NEW DELHI: We all complained about overspending a lot of times and in fact all the times. But then, in spite of being aware that we are an overspender, do we actually take any step to control it? Well, we do a lot of time but more than a lot of times we don't.
So here are a few tips for you so that you can evaluate if you are an overspender and if you are, you can cut down on that as well.
First thing, make a budget and stick to it. We all know that budgeting is very important for all your financial decisions, for your financial life. But then, how many of us actually do it? And even if we do, how many of us actually stick to it? So we know that you need to count in your necessary expenses, compulsory expenses, which are something that you cannot get away with. Also, you need to count in the impromptu expenses like social outings, your shopping on the shopping apps, which can actually make you go out of your budget. So make a budget and stick to it. See where you actually overspend. See what is relevant and what is not relevant and strike that off that list.
Second thing, inculcate that habit of saving and investment. So once you get your salary, make sure that you try and invest and save some amount first. Apart from the necessary expenses, mandatory expenses that you have, what you actually can do with the rest of the money instead of just going out and splurging on things that you don't need, you can save that money, maybe shift it to some other account or maybe have a sweep account on that or maybe invest that money. So that money is out of your hand and you know it's out of your hand for good.
Third tip is very important and that is be aware of your financial situation. A lot of time we fall into peer pressure, we fall into all the glam around us and we are tempted to live the kind of lifestyle they are living. We all should avoid it. Just know how much you can spend, know the financial reality that you are into, know the kind of spending habits you have, the saving habits you have and also the kind of money you will be needing in the future. So just be acceptable to the kind of financial status you are having right now.
Last tip is just to avoid going on those shopping apps. In fact, not only on the app specifically, but even if you are scrolling down your Facebook, your Instagram, you see something very nice and attractive and you like it, you really go on that website and you buy it. So maybe you can delay that process, maybe you have, maybe make a plan or a particular time of the month when you think you have enough money, you can splurge into it also. You can enjoy your money but then do it in the right way.
The right approach will actually help you to avoid being an overspender and maybe just get you the right kind of financial discipline that you need in your life.
So, in conclusion, follow these rules to have money till month-end
1. Be aware of your financial situation.
2. Make a budget and stick to it.
3. Inculcate a habit of saving and investment.
4. Avoid going on shopping apps.
5. Delay the process of buying something unless it's urgent.
6. Splurge in the right way.
(Source: ET Now)
