In many cases we find out that our spending is a little more unusual than we are used to, mainly this happens because our pockets are flooding with cash, or you just learned that you have a great credit score! you are just saying to yourself..."what the hell, am gonna spend!". The question someone who pities you will ask is, how do you feel after spending that much cash?
The truth is, once money has been spent it can not be reversed back into your pocket unless you were this great wizard of the moon. However, down below is some of the ways that will protect or hold you from spending excessively.
1. BUY WHAT YOU NEED NOT WHAT YOU WANT
It has really become a tendency for us to spend even on the materials that we know we will never use, the minute you purchase that item your wallet says goodbye to that particular cash. Spending on the things that you need means that you will have that focus to do something good with the money that is left on you, there are a lot of investment opportunities out there that you can participate in and actually earn some passive income while you get your monthly paycheque.
2. PAY IN TIME!
A lot of times we have a proclivity of trying to skip payment dates or rather lay by an item. To be frank, the reason why the seller managed to put that item on a lay-by is that he knows that you will be paying more than you should be in the normal circumstance, it is a great service in the normal sense but it will drain all the money on you. Let's do some quick math if for instance you have an item that is retailed for around $500 and you purchase it on lay-by, and the condition is that, you will be paying $100 per month for the next 6-7 months. Multiply that and you would see how much actually you are losing, that's a hundred bucks straight.
Another issue that really affects us is that we do not use the money for the intended purposes, let's look at this, you are supposed to pay for rent and all of the sudden your girlfriend comes home crying saying she wants a handbag she saw on Halle Berry, as a normal dude you get all lot of rent money and hand it over to your girlfriend. Well, congratulations, you have officially been kicked out of your apartment, which you could have saved from happening if you paid the rent instead, money is irreplaceable no matter how close you feel to your loan dealership, always do the right thing.
3. SPEND LESS!
You heard me, spend less that's it! wait that's not it, you might not have noticed it but your spending habits aren't healthy! Something that has always worked for me is limiting myself on how and where to spend. Have a clear conscience of what you need, those fancy shoes you saw on wish dot com, there are not for you. If you look at the spending habits that most sensible rich people have, they do not waste money on crazy stuff, say for instance Mark Zuckerberg, he wears a $20 T-shirt and a $40 trouse every single day. Can you take that? of course not! If you really want to be successful you need to stop being a regular end user. Not everything out there is for you, once you get that inside your head, you are a free man.
4. OPEN A SAVINGS ACCOUNT!
For once, I will be frank with you, just as always. You are not getting young, time has passed where we spent until our pockets turned into dust. By opening a savings account, you will even be interested in investing in anything that will pay back handsomely, there is a saying that says save early retire early. No one can or will work for the rest of their lives.
Once again it has been a pleasure sharing with you, be sure to check out other blog posts right on this site.
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