Have you ever looked at your bank statement or credit card statement and wondered if you got hacked? Well you are not alone, there are many people struggling with over spending so today I am going to give you tips on how to avoid overspending.
Stop Overspending with these tips
Create a budget
I’ts as simple as it sounds, you will find it hard to stick by it first but your discipline is very important here, create a budget and allocate figures per item/ Sounds good..ok lets move on.
Shop Solo
The group shopping thing was one of the major contributors to my over spending, when you go shopping with friends ,some will be like “ Hi this could look good on you Anne” what happens next is checking our the shoe and then boom ..a debit. Become a solo shopper until you are sure you can manage not being influences
Carry cash when shopping
If you really want to stop overspending then you need to carry cash when going shopping , cards tend to make us spend extra. You feel no emotions whe swipping a card, unfortunately later you notice you bought somethings that were not even necessary.
Create a shopping list
Going shopping? Create a shopping list and stick by it, estimate the cost of each item and this will help you carry the cash you need for shopping.
Spend of the Real you and not the imaginary self.
Do not fall for the trap of shopping for the imaginary person you wish to be or that you follow like a particular celebrity,what happens is you will trying to live a lifestyle that is imaginary while it’s beyond your means.
Look into Purchase by cost per use
Sometimes we overspend by buying a trending item that we get to use 5 times a year, I call that wasted money, look at your wardrobe, how many items will you find that you bought and only used once?
A great way on hoe to avoid overspending is to consider how many times you will use the item and whether you have an alternative which likely will be cheaper.
Do not Consign a loan
One way of spending money that you hadn’t planned for is through consigning a loan, if your friend or family defaults the financier will come for you ,so you are likely to have a bad credit score or even pay up the loan. This will also ruin your relationships.
Get a friend who is keen on money spending
It is said that our friends traits influence us, get this one friend who is good and strict in spending money. You can be having money lunches with friends and discuss money matters. Isn’t this a good influence that will help to overcome overspending money?
Have a savings plan
Open an account strickly for saving atleast 20% of your income towards an emergency fund, retirement and paying off debt.
Budget 30% of your income for spending on lifestyle
Spending on other things other than basic necessities it very necessary, this goes to movies,restaurants and fun moments. By working with 30% you will be able to save and enjoy life.
You need a financial vision board
To start adopting better money habits you need motivation , by writing down your goals on a vision board you will stay on track to achieve your financial goals and this will help you to avoid overspending.
Create specific financial goals
Do not just use words to describe your goals, use numbers and dates. Describe what exactly you want to accomplish with your money and by when, for example by when do you want to pay off your debt?
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