6 Cool Ways to Control Your Spending Habit
Controlling your spending habit is difficult, no doubt. However, for secure finances you have to put a lid on how and on what you spend. Only then can you make sure you are not in swampy territory as far as your financial condition is concerned. If you are one of those, who loves shopping and is prone to impulsive buys, here are some ways in which you can temper down your habit.
1. Find interesting hobbies
A lot of people end up at the shopping mall because they have nothing better to do. Once at the shopping mall, they end up splurging money on whatever catches their fancy. It is a good idea, therefore, to find interesting hobbies like pottery, painting, sketching, writing or reading to keep you busy. These hobbies will ensure you stay away from unnecessary spending. It will also ensure that you are doing something worthwhile with your time, instead of whiling it away buying unnecessary things. Spending a little bit of money on buying something that improves the quality of your life is also better than unnecessary spending.
2. Maintain budget cards
This could take a little bit of your time and will need your commitment. Nevertheless, it is a cool and effective way of cutting down on your spending. It will need you to create cards at the start of the month, for your expenses. There are different categories that take care of needs like groceries, bills and fee for tuition. It will help to avoid spending on anything that you haven’t already put down on the budget cards. If you are someone who shops impulsively, these cards will help you control the spending. Besides, the accounting work which the cards will make you do will always be tough. It will hold you back when you are making an exception for unnecessary shopping too many times. It is a good way to put a number of how much excess spending you indulge in. Isn’t it neat to know what you spent on, instead of wondering where the salary went?
3. Invest frequently
You get into the spending habit when you have excess money. That is why it is important to invest frequently. You can buy stock, property or mutual funds. There are many ways of saving money so that it yields more in the future. Investing ensures that you don’t have any free cash lying around. Fixed deposits even for the short term are a great way of avoiding unnecessary spending. You can also go for insurance schemes that pay out at the end of the maturity period. Wouldn’t it be nice to see your money growing, instead of going?