It is often said that it is not your salary that makes you rich but your spending habits. In an era where “YOLOing” through life is quite the norm among the young generation, it is vital for you to track how you churn out your money.
Here are some tips that might be of help to you regarding your spending.
Pay in Cash
Making your payments using cash instead of using your phone or cards will help you control your spending. The psychology behind this is that giving out your hard-earned cash is more difficult compared to other means of payment.
The envelope method has also seemed to work for quite a number of people. Setting aside money for your expenses either weekly or monthly will help you budget and control your expenditure.
Knowing The Reason for Overspending
Pointing out the reason for your overspending is the first step to cure your overspending. If you’re doing it as a hobby, it might be better to substitute it with a new one.
Set Personal Goals
Saving money in order to buy something like a gadget will help you control impulse buying. Impulse buying is one of the habits that is known to lead to overspending.
Read Also: Three habits that Consume the mind
Evaluate Every Purchase
Once you come across something that you would like to buy, take a day or two before making the actual purchase. Doing this will help you evaluate whether or not you really need it and eventually make a sound decision.
You should also make a shopping list every time you go shopping. Only buying items that are on the shopping list prevents you from making unplanned purchases.
Setting Up a Savings Account
Setting aside money and saving it in a bank account is another way to curb unhealthy spending. It limits the amount of money you have access to forcing you to budget and control your spending.
Subscribe to our Youtube channel Switch TV
With the above tips together with your determination and self-control, you will learn how to control your spending and become money savvy.
