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If you've tried and failed to control your spending numerous times, don't lose hope. It might seem like a lost cause because you're a self-titled 'out of control spender,’ but every one of us has the potential to control our spending. Sometimes we just need a little direction.
In this article, we'll take a look at a few smart ways to control your spending and how better to get back on track with saving.
To most people, the reason they can't control their spending rests on the fact that they're unaware of how much money they're making or where it's going. If you're staring into the financial abyss, how do you expect yourself to control your spending?
We suggest taking an hour or two and jumping online to find a budget template. Fill out this template with all of your relevant details and see how much leftover cash you have, and determine what non-essential expenses are cutting into this.
You might find that you’re purchasing way too much online, or spend an exuberant amount on coffee. Use your budget to reign these expenses in and replace them with cheaper alternatives - like thrift shopping or making your coffee at home.
In the age of consumerism, there's a good chance that you're unaware of what you really need and want. We've advertised hundreds of products all day, and this can easily blur the lines between what we need and want. Ultimately this pushes us to spend money on things we don't need - or sometimes don’t even want!
Go back to basics and determine your needs and wants. When you have a rough idea of all the expenses you're making on things you don't need, you can work to pull them back.
When it's time to buy something you really want though, use websites like extras.com.au to, at the very least, get a discount code!
Arguably one of the biggest motivators for people who are looking to control their money is having zero, or low debt. If you're deep in credit card debt and you see those frustrating and demoralizing late bills or fees each month, you're not going to be motivated to save or reign in spending.
We suggest consolidating debt with short-term, low-interest loans such as the ones from providers like CashnGo. This way you can get back on track by paying off the lower interest loans and start anew with your spending and saving goals.
Just remember, devise a plan that ensures you stay out of debt in the future.
We all love to work hard to achieve our goals, and savings goals are no exception. If there's something you really want, whether it be a new car, a holiday abroad or even a house, set up a long-term savings account and this will entice you to save rather than spend!
This works in two ways as well, not only will you be working to reduce expenses to work toward a goal, but you'll be more aware of the money you're spending too. This will ultimately nurture you into reducing purchases that you previously weren't aware of.
If you're in a store or on a website and can’t decide what you want, it probably means you shouldn’t be there. This holds true to everything from takeout, groceries, gadgets and more - you must ask yourself 'do I really need to buy this snack or is there food at home I can eat for free?'
Implement this thought process into everything you do, and you'll find that perhaps 90 per cent of your non-essential spending merely stops.
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