Dealing With Overspending

At one point or the other, we all have been found guilty of spending beyond our budgets.  In our several attempts to stay chic, up-to-date and posh we’ve had to go off our budgets to get one or two things that were not in the initial plan.

It is alright to do this once in a while but it becomes a problem when it happens often. If you stay true to your budgets or get above the line a little that is equally fine. However, you need to look into it if you can’t seem to control how excessively you cross the line.

 

Proven ways to help you deal with overspending;

TAKE ONLY THE CASH YOU NEED

Leave your cards at home. Need to get some shirts for work? Take the exact amount you budgeted for that expense. Forget emergencies, you wouldn’t really need the extra cash.

MAKE A ‘NEEDS VS. WANTS’ LIST

More often than not, a lot of the things we pay for or desire are things we could do without. We might as well have been dead a long time ago, seeing that we’ve been without them all along.  A need is something you cannot live without; a want, on the other hand, is something that tickles your fancy. A need may be a handbag but a want is the break-the-bank DESIGNER BAG. Try to be very sincere with yourself when making this list. Review the items on you WANTS list. Which are you willing to let go? Can you compromise?

IDENTIFY YOUR SPENDING TRIGGERS

What made you overspend the last time? Depression? Excitement? Hunger? Boredom? Whatever it may be, try to identify your spending triggers and deal with them in a way that doesn’t make you cross out your budgets.

CREATE A BUDGET 

 I see budgeting as a way of telling your money where to go rather than wondering where it went. Allocate your earnings in such a way that you know how much goes to what and nothing more. You could use the 50:30:20-rule of thumb. Here, 50% of what you earn goes to NECESSITIES ( your basic needs- shelter, food, tuition fees, rent and so on), 30% is meant to be spent according to your discretion ( Vacations, spa visits and all sorts), the last 20% is strictly for savings.

Budgeting is the act of telling your money where to go rather than wondering where it went.

THERE’S RICE AT HOME!

STAY OFF TEMPTATION

You’d keep deceiving yourself if you keep watching those ads, going window shopping, subscribing to freebie listings. Just get yourself from those shackles. Unsubscribe from emails trying to lure you into buying more than you plan to, minimize your unnecessary trips to the mall and when you truly have to go to the mall, go with a list.

HAVE AN END IN MIND

You are more likely to stay on tracks if you are saving for a course. Your savings could be directed towards the purchase of a house, tuition, a vacation or whatever it is you’ve always longed for. Whenever you feel the pain of deprivation, remind yourself of the goal. More so, Stay far away from your savings account. You didn’t start to squander it on something momentary. Get pictures of your dream house or car, put them in places you can see them often. Remind yourself of what you stand to gain if you keep cutting back your expenses and making compromises.

FREEZE YOUR CARDS.

Yea, I know it’s the most hilarious approach. But if that would make you tad thoughtful then it’s worth the try. Keep your debit and credit cards in the freezer. When you have to make a purchase, sit down and wait while it defrosts. While you are waiting you might as well sincerely ask yourself if you are really doing the right thing by making that purchase. Ask yourself if you need the item or just want it. Would it be worth it eventually?

SHOP WITH A LIST

Planned to buy a bottle of water, but came out with a new bag, cereal packs, some lipsticks and cookies, and the so-called discounted items. Does that sound like your life? Henceforth, you might as well do yourself the honour of shopping with a list. Have a plan.

DISCUSS YOUR PLANS WITH A TRUSTED PARTY.

Accountability might work well for you. Talk to someone you trust about your issues with overspending and your plans to deal with it. Such person would be able to keep you in check and call you back on track in the event that you falter. Also, when your friends and family are aware of your plans to deal with your bad spending habits, they would stop inviting you to places like the mall.

REWARD YOURSELF

Set dates after which you would reward yourself if you stay on track. However, your reward should be appropriate enough to help you experience the joy of dealing with habits and frugal enough to keep you from splurging all you’ve saved.

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Remember, baby steps still move you forward. Take it a step at a time. You do not have to get worked up about it. Bits after bits after bits and then … Your budgets are safe again

All the best.

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Of course, I want to know your thoughts. How have you dealt with OVERSPENDING? Please share with me in the comment box.

Do well to like, share and comment, it means a whole lot to me.

❤ from my heart to yours.

‘Ola