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4 Tips To Stop Overspending

4 Tips To Stop Overspending

If you want to learn how to stop overspending, then this article is for you!

Overspending is an issue facing many of us. What if we tell you that you could recover from all of the shopping sprees and take back control of your money? It’s totally possible! You just have to believe it. The next time you’re beating yourself up for overspending, just remind yourself “I’m learning to be better with money.”

Here are 4 tips that can help you in keeping away from overspending.

Do a no-spend challenge

The reality is that you could probably go a long time without needing to buy anything at all besides the food and rent of your house. To break yourself of mindless, needless, or even reckless spending, do a no-spend month (or week, or weeks). The savings can be dramatic, and the change to your mindset monumentally. This exercise can literally change your life forever — and it will if you let it. Or if that seems too extreme, start with a no-spend week.

Make a budget and stick to it

Overspending becomes a habit when you’re not used to tracking your income and expenses. But you can combat this by setting a budget.

The first thing someone needs to do when setting out to reduce overspending is to set up a budget. Without a budget, there is no way to know how much money is being spent each month.

A budget helps you stop overspending because it puts all your purchases in the context of your income and broader financial picture.

Don’t think in terms of rupees when making a purchase. Think in terms of hours of work: A Rs 1500 trip to a restaurant may not sound like much until you realize it takes five hours of work to pay for it.

Reduce spending — Need vs Want

Hello Captain Obvious. In order to control overspending, you reduce spending. It’s a simple answer and really a simple solution.

Discovering the difference between wants and needs is very helpful in this example. You may want new boots, but do you need them.

If it’s a pair of three-inch black dress boots when you already have a pair with a two-and-a-half-inch heel, I bet you don’t need them.

There. Just saved you a few thousand rupees.

Reducing your spending can also be done by evaluating your other bills. Can you get a better rate on your auto insurance? Has your cable bill gone up again? How about dropping cable and going with cable tv alternatives?

Evaluate and negotiate with the accounts you already have.

Check your online checking account to see if you are being charged for something you no longer use.

Leave the cards at home when you shop

If you’re going shopping, take cash and leave the cards at home. If you know you only have Rs 2000 to spend at the grocery store, you’re going to be more cautious of what you’re spending. You will be able to fight the temptation to add in all of those extra purchases. You’ll actually save a ton of money because you’ll have to add up your purchases as you go along.

Overspending doesn’t have to define you. You can overcome your habit of overspending. You can choose to rewrite your story. Start today with a new you. It’s totally possible to change your money habits.

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