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4 Ways to Stop Unnecessary Spending and Save More

Most of people whom i meet say that they don’t have enough money to Save and invest.

Here if you follow these 4 steps, you might end up in saving more than you could imagine.

Imagine you are relaxing in your home on a weekend. Having nothing planned for the day, you think “I’ll head to the mall to try and catch a movie or something”. You perk up and head out.

Before the day is over, you have spent a couple of thousand Rupees or more that you probably didn’t plan to.

If this is a regular occurrence and you are constantly wondering where all the cash went, you probably have bad shopping habits.

Here are the ways that you can redeem if you are shopaholic person.

  1. Spending more than what you earn

The one habit you need to stop today is spending beyond what you earn. With rapid penetration of credit cards, spending beyond your earnings is ridiculously easy.

Have strict limits on your discretionary spending. Use credit cards only for planned purchases that are necessary. Always save first and spend later. 

  1. Buying based on your wants and not your needs

To be smarter with your money, you need to determine the difference between what you want and what you need.

Needs are everything you have to have to be able to go on with your day. The rest of the stuff we buy are wants! To become financially successful, you need to control yourself when dealing with your wants. You need a priority list to help you stay within your budget. This will ensure you have some money to invest for later.

  1. Buying without a set budget

If you are like most young professionals, you probably buy first and think about how your money gets spent later.

You want a new dress; you buy it convincing yourself that it will make you look good. You want a new home theatre system; you buy it thinking it makes your downloaded movie watching experience rival IMAX. You want to eat at the new expensive Vietnamese restaurant; you dine there for the experience.

Budgeting or deciding how much you are going to spend on your needs and wants is, after all, such a boring exercise. Right?

That’s your one-way ticket to accumulating unnecessary debt and furthering your retirement date.

  1. Buying when influenced by emotions or by Spontaneous

Your boss screamed at you today. The girl you like passed a nasty comment about your lifestyle choices. What do you do? Most people like to go for some “retail therapy”.

Shopping to “feel good” is somewhat very common. If it weren’t for our ego, most luxury brands wouldn’t even exist.

Don’t belong to this category.

Hence the age old saying comes true always……Save & Invest first and then spend later.

 

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Sathish Kumar

Wealth Consultant

Blogger | Speaker | Coach | Consultant

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