I am not a personal fan of having a budget. Instead, I typically set everything from bills to savings and investments on auto-draft. Whatever is left after my responsibilities are taken care of, I spend on whatever I want. However, with the use of credit cards and not actively checking my card balance, sometimes I overspend. If you frequently overspend and need some tips, here are a few ways to curb overspending.
Set A Budget
While I am not a personal fan of them, budgets work. If you consistently spend more than you make, you will need one. It will help you see all the funds coming in and help you allocate and disperse them as they go out. With the right budget, you can take stock of your income and delegate it proportionately across different categories. Every dollar will be accounted for. You will need the right mindset and financial planner to make it work.
Limit Shopping Opportunities
If you spend a lot of money on shopping, limit your interactions with the stores you love. Try to schedule shopping trips once or twice per month. Be sure to set aside only budgeted money for these trips. You can also avoid online shopping by blocking or disabling websites on your computer.
Limit Your Acess To Funds
Leave your card at home on the days when you are not shopping for essentials. Bring limited cash as well. Adopt a “when the cash is gone, you are done” attitude and stick to it. You can also place low withdrawal and spending limits on your bank or credit cards. Simply call the card issuer. Give them the amount you can spend a day before the card gets cut off, and they will work it out. I have done this a few times in my life, and it works like a charm.
Sometimes we overspend. It’s a normal thing, but if it happens on a consistent basis I hope these tips help you curb overspending. If not, watch the posted video for additional information.