When you receive your monthly statement, do you ever wonder where all your money has gone? Or do you have a problem that your money does not go for the length of the month. If this is a problem that you are constantly having, you may have to have a look at your spending and your budget to assist you in having money to last you the month, instead of the other way around.
There are many reasons that your money does not last the month and the way to stop overspending is something that you can look into and change your spending.
Here are some reasons for overspending and some “fixes” you can do to stop overspending
Wanting To “Keep Up Appearances”
If you believe that others expect you to have the latest ‘whatever’ you may find yourself overspending. Your best way to deal with this is decided – do you really need this and is it something that you have to have right away or can you save to purchase it later.
Over Relying On Using Your Credit Card
It is much easier to overspend when you use a credit card, it is quick and easy but it is very easy to spend more than you should, just because it doesn’t have to be paid there and then. A good “fix” for this is over a month period, try and use only cash. A good way to do this is to take enough money for a week period and have it in an envelope at home. Just take out the money that you need, no more than that, and by the end of the week you can see exactly where the money is going making it easier to make changes to your spending. This is a very good way to stop overspending.
Lifestyle – And the Costs Involved
We all would love to have the money to live a certain way – even the best saver can run into trouble if there is an emergency, sickness or some sort of financial hardship and it may be difficult to continue living “the lifestyle”. The cost of everyday living changes regularly due to the economy. Good advice is to have some emergency money set aside in an account so if there are any emergencies occur, you will have some finances to fall back on.
What Sort Of Childhood You Had.
Some people’s excuses for overspending are, “I was poor as a kid, so I make sure I have everything I want know”. This is a poor excuse for overspending and there are ways to not fall into that trap. If you feel that your poor childhood is the reason to buy big there are many ways to stop overspending and there are many professionals that can help with your budgeting and spending or there are many self-help books available to assist in budgeting. You also could find some books that can help from your local library.
Filling a Void
This is when some people who feel that spending is something that they can control and they are unable to stop overspending because they are only feeling good when they are spending. This can be a bad thing also because if they cannot stop overspending this can create debt, so someone who feels good when they spend, then realize how much they have spent they then can feel stressed and to feel good again, they spend again creating a vicious circle. It is better if you know what you want, go and buy that then leave – that can assist in not spending money on things you really don’t need, the same can be said about retail therapy. This can feel good while you’re doing it, but then the guilt kicks in.
Have Clear Goals
When you are shopping, it can be difficult to stop overspending if you don’t have a clear goal on what you are wanting, how much you really want to spend, and whether you really need the item.
The best way to shop is have a list of what you are needing and how much you’re willing to pay. This way you have a clear goal in mind when you set out to shop. If you have a written goal – it is right there in front of you and it is easier to follow your list.
Having Trouble Saying No
It is human nature to let our kids have things that they want. This is one of the hardest things to say to our kids – No. They see their friends with new things and then they want them to – and it is hard to say no – but the best way to teach children the real cost of things. The difference between a child that is given everything and a child who has to save their money to buy something is the one who has to save will appreciate it more. If they have things given every time they want something they won’t appreciate the costs. The best fix for this is – give kids an allowance this way you stop overspending and if they want something they can save their money. When it comes to the household if you budget well and you have a little left over, you may then be able to buy that little extra and not feel guilty about it.