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When it comes to gaining control of your finances, the most important step you need to take is reducing unnecessary spending.
In fact, the sooner you learn how to stop spending money uncontrollably, the bigger benefits become.
Every time you avoid spending unnecessary money, and instead put this money into saving account, is another step in the right direction to your financial dream, whether that’s getting of debt or saving up for a rainy day.
With this in mind, the following are 4 ways you can apply to stop spending money:
1. Get to know your financial weaknesses
We might cling to the idea that variety is the spice of life, but in all honesty, human are creatures of habit. Each of us might spend money in various different ways, but at the end of the day you will realize that we usually splurge on the same things over time.
Personally, I’m a fan of milk tea. I always drop a few buck on a fancy cup of tea each morning (which quickly adds up). Or I know many people out there are huge fans of Apple technology. As soon as a new piece is released, they will buy it immediately without a second thought. Then, days by days we assume that we need to/must do these things. It becomes a habit without our awareness.
So, one of the most critical steps you need to learn first is getting an understanding of where your money goes and being willing to change your lifestyle for the better.
There are a number of ways you can go about this. Every time you spend any money – no matter how small – write this down in a notebook or record it on your phone. Better, I highly recommend you to use Song Nhi app to easily keep track of your spending
2. Ask the right questions
If you want to stop spending money, then the most biggest lesson to learn is to only make “considered” purchases. There are some very helpful questions you should be asking yourself everytime you buy something.
- How much pleasure will that thing bring to you?
- What is this thing’s longevity likely to be?
- Do you really want it?
- Could you find it cheaper somewhere?
3. Avoid temptation
Have you ever been in this case: you really don’t need to buy new clothes but when you walk by a store, you see a beautiful stunning dress and then you just end up buying it? I did, and I know many of us have been through it.
So, one obvious tip for stopping spending money is to avoid temptation. When you do go to the shops, write a list you really need to buy in advance and stick to it. Don’t be fooled into additional purchases.
4. Agree a wasting time
Another strategy I’m going to share with you is my secret weapon. When I really want to go ahead on a purchase, I will set myself a waiting time between seeing the product and actually buying it. It might be a week or 2 weeks. It’s up to you.
When you go through that “cooling off” period, you will realize that whether or not you want product. It also give you time to find a better alternative with a cheaper price.
There you have it all – my top tips to reduce unnecessary spending. Your turn! What techniques do you use to stop spending money? Please leave a comment with your experience below.
