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How to Stop Excessive Spending

July 21, 2012

Prudent spending is sometimes challenging, especially for those shopaholics out there who barely enter a mall without buying more than what is on their list. Excessive spending is like addiction; it sucks. If you keep up with the behavior, you can’t save a dime, and you can even end up borrowing from friends and families. In order to avoid the debt trap and put an end to the excessive spending habit, that don’t allow you save anything; take heed of these tips and learn how to stop excessive spending for your own good:

Make a Budget and Stick to it
You have to stay organize if you want to stop unnecessary spending. But how do you stay organize? By making a budget of your income and sticking to it. It’s easier said than done, actually, but if you make a comprehensive budget of your earnings, you’ll come to clearly know the actual money you spend, and you’ll know what you should be saving accordingly. If you see a waste here and there, you know that you should cut back on some unnecessary spending; otherwise you won’t understand the value of your money.

Shop for the Basics
Don’t just shop for luxury or for brand sake; instead, shop for only what is basic and essential to your life. Things like food and clothing and healthcare are basic to your survival; therefore, you need to make sure that you have them. Buying basic necessities is a wise spending. Always try to distinguish from what you need and what you want.

Make a List Before Shopping
Don’t just feed your wallet with cash and head for shopping; get a piece of paper and write down what you want to buy before you go for shopping. Making a list of what you want to buy will make you stay focus on your needs at a store and help discourage you from buying what you don’t actually need.

Avoid Your Credit Card
Dump your credit card in your box or under the cabin. Make your credit card a monster – by not getting in touch with it – if you want to cut back on unnecessary spending. Research has shown that shopping with credit card make a person feel insensitive when shopping; thereby, giving them the zeal to shop excessively – as if they are spending out of their own pocket. Always use cash when shopping; you’ll be cautious when spending when you see your cold cash flying away from your purse or wallet.

Don’t Go Out with Cash!
Adopt the habit of leaving your wallet behind to minimize unnecessary spending. If you’re going out for a walk, you probably will come across something that might fascinates you – a drink, for example, or a snack or some accessories – if you’re cashless there is no way you can buy any item, of course, but if you have cash on you, you probably might spend some bucks on some of these.

If you’re an excessive spender, it’s not easy to cut back on your wasteful habit straightaway; you need some discipline and practice to help reform your life style. Practicing the above tips will help you put a halt on excessive spending, and help you develop the habit of smart spending – one that encourages more savings for your future.

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