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How to Keep Yourself from Overspending

By: alphafinance0 comments

So it’s payday and you have just received your pay. What do you do? Do you go all out and spend all your money in one day or do you get your calculator out and compute all of your expenses for the next two or four weeks?

If you usually do the former, then you definitely have to read this article. Keeping your spending at bay is not the easiest thing to do, especially if you are the type of person who loves to indulge in material things.

Here are some tips on how to curb your expenses:

• Leave the credit cards at home.
Unless you know you are going to use them and you are sure that you are capable of paying your credit card debt, then leave those cards at home. Instead, bring the exact amount of cash that you need. That way, you will surely avoid unnecessary expenses and just spend on what you’re supposed to spend on in the first place.

• Identify your reasons for buying everything.
Have you ever thought of why you bought those pair of shoes two weeks ago? Do you really need a new pair back then, or were you just feeling a little bit under the weather and needed something to cheer you up?

Shopping feels good, we can all agree on that. But if you always go shopping for unnecessary things once you’re feeling down or stressed, it starts to become unhealthy.

When you’re deciding on buying something, ask yourself first: “Do I really need this? Or am I just feeling down?”. If your answer is the latter, then you might want to put those pair of shoes down and focus on making yourself feel happier without spending.

• List your “needs” from your “wants”.
Basic necessities such as food, clothing, and bills should always come first before anything else. Of course, even though you need food and clothing to survive, you still have to tone your spending down when it comes to those things.

Do you really need to spend that much for that designer bag? Have you already paid your mortgage bills? The latter should ALWAYS be your first priority.

• Set Your Goals.
This one is very important when trying to save money. What are your short-term (or even long-term) goals? Are you trying to save up to buy that new car or a new house?

List everything down using a pen and paper and put it where you can easily see it. Set it as a phone or desktop wallpaper so you always get reminded.

Always seeing what your goals are will remind you why you shouldn’t spend on unnecessary stuff in the first place.

• Reward yourself every once in a while.
Going cold turkey is never a good idea, as doing this gives you a high chance of going haywire on shopping and spending. Reward yourself every once in a while, say, every month or even every two weeks.

You have to tell yourself, though, that you should only get ONE item per spending. For example, if you love make-up, then go ahead and buy that eyeshadow palette that you have been dying to buy ever since.

If you love eating out, then schedule one lunch or dinner wherein you can enjoy your favourite meal. Besides, you deserve it for being so disciplined!

Once you have saved all those bucks, it’s time to finally get what you have been saving up for! Alpha Finance offers affordable car finance plans for students, young professionals and retired citizens.

Our plans are similar to those of a rent to own car, and you can definitely get a car even if you have bad credit history! Go ahead and get on a fun road trip with your friends and family!

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