These are no easy times. Except you have the money, spending extravagantly in these times could be considered dangerous. Spending extravagantly means when you spend more than you earn and most times, you buy things that you may not necessarily need. The downside of these is that in the long run, spending extravagantly only benefits the shop owners. Without being careful, spending unnecessarily can cause you to result in financial hardship and debt, which may eventually leave you stranded. One good way to start spending well is when you prioritize your needs and have a budget you live on. Here are some tips below that will help.
1: Buy the things you can afford; A sure way to reduce spending is when you buy only the things you can afford. For you to do this, you have to know your earnings and prioritize your most essential needs. When you do this, you buy the things you can afford with your money without running into debts.
2: Bulk Purchase;
Little wonder how you begin to save when you buy your stock firsthand in bulk. Buying in bulk is cheaper and helps you to save money rather than buying in pieces. Take an example like Pasta, it’s easier and cheaper to purchase in bulk than it is to purchase piece by piece anytime you need it.
3: Pressure Purchase ( Oh, I coined this term myself 😁); Have you been in a group of friends and everyone starts to purchase things? And then you join them so as to belong? Yes, that’s what I call; Pressure purchase; buying things you do not necessarily need because others are doing the same. If you want to stop spending extravagantly, discipline yourself to avoid pressure purchase.
4: Food Wastage: One sure commodity that is expensive is food, and it’s really an irony that we can live without eating. If you want to cut down on spending unnecessarily, stop wasting food. Cook only what is enough for you or your family and guest if you’re expecting any. Store your food in good condition to avoid insects and rodents attack.
5: Cut down expenses: Most times, we spend or keep buying things that we do not need mostly because it has become a routine for us. If you want to save money and stop spending, then you really need to stop over purchasing and stop buying things you do not need. Also, cut down services that you do not need anymore. Eg
Mowing the lawn
Cleaning the house
If you have the time, you could do it yourself and save some money. Also, it could be fun.
6: Compare Prices; Most shops and stores sell the same good or services for different prices. If you’re in a tight spot and want to stop spending, you could chill a bit and go the extra mile to purchase a good for a cheaper price, i.e if you’re not in a hurry.
7:Cash: If you want to stop spending extravagantly then this is one sure top you have to pay attention to. While going out, take only the cash you need. Do not haul your entire money in the bag. Take only what is necessary for you. This way you’ll avoid buying on impulse.
8.Shop with a list: To avoid spending too much while you go shopping, make a list of what’s important and what you need. This way, you’ll be guided on not going overboard with your spending.
9: Unsubscribe: In the era of the internet and online information, you might end up spending extravagantly on the internet. Have you subscribed to any services, newsletter that you no longer need? Simple unsubscribe from it or better still reduce the number by prioritising the most important newsletter and magazines.
Trying all these tips at once may not necessarily work for you, instead, pick the tip most peculiar to you and apply it. Also, be reliable to yourself. One way to do this is to keep track of your budget and spending either weekly or monthly, whatever works for you. Review it from time to time, make corrections, and learn your lessons.
It is also important that you know your weak point and where or what you spent most on, Avoid such places. Discipline yourself to be accountable for your actions.
If you think you may not be able to do it alone, tell your family and families to help and guide you through. They can take note of how you are doing and caution you when you tend to go overboard. Spending recklessly in the long run benefits no one, except, of course, The Malls!
# How to stop spending extravagantly