Sometimes getting rich is not about making more money or combining different jobs or getting a raise, it’s about how well you are managing your money (those you already have).
For example, if John and Abel are getting the same salary of $1000 a month and then John has the habit of saving $500 every month, he’s automatically a millionaire by the end of 2 years.
And then, let’s say Abel has the habit of spending all his salary without a single penny in savings every month, then, he’s automatically in the same class as people striving to live every day.
Let’s assume Abel and John are friends in real life, surely Abel will always run to John for money assistance which is not supposed to be because they are both earning the same salary.
But proper money management has made John far above Abel’s category.
AND this is the power of Money Management!
You will not to be rich until you learn how to not spend money!
You will always be broke until you also learn how to not spend money and save.
Your salary will also never be enough until you learn how to not spend money.
So how exactly can you stop spending your money impulsively?
How to Not Spend Money
1.Use a weekly budget
In order to manage your money properly, you should have a monthly budget and a weekly budget in place.
Your monthly budget should have the total sum of all the monies you intend to spend for that particular month, and then keep a weekly budget according to the needs for that particular week, taking cognizance of your monthly budget.
This is the best method of having a successful budget.
If you have just a monthly budget in place, you’re most likely going to overspend or underspend your money, which in most cases, becomes uncomfortable for you, then you stop believing in a budget.
Money budgeting can only be fun when you are actually meeting up your daily needs according to your budget.
One month is too long to understand exactly what you will be needing day by day or week by week.
Our weekly budget should have all the total sum you intend to spend for;
- Personal care and any other small expenses.
2. Don’t shop on impulse
Impulsive shopping is one of the bad habits that is taking away your money.
A lot of reasons could be attributed to why people shop impulsively.
A few of the reasons are;
- Not following a budget
- Failure to understand what you need
- Strolling to shops all the time
- Accompanying friends to shopping
- Trying to impress your friends
- Shopping addiction.
All of these are habits that can easily be curbed if you wish!
A few of the things you can do if you are faced with some of the above habits is to not take your ATM if you must follow a friend to shopping, try not to walk into a shop if it’s not time for your necessary purchases.
If you are bored and you want something to do, pick a book and read, visit a friend or start a side hustle.
3. Keep snacks in your handbag ( How to Not Spend Money)
Food is one of the biggest culprits eating up our personal finances far above transportation. I mean, we must all eat and drink.
Recently, a plate of decent meals could cost between $15-$100 which can be enough to home-cook meals for you in a week.
Some people don’t plan to buy food outside, but when you are hungry and you have money in your pocket, then it is all right to buy food.
But if you have a snack in your bag, then you can pull it out and chew whenever you feel hunger pangs, Saving you the money to purchase food outside.
Nobody said you should not buy food outside at all, because it is also necessary that once in a while, you treat yourself to something special and different from what you can make yourself in your home.
4. Use meal plans ( How to Not Spend Money)
A good meal plan makes eating home-cooked food fun.
A good meal plan should have all the classes of food necessary to provide you a balanced diet.
A healthy dose of carbohydrates, protein, healthy fat, fibers, vitamins, minerals, and water should be in your weekly meal plan.
If you have a meal plan in place, it will prevent you from mindlessly eating out and wasting your money.
Just take a little bit of time during the weekends to draft a very good meal plan and then paste it at the back of your kitchen door.
So that when you wake up every morning, you can quickly take a look at your meal of the day and then get to work.
5. Use piggy bank
Keeping a piggy bank will help you save lots of money.
A piggy bank is one of the safe places to store your excess change; all the change you get from buying stuff, those tiny changes you believe don’t matter at all but they do!
A piggy bank can save you an unexpected sum of money.
It is also one of the ways my own grandma was saving her emergency funds.
6. Set realistic goals
You need to get real with yourself, in order to be able to manage your personal finance.
You need to understand your limits, your needs, your frustrations, your limitations while setting up a monthly or weekly budget.
Don’t draft a monthly budget of $200 when you are already accustomed to so many high comforts.
You have to take everything slowly, set realistic goals that you will be happy to achieve because that is the only way you’ll be able to continue to push yourself to save more.
7. Always pay with cash ( How to Not Spend Money)
When it is time for your necessary purchase calculate the exact money you will be needing before you go shopping.
This will ensure that you don’t overspend or underspend money.
When you have the exact money you want to spend, then you’ll be careful with your purchase.
You will ensure that you are actually picking exactly what you’ll be needing according to your budget in the week.
But when you go to a shop with your ATM, you just get confused, you purchase everything and anything you don’t want, pay mindlessly… go home broke and frustrated.
These are some of the necessary tips to help you to stop spending money.
You can also start a realistic money Saving Challenge to help you save more.
What to do to stop spending money that you are trying to save?
How to not spend money
- Use a weekly budget
- Don’t shop on impulse
- Keep snacks in your handbag
- Use meal plans
- Use piggy bank to save your change
- Set realistic goals
- Always pay with cash.
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