How To Cut Spending

Discussion in Savings & Investments Plans started by Barida • Aug 20, 2017.

  1. Barida

    BaridaActive Member

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    This is one plan my friend suggested to me when I complained to him about my reckless spending habit. he told me to always leave my credit card at home when I am going to places I have no plan to buy products from. I started using that plan and it has worked great for me because I discovered that I have cut spending by close to 20%.

    What other methods do you use to cut impulse spending? I really need more suggestions on how I can stay free from unnecessary expenses
     
  2. NicholasMukuha

    NicholasMukuhaActive Member

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    Well there are numerous ways to cut on spending, depending on what makes one a spendthrift. One thing I would suggest, is that when one goes for shopping, one should only buy what's on their budget and leave for home. Spending time checking out other items, at times gets tempting, making one vulnerable to overspending.

    Another thing, is making use of public transport, other than private transport. From where I come from, public service vehicles, charge way much lower. However this depends on timing and in other cases, the weather.

    Last but not least, I would suggest that you compare prices between different vendors before making a purchase. You might be lucky to find others offering more discounts that others. This actually works for me.
     
  3. Shine_Spirit

    Shine_SpiritActive Member

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    I think the first rule is to have control over your own expenses. You never spend more than you earn, and ... Within that limit you have, to spend only on what is essential to you. This would help you a lot.
     
  4. Alexandoy

    AlexandoyWell-Known Member

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    Spending is like a vice that can be likened to smoking or drinking. Whether you have the means to buy or not, you do it on a whim simply because you have no self-discipline. If you will do an instrospection, check yourself why you have the urge to spend. What is the magnitude in terms of necessity of the things that you buy in excess of your budget? The only way to curtail useless spending is to check on yourself.
     
  5. tallulah

    tallulahActive Member

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    Here are some tips;1. never shop when you are hungry. You will confuse your hunger with a perceived need of an item.2. Always go shopping armed with a list. Whatever is not listed on here, do not buy. 3.Have a specific amount in mind. If you think unlimited shopping, there goes your control. 4. Never pay full for things you can get halfprice or make by yourself or even get for free. Look around for bargains before parting with your money. 5. Every cent counts. Use discounts as much as you can.
     
  6. TheOtherSide

    TheOtherSideActive Member

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    Well I say stay away from malls and gift shops and other places which could trigger your urge to buy things. It's hard to keep yourself from spending especially if you see those great offers and discounts posted everywhere. Also try to limit the cash on your pocket, this way you'll be more thrifty and conscious when you buy or spend your money.
     
  7. Barida

    BaridaActive Member

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    @Alexandoy@Alexandoy I agree with you on the part of self-discipline because when I noticed how much I was spending drinking with friends on a weekly basis, I had to cut down the amount of time I spent going to bars to relax. I now prefer to relax at home watching the news on a TV to going out with friends to the bar, just to cut cost on entertainment.

    I am trying as much as can to reduce the cost of data subscriptions I do as well on surfing the net compared to returns I get from staying online. My aim is to be in control of how I spend and avoid occurrences of impulse spending.
     
    #7Aug 21, 2017
    Last edited by a moderator: Sep 6, 2017
  8. Nakitakona

    NakitakonaActive Member

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    There are so many ways to control your money spending especially in buying and purchasing things. But the only solution is you, yourself. You have to discipline yourself. You should inculcate to your mind that spending in excess of what you have in your pocket or credit card is embarrassing. You will be at the loss at the end.
     
  9. PAYAKNAPAGIISIP

    PAYAKNAPAGIISIPActive Member

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    To eliminate a problem, we must look for the cause of the struggle. Find the reason why it exist and create a plan to defeat the concern.

    Usually it is easier said than done. I am also one of those person who spend more than what is needed. The main cause why I over spend is I don't plan ahead. I love to buy as I go. That is my biggest mistake. I have learned that the best way to control that is by writing a list of what you need. Focus on the things what is listed at hand. Finish the list and then go. Don't look back, glancing back will tempt you to buy more stuff than what you need. Look for on sale items, this can also maximize your budget. The last thing I do is I send all of my money to my bank account to where I don't have the access. That seals the deal of me not to over spend.
     
  10. harijobs

    harijobsActive Member

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    I agree with what @tallulah@tallulah has said. Never shop when you are hungry as I have been there a lot of times regretting later after spending effortlessly. I always make a list of things that I have to buy and a budget for that with a very little tolerance. I don't buy anything off the list and I don't go looking around products because that sometimes will tempt to me to buy that. And always look for the discounts before buying.
     
  11. luri

    luriActive Member

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    Why do you want to have a credit card if you leave it at home? Why don't you consider not having a credit card at all. I don't use a credit card. One reason why I don't use a credit card is I cannot afford to do reckless spending. When you have a credit card, you cannot stop yourself from buying things. It first it looks like free money, however, when you are paying gthe bills, then only you understand how much money you have wasted.
     
  12. Heatman

    HeatmanActive Member

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    As much as this is a serious problem, but I still can't help it but laugh a little before saying my mind. They say experience is the best teacher, and having pointed this out without respect to your excessive spending; allow yourself to go bankrupt in a month and the lesson that situation would teach is definitely going to make you think twice about being extravagant in spending.

    That's my first suggestions, learning from experience then the second point I would give you is mapping out your daily expenditure and sticking to it at all costs. Even if you are tempted to drift from it, try as much as possible to resist. But I prefer my first suggestion for you, it is definitely going to work perfectly fine for you.
     
  13. mildredtabitha

    mildredtabithaActive Member

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    I always avoid carrying around excess cash that I might not need. I also buy the item I need the most before buying the ones I want and not need. Sometimes we need to waste money so we can learn the importance of saving it.

    Seeking advice from experts can help you know how to control yourself from impulse buying. I sometimes talk to my friends so I can have an idea of how they shop. It helps me to learn new ways of spending, where to spend and how to prevent impulse buying.
     
  14. NinetyEighty1

    NinetyEighty1Active Member

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    I think the best way to cut spending is to have a little bit of self control. Don't let your items own you, ask yourself if these items are really worth it? I think you should also try to look over the bills you may have to pay and the money within your account. That might help convince you to try and save up, it would for me.
     
  15. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    First I'd list the expenditures like electricity, cable or dish, my apt. water & sewage is included with rent - rent or mortgage, loans if any, you know every monthly expenses. Then see how much you have for your other needs and wants. Put some money for savings & retirement. Then you'll see exactly what you have to spend on anything else. This will make you not spend much for you have your monthly expenditures right before you and you have to have this monthly so chances are you'll know exactly what you can spend on other things or not spend for the month. This helps me stay on budget all the time.
     
  16. overcast

    overcastActive Member

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    I think understanding budget and adopting the mindset of not spending. That seems to be what is working for many. You can see that some of the time we have to spend. And there is no alternative to that. You have to spend in order for things to take off. And some of the time you have to watch out the expenses. That seems to be the way to start. Also think of "cash saving" mindset. And that also always helps.
     
  17. pmk1996

    pmk1996New Member

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    One way I prevent myself from spending money unnecessarily is by asking myself if I can survive without that product. If I can survive without that item then I just smile and walk away. Thus is the biggest mindset we should have. If you can survive with the consequences of not having a certain item then don't buy it.

    Another way to avoid spending too much is to always find the minimum price of an item. Various stores charge varying prices for different items. If you find a $50 shoe that you could get for $30 then go for that $30 price and save $20.
     
  18. Heatman

    HeatmanActive Member

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    Self control, planned budget and strong will are the best things I believe would enable one have a positive attitude towards cutting down on over spending. If you lack self control, as much as you wish not to over spend, you are definitely going to keep spending once you see new flashy interesting products. Also having a planned budget on what to spend in a month can go a long way in helping you control your spending.
     
  19. kaka135

    kaka135Active Member

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    Ever since I have become a stay at home mom and we live frugally, we have to always watch our budget as we really can't afford to buy more than we should. I always ask myself "Is this essential to buy" and think carefully before I really buy something. Even I need to buy something, I always check for the prices and get the more affordable ones.

    I think if online shopping is possible, perhaps it's a good idea too. You can just write a list of the things you need, and click and buy those on the list only.
     
  20. littlewitch66

    littlewitch66Active Member

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    I am shocking at sticking to a planned list. I will go into a grocery shop for one thing and come out with a basketful! For this reason I try not to go window shopping and won't put foot in a store until I am desperate to buy things we have run out of. I don't buy food online as a rule and will only get something online if I am looking for gifts for other people or if my granddaughter and I need clothing. I'm probably not the best person to ask about unnecessary spending!