FINANCE 001: HOW TO CONTROL YOUR SPENDING

Everyone spends money every day.

Different things call for our attention and we exchange our money to get them.

Have you ever walked into a supermarket to buy just one item but then you end up filling a whole cart with things you never planned to buy after shopping?

Or.

Have you ever ordered something you did not need online because it was going at a discount price and you did not want to miss that opportunity?

If you can relate to this, the act is called impulsive buying.

Impulsive buying is a repetitive pattern of buying things you did not budget for.

Spending money impulsively is something everyone does from time to time but it is quite easy and dangerous to fall into a pattern.

This pattern can lead to an excessive spending habit that can be difficult to control. This can be very harmful to a person.

If you are wondering whether you are an impulsive buyer, here are some characteristics that identify an impulsive buyer:

1. They buy things they can not buy with cash with credit.

2. They lie and hide from people how much they spend.

3. They buy things emotionally.

4. They feel guilty and embarrassed when asked about why they bought.

If you have any of these characters, then you are an impulsive buyer.

Do not try to deny it. The first step to overcoming impulsive buying is to accept that you are an impulsive buyer.

Now that we know you are an impulsive buyer, I am sure you want to change and learn how to start spending money better.

I am going to be sharing a few tips that can help you spend less and upgrade your spending lifestyle.

1 START TRACKING YOUR SPENDING

It is quite sad that people do not track their spending. They do not know how much is entering and leaving their accounts.

When you take note of everything you've bought and paid for in days, weeks, and months, you will be very surprised to know where your money has been going.

Doing this does not just help to stop overspending, it also helps you save your money.

So try keeping a record of the way you spend, it will help you be conscious of every unnecessary thing you are spending your money on.

2 SEEK HELP

When you know you have a problem with impulse buying, tell your family and friends.

When you confide in someone you trust and you're vulnerable about your problem, let them help you.

They could help you keep track of your spending. They could always keep you in check and be a source of encouragement when you feel like you're succumbing again.

So let your trusted friends know, I'm sure they will be glad to help you!

3 STAY AWAY FROM TEMPTATIONS

If you have that particular app on your phone or you have that place that you go, that once you are there, your credit card begins to swipe, avoid them.

If it's a friend that triggers your spending, avoid that friend.

Especially when you know you are helpless to stop yourself.

Know the things that make you spend impulsively and keep away from them.

4 STOP USING YOUR CREDIT CARDS TOO MUCH.

Credits cards are super comfortable and so easy to use.

One swipe! And all your payments are made. Very fast and stress-free.

While it is very pleasant to have easy access to your money, you need to understand this can be of great disadvantage if you are an impulsive buyer.

You being able to just keep swiping as long as you like will keep draining your account.

So I suggest you stay away from your credit card sometimes. Remove your card from that online shopping app you use so much.

When you are going to places where you know you'll keep spending, try to leave your credit card at home and take cash instead. This will help you track your spending.

Impulsive buying is a habit that can be unlearned. All it takes is a ready mind and discipline.

I hope you start making these changes in becoming the best version of yourself. Starting to spend wisely is a good start.