At one point or another, you've always planned to spend your money effectively by only buying what you may need.
However, after some period of time, you find out that you have spent way much than you had planned. Don't worry because this happens to many people.
Here are 5 tips on how to stop overspending;
Track your expenses
Tracking your expenses is one of the best means of saving your money and preventing you from overspending the money.
Sometimes these little purchases you make in town can add up and by the end of the month, you can find your accounts surprisingly empty.
Once you are aware of where your money is going then you will be able to control your spendings.
Always use cash, put aside your credit cards
Credit cards are always convenient and so easy to swipe than counting your cash and giving out when settling bills or purchases.
This is one of the reasons why people find themselves spending more than they can imagine. Switching to cash and forgetting your cards can be the best option for you to stop overspending.
Understand what makes you spend much
Understanding the triggers that make you spend too much of your money is another way of regulating your expenses. Such triggers may include environment, weather, mood, friends or maybe your lifestyle in general. Understanding and keeping these triggers in mind can help you stop overspending.
Set certain financial goals
Setting financial goals either long term or short termed financial goals can be so good for your spending. An example of a financial goal is like cutting down your eating out expenses from 5000 shillings to 3000 shillings. Another example is like saving 15% of your income into another separate bank account. This regulates you from spending too much money without plans.
Learn how to budget with your money
Prior planning on how to spend your salary can be so meaningful when it comes to staying away from overspending. The budget for your car expenses, entertainment, food, clothing and any other that you really have to do prior to receiving your money.
This will help you avoid overspending different from when you spend without prior plans