Everyone wants to save money, but over-spending would never allow some of us be great. We want to buy every little thing that comes to mind, and forget that without saving, you can’t really move forward and make reasonable progress.
The good news is that over-spending can be curtailed, and it starts with checking your spending habit. Here are some ways to reduce excessive spending.
SELF-DISCIPLINE
Self discipline simply refers to getting oneself to understand and know that there’s right, and there’s wrong, and sticking to what is right. Self-discipline allows you know what to buy and what not to buy, and it is the reason you’ll be able to ignore that which is unnecessary. It gives you some restraint when necessary.
COOK YOURSELF
Home-cooked food is always cheaper than food you buy outside at some restaurant or eatery. So imagine how much you can end up saving just by adopting the habit of cooking yourself at home.
DRAW UP A BUDGET
A budget is itemized summary of intended expenditure usually coupled with expected revenue. Expenditure is an amount of money to be spent while revenue is a source of income. When making a budget, your intended expenditure must be lesser than the expected revenue so as to cater for contingencies that may arise.
CUT WASTAGE AND BUY IN BULK
The unit price of most commodities is way more expensive than the bulk price. So when you buy in bulk, you save more. It’s also noteworthy that wasting things you might need in future is one sure way of wasting money. Always take a closer look at items before you throw them away.
AVOID SPONTANEOUS BUYS
One of the biggest ways people lose money is via spontaneous buys, that is buying on the spot. You’re on your way from work, and you see a nice outfit, and then you buy it because you have your debit or credit card with you. The truth is most things we buy on the spot, we don’t need but because we have some money or our debit/credit card with us, we end up buying them. It is better to draw up a list of the things you need monthly, and follow it. Stop walking around with your cards.
AVOID CERTAIN PRICE DISCOUNTS
Many malls and online shops increase their sales by occasionally providing discounts and price slashes but at a disadvantage to many people who buy things they do not need just because of incentives of this kind.
DO YOUR LAUNDRY YOURSELF
In most parts of the world, it costs a lot of money to do laundry outside the house. All that money can be saved, and channelled to something else.
DRINK A LOT OF WATER
Water is the best liquid one can drink because of it health benefits and at the same time, it is one of the cheapest liquids you can find when compared to Soda, fruit juices, wines and beers. This is not to say you shouldn’t take other beverages but taking more water is cost effective and will make you healthier.