Curb Mindless Spending.
How you can keep from mindless spending in this age of plastic cards is a matter that needs addressing. We had written a post on how to not waste money when we came up with the idea of this blog, and on the request of our dear readers who wanted to read more on the subject, here we are blogging about it! Read both the posts in continuation to derive meaning.
Having a couple of cards in your wallet can make you feel richer by a few thousands, but do they actually make you richer? Well, just for a moment. We thought we should come up with some budgeting tips to cut back on your discretionary spending because everyone, no matter how hard they have tried, has stood guilty of not saving enough money. As well, many a time people start spending more money to support their habits, disempowering ones at that, therefore failing to realise if they are indeed wasting it in the process.
Let’s say that for a shopaholic or a smoker, the ones who happen to equate their spending as fair and are unable to beat the habit. Only being conscious of where to cut back can solve half of the problem. These are tried and tested ways to stop wasting your hard-earned money:
Plan: The most simple and effective way is to plan ahead of every month. So, what’s your priority for the coming month: Holidaying, Spending a Night Out, Birthday Gifts, DVDs, Eating Out, Food and Clothing, Rent, and so on. Decide on what’s most important for you and make your own spending decisions.
Question: Before making that big purchase, ask yourself some questions. Like “Can I afford it right now?”, “If I can, do I really need it at this moment?”, “Can it wait for another month?”, “Let’s go ahead with it, but I can at least check with other manufacturers before offering my card or cash. . .” Based on your answers, say a Yes or a No to the commodity you are out to buy.
Say No: Have a No Spend day twice in a month. That will not only help you keep a check on your daily spending, but also give you a feeling that you have saved some money. In hindsight, it might not come across as much helpful, but having about twelve No-Spend-Days in the period of six months can certainly help your pocket.
Save: One of the most rewarding ways is to save your money, little by little, every month. Put in your money in a fixed deposit or keep away a certain amount each month from spending. You would be surprised at how much you can actually save at the end of the year.
Contribute: Whatever little you can contribute toward your monthly ration (read home) expenses can put your money to good use, aside from making folks at home happier. Try it! There’s nothing better for your parents than seeing their children’s conscientious attitude toward home spends.
What are your tips to curb mindless spending? Share them with us in the comments.
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