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Need to Rein in Your Spending?

August 3, 2017
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Are you sick and tired of spending your paycheck well before the end of the month? Would you like to rein in your spending and perhaps save a little more for your future? It’s not as difficult as you think. There are lots of simple things you can do to rein in your spending and take back control of your finances.

Here are some tips to help you keep your spending under control:

Know Your Triggers

If you know the things that trigger you to spend cash on things you don’t really need, you can work on avoiding them, or modifying your behaviour so that you no longer have the urge. For some people, boredom will be a trigger, for others it’s depression, and for some super-spenders, it’s being in a certain location – a shopping centre or craft shop for example. Once you work out your personal triggers, start to plan around them, so you will stop spending so much.

Consolidate Your Debts

If your excessive spending has caused you to get into debt, and paying back that debt each month is leaving you short, it might be a good idea to look into homeowner loans for debt consolidation, so that you can consolidate your repayments into one lower monthly lump sum. This will give you more breathing space to regain control over your spending.

Cut Up Your Credit Cards

Once you’ve taken action to deal with your debts if you know that just having those credit card in your purse will tempt you to spend, cut them up. The last thing you want is to get into more debt and start the cycle of spending excessively all over again.

Using cash is also. For many people, a good way of naturally curbing their spending because it feels more real when you hand over a crisp note than it does when you swipe a credit card.

Track Your Spending

Tracking your spending is a great way to show you where you’re going wrong. You might not realize that those daily coffees are costing you over £80 a month, but once you make an effort to track every purchase in a spreadsheet, or with an app, you will, and you’ll be able to make better choices in the future.

Set Some Goals

Setting one or two short-term financial goals, such as saving £1000 an emergency fund or cutting down your restaurant spending each month from £300 to £150, will help you to look at your finances more closely and remind you that you are working to rein in your spending.

Learn How to Budget

Last, but certainly not least, you should learn how to budget. It’s a skill that will set you up for the rest of your life and help you to have a better grasp on your finances. A lot of fo people think that having a budget means no treats – it doesn’t – you can have treats, but they should be more in proportion to your income and not excessive.

To get started with budgeting, add up all of your monthly incomings and outgoings and work out which non-essentials you can do without. Keep doing this every month until you have a perfectly balanced budget that works for you.

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