Spending on valuable things is not a waste of money, however planning is very important in every aspect of human life. An adage that says “If you fail to plan, you will plan to fail” means if you do not make plans towards your money including your finances you might face difficult challenges in days, months or years ahead. Having a spare time to plan your personal budget is very important and to make sure you minimize your spending limit saves you money to plan for the future.
In 2022, there are a lot of responsibilities we need to take care of but this should not stop us from cutting down our cost of spending. Covid-19 has brought a huge challenge to many economies across the globe. From my village where I grew up, we live according to our means but I can’t predict that for everyone. And it does not also mean if you were born into wealth, you will be left out of this writeup. You can pick vital points on how to limit unnecessary spending.
Without wasting much time I want us to go into details about how as an individual or entity, we can reduce wasting money on unnecessary stuff.
But first foremost, you need to identify why you waste money unnecessarily. It could be that you are so depressed that you think about going to the mall and heading to the cinema or to the restaurant to enjoy delicious delicacies which you can prepare on your own at a low cost. The same way the ticket you’ll buy to watch movies at the mall can be saved for other beneficial expenses. Impulse buying can also trigger your spending habit. Some people are easily convinced. If you are such a kind of person you will always buy unnecessary stuff and later regret it. And so whenever you see something that appeals to you, you go in for it but you later realize you do not need it after buying it. Also, people who buy to impress others is a very bad habit that can put a strain on your income.
You do not have to stress yourself out if you really want to stop wasting money unnecessarily. You can do that by saving more. Saving more does not mean you should not spend. But, you shouldn’t spend more than necessary. So for instance if you are paid $900 monthly, you should make sure you do not spend more than half of your salary. You should try to save more money either in your bank account or in your savings box. Saving can be in many forms which includes cutting down on foods and and outing budgets. So when at first you buy a lot of groceries and vegetables that most of it goes to waste in a month’s time, you can decide not to spend that much on it but therefore buy valuable food items that can last long. Also, you buy at places where you can get it at moderate prices.
One thing about making an effort to save money is that you’ll be tempted to spend. So you need to save at a place where the withdrawal of the money won’t be easy. Especially with some banks in the US if you want to withdraw your Treasury or other investments, you have to write an official letter declaring reasons for withdrawal, wait for some days etc. This will deter you from withdrawing your money to spend. Also, automatic deductions to your savings account is another best practice that helps you save money often. Unlike planning to save money at the end of the month you receive your income, you can ask your financial institution to directly deduct some amount of money into your savings account for the future. With this you will not be reluctant to voluntarily withdraw money for savings.
Learn To Say No propels you to avoid wasting money. It is not really easy to say to the cold you. But for you not to waste money try to control your lustful desires. Buying the latest iPhone 13 is very good but getting a lower version of Apple device which will save you some money will be beneficial. If in case you cannot control your spending habit, have a close friend you can entrust your money to. Such a person can be your sibling, friend, business partner etc. With such a person as an advisor to you, he or she can tell you the amount to spend in a day or weeks. This is very helpful. This person can say no to your food, clothing or gadget choices if they do not make sense on your finances. Such a person gives you permission to make a purchase when your choice will not drain your income.
In all your financial dealings been personal or business, learn not to waste money
