How to curb unnecessary spending

wasteful-spending1 The cost of living is increasing day by day. The ongoing recession has made it even more necessary to live wisely and prudently. If you’re a spendthrift and shopping is your favourite pastime, it’s time to look for a new, inexpensive hobby.

Unnecessary expenditure is a waste of time and money. It is important to learn how to control needless spending by exercising some self-control and common sense.

Chart daily expenses

Maintain a regular account of how much you spend daily. This will help you track down what you’re spending on the most. Then you can decide whether you really need to spend that much money on it. Think of ways in which you can reduce expenditure on that particular item.

Similarly, weed out all unwanted things you may buy without realizing their worthlessness. This includes clothes that you wear once and then discard; or magazines and books that you don’t have time to read but buy nevertheless because you plan to start reading some time in the future.

Watch your health

Eating out in restaurants cuts a huge hole in the pocket. Not only is this food expensive but also unhealthy sometimes. Regular spending on fast food can affect your health, which in turn leads to the expenditure of treatment and medicines.

Instead try and eat more home food. You can learn some easy-to-make recipes and pack a lunch for work rather than eating out. The same is true for drinks. Water quenches your thirst much better than any soft drinks.

Drive less

Using public transportation is a better option as it will save you time, and also money spent on fuel. Besides, it is also more environment-friendly travel option.

Save time and money

Spend less time at the malls and general stores. Make a list of items you need to buy and stick to it. This way you avoid being tempted by all the other attractive items on display that urge you to spend more than you can afford.

Spending wisely will enable you to save money. This will in turn be beneficial for your future.