3 Ways to Curb Excessive Spending

When it comes to excessive spending, all of us have been guilty of doing so at some point. Sure, there’s nothing wrong with occasional splurge – like a good watch, a nice dress, or a pair of fancy shoes. The problem arises when you find that you seem to be making quite a few impulse-buys quite regularly and can’t stop yourself. Either that or you cannot draw up a sensible budget for yourself. As a result, you have absolutely no idea where all your money went at the end of every month. Does that make you feel like taking out a quick personal loan? If it does, don’t lose hope just yet. If you’re frustrated with your inability to save any money every month, we’ve got some tips for you that’ll help you do just that.

1. Carry Less Cash


If you have a habit of carrying cash with you whenever you step out of the house, that needs to stop right now. You know as well as I do that you have a higher chance of spending if you have physical cash on you. Using your debit card to make purchases has become so commonplace today that we don’t think twice before doing so. But when we actually see physical cash leave our wallet, that creates a bigger impact on our minds, and that hurts a little more. Then there’s also the added inconvenience of going to an ATM for more cash once your current stash is over. That’s why carrying less cash will make you more mindful of how you spend it.

2. Create a Budget 

If you want to get yourself a pair of nice shoes or a good watch, guess what you don’t need a quick loan for that– you just need to budget it as a part of your monthly expenditure. Based on how much you earn and your needs (not wants, needs) like rent, utilities, food, and transportation, you need to arrive at a fixed amount that you can allocate to each of these needs. You can use the remaining amount (if any) for emergencies, and in case there weren’t any in a particular month, then put that amount in a savings account pronto.

3. Have a Savings Goal

This is an important point that you need to follow if you wish to have substantial savings in the near future. Ideally, you should be able to put aside 1/4th of your monthly net income purely towards your savings. Of course, that is easier said than done, because all of us have a different financial situation due to different financial commitments that we need to meet. The simple point here is that if and when you create a monthly savings goal for yourself, you automatically start spending less in order to meet that goal. Just ensure to put the amount towards your savings instrument as soon as you get your salary. You want to have an emergency buffer for those days where you’re broke, but don’t want a quick online loan to bail you out, yes?

Wrap Up


Keeping the above points in mind, remember that having a budget and sticking to it isn’t a isn’t a bad thing. A budget will help you cut down on unnecessary spending and tell you where exactly your money is going. You get a better idea of your spending habits and learn to save more. 

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