One way or the other, every one of us have bad spending habit, sometimes these can break your budget on a monthly basis. It could be that you like to shop for a particular item. Perhaps you always like to have the most up-to-date Smartphone. Whatever it is, you probably already know it’s a problem.
Perhaps, what some people might see as overspending could be right in line for you and your budget. For instance, if you’re the type that can do without going out for merriment “faaji” during the weekends, it is advisable to consistently cut back on other spending so that you can meet up for your weekend things.
You’ve identified what’s important to you and made it happen by being frugal in other areas. If your budget is still functioning properly and you’re meeting all of your goals, overspending in that category isn’t a problem for you. Don’t let anyone tell you it is.
But, if that does not apply to you. Maybe sometimes you probably plan to spend N40,000 each month dining out, but end up spending N100,000. You may be looking at a bad spending habit and it’s time to face the problem and battle it until you get it under control.
As you already know, it’s stopping you from saving money or even worse, causing you to go into more debt. Here’re tips to put your spending habit in control.
Firstly, you should always take out only cash you need when going out. Sometimes you may decide to go to the boutique for shoe. Only take the cash that you need. If you’ve budgeted N20,000 for shoe, hit up the ATM and get N20,000 cash out. Throw that N20,000 in your wallet and leave all of your credit and debit cards at home. Then you will be forced to only work with the cash you have on hand.
Secondly, try to know what triggers you to Spend more than you intend, start tracking how you feel before purchasing a particular item, it may be a food item or what have you. For instance, if you buy a soft drink every afternoon, try to know how you were feeling. Maybe you were tasty or something. Maybe you ran out of things to do. By identifying the underlying issue, you may be able to find ways to avoid or look for a close substitute, like water to fill the space.
Another thing to look at is setting a goal. If you have them, put them in a prominent place so you have to look at them each and every day. This will always make you to cut back on your expenses and/or sacrificing some things that are difficult. If the list isn’t enough, add a picture of something that you are striving to achieve. Looking to build or buy a house? Work towards it definitely you will surely achieve them.
Always shop with a list because when you go shopping without a list, it’s really easy to go crazy. Therefore, start writing down only the things you need and stick only to that list when shopping. Have a plan. Have trouble sticking to a list? Find someone who can. Send your spouse who follows instructions with great detail. Send your teenage daughter whom you’ve trained well.
Also, always take all the inventory of what you own. Have you ever gone to the grocery store, bought something and then discovered that you already had it at home? Right! Take an inventory of the items that you own to ensure that you are not duplicating purchases. You can do this with almost anything, including clothing. Surely these will help in your purchase.
TIAMIYU ADIO ISMAIL
