the sales person’s feelings. Beware of sale items which make you feel that you have to take advantage of a special deal or a limited time offer.
It has been aptly said that an idle mind is the devil’s workshop. Do not allow your mind to wander unnecessarily as you might fall into the temptation of spending money to kill time. You could utilize your time in a creative and useful manner.
If you have a habit of overspending, you could let someone else take charge and shop for you instead. Encourage yourself to exercise restraint and buy only when you need something. Overspending may lead you into debt.
Dr (Mrs) Archana Bharat
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