In this digital age where you can shop, literally, morning, noon, and night with just a few taps on your smartphone, the temptation to overspend has never been tougher to resist. But worry not because we’ve rounded up a list of things that you can do to curb your spending. Take note of the following tips so you can prevent your carefully crafted monthly budget from going kaput:
MAKE SAVINGS YOUR PRIORITY
You should focus on savings. Send direct deposits into a savings account and transfer a budgeted amount every month. Setting aside money in a savings account can help keep you from spending it impulsively. Creating the habit of putting money aside regularly can give you peace of mind knowing you’re making smart decisions with your money.
CREATE A CASH ALLOWANCE
Refrain from doing electronic transactions when shopping for it can be hard to keep track of on the fly - they don’t give you an intuitive sense of when you have spent too much. Try using cash for routine expenses, subject to a budgeted allowance amount. This will make it more obvious when you have run through your budget for the week.
HIDE THE CARDS
Put your credit cards away. Leave your credit and debit cards in a secure place and take them out only to make budgeted purchases. Remove the habit of carrying them with you all the time.
OPT FOR THE CHEAPER ROUTE
Don’t buy things without having three price comparisons. A little research and shopping around might also help you find a better deal and discount. Online coupons are a big help. With modern technology allowing us to spend money almost instantaneously, the key is to slow down the process of our spending so the impulse to buy can also wear off. When given more time to think, you’ll be able to evaluate and be wise on your financial decisions.