5 ways to stop overspending

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 Image result for image of someone spending too much
If you have issues with overspending and you don't want to go bankrupt, these five tips can save you from going broke.

Have you ever looked back at your bank account and wonder why you have little or no saving? It's high time you questioned yourself about your spending habits.

Everybody likes to start each month with great intentions and spend according to a set plan but sometimes, we end up making mindless purchases that put holes in our pockets. 

That is what overspending does to us. It leaves us broke with no saving plan. However, to stop this reckless spending habit, here are financial tips to help you control your spending.

1. Track your spending

Preventing yourself from overspending requires you to know what you are spending your money on first before you determine how much you want to spend on an item.
In doing this, you can download budgeting apps like Mint or Budget to monitor and control your expenses.

2. Set financial priorities

When you are making effort to control your spending, it is expected that you set your financial priorities and avoid impulse buying as much as possible.
Setting your financial priorities will include using your savings for certain projects like buying a piece of land, a house or a car. With this in mind, it will be easy to ignore impulses that could prompt you to overspend.

3. Review and adjust your budget

You would need to review and adjust your budget after overspending if you always have an overspending issue, to avoid such situations in the future.
You will need to carefully take your time to review your monthly budget and find ways you can adjust it.

4. Wait 30 days before major purchases

To be honest, impulse buying is the main reason most people overspend. Instead of buying anything your impulse dictate, it is advisable you wait till month end when you can review your budget, list out the items you need in order of priorities and set aside a certain amount for those items.
If you resolve to make your purchases every month end, you'll not only save more, you'll also stop buying things you don't really need.

5. Use your debit card sparingly

Most people buy things they don't need on credit or debit card. Using your debit card only makes you spend more on items you'll later find useless. Before going to any store, make a list of what you want to buy, find out the prices of the items and go to the store with cash only.

 

 

 

source: www.pulse.ng

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