Saving Money Tips- 5 ways to save money and stop overspending
Saving Money Tips– Does it happen it to you that you plan to save money every new month and end up being broke AF at the end of the month? If this happens to you all the time, then you might be overspending and need some help to curb this habit.
Here are 5 tips to save money and stop overspending-
1. Make a Budget
Keep a record of the amount you spend and where you spend. Divide the expense into different categories, such as food, clothes, groceries, travel, rent, etc. Plan your budget according to these categories. Having a spending plan will help you to stop overspending.
2. Don’t Seek Retail Therapy
When we get depressed or stressed, we binge shop at our favorite mall or your favorite online store. While this retail therapy gives us relief when we are anxious, the moment the anxiety gets over, we cry in a corner looking at our bank balance. What else to do? Go hit a gym or take a stroll in a park. Exercising will take your mind off the stuff that’s bothering you and keep you and your bank balance healthy.
3. Avoid Peer Pressure
If you shop out of your limits just to be cool among your friends, stop doing that. There’s no need to buy an expensive dress for a few compliments if it costs a big hole in your pocket. If you really want to be cool, improve your dressing sense rather than depending on brand names and learn to shop smartly.
4. Alter Plans
If your weekly plans are damaging your monthly budget, then you need to alter your plans. Instead of going to a high-end restaurant which you don’t need, go to some small cafe. going for lunch on a date alternate you can go for coffee. Instead of attending an expensive concert for the summer vacation, go for hiking!
5. Set Financial Goals
Setting small financial goals will help you stay motivated to not to overspend. Start with a goal of saving 100 bucks at the end of the month and keep increasing the amount gradually to 200, 500, 1000 and so on.