"I can't stop spending money on unnecessary Items" - How to avoid spending money which does not contribute to your success?

Are you a spendthrift, don’t know how to manage your money and end up spending it on anything even if you don’t need it? If the answers to both questions are yes, pay attention to the following YoursWriter article. On this occasion, we give you the keys that will help you manage your income much better, to stop spending without sense and, therefore, to be able to save a little more.

If you want to know how to avoid spending money unnecessarily, pay attention to the following tips.

Evaluate your expenses, the first strategy to save money

To start managing your income better and avoid spending money unnecessarily, it is important that you first evaluate your expenses. What do you usually spend money on? That is the main question you will have to answer. Hobbies, activities, clothes or other items can be the main culprits of unnecessary spending. The goal is to see if you are really spending too much money on discretionary expenses, that is, those that are not fixed, such as rent or utilities that are the same month to month.

In order to evaluate your expenses, you will have to carry out the following tasks:

  • Review your expenses for the last three months, both bank card and cash spent.
  • Find out what % those expenses represent by dividing them into fixed and discretionary.
  • Keep all receipts to keep track of what you spend on a daily basis, so the quarterly record will be much easier for you to do.
  • If you need to, you can download the Fintonic application to plan your budgets and evaluate your expenses.

The objective is to answer questions such as: Do I spend more than I earn? Do I spend all my income in a few days? Is it hard to make ends meet? These are some of the keys that will make you reflect on what you are spending and see how much money you spend on unnecessary expenses.

Tips to save money on a day-to-day basis

Once you have evaluated your expenses in the last three months and know how much money you spend on unnecessary expenses, it’s time to change your habits to avoid spending your income senselessly.

  • To do this, we suggest you create a budget, which you must follow to the letter. To generate it you should determine what your fixed expenses are (rent and basic services, transportation, food, health, various expenses such as having a pet or going out to dinner once a month…), so you don’t spend more money than you don’t have.
  • Another thing to keep in mind is to set goals when you go shopping. It is very easy to spend senselessly when you do the shopping or go out to buy the jeans you need. The important thing is not to overspend, so check what you really need, make a list and stick to it, especially in food. As for clothes or other vices, you should control your impulses.
  • And precisely, not getting carried away when shopping is another of the habits you should redirect. Try to resist temptation and ask yourself two basic questions: “Do I need it?” and “Is it within my budget?” If the answer is no, stay away from what you were going to buy and you will be able to save that money for something you really need.
  • Do you eat out every day? Reduce your expenses by preparing your lunch and taking it to work. Although they may seem insignificant, they are among the most noticeable expenses. As well as coffee, tobacco and other vices.
  • Credit cards… NO! They can be dangerous if you are not able to manage your money, so we strongly advise against them. It is best to opt for debit cards, which deduct the money spent on the spot. With credit cards, you will spend what you don’t have, but it will be deducted the following month, something that can be dangerous and can generate big debt problems.

To avoid unnecessary spending, the ideal is to limit your expenses and this can only be achieved if you do your part and change your habits. Try to spend in a month only what you need and you will see how your savings account will increase little by little.

How to stop being wasteful

Although it is very important that you try to change your habits and reduce your unnecessary expenses by yourself, sometimes the lack of control needs an external agent that can reorder your accounts and your ideas. However, the first thing you should do is to be aware that you are a compulsive shopper who spends more than you have without being able to help it.

Compulsive shopping can lead to serious problems, such as anxiety, depression or loneliness, and it often occurs in these contexts as well. In this case, you will need to see a therapist, as compulsive shopping is often considered an addiction. The same goes for gambling addiction or compulsive gambling, another of the agents that can cause useless spending of money. For all these cases, getting therapy will help you obtain healthy alternatives that will help you deal with the different emotional problems that lead to unnecessary money spending. Ask for help!

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