People Spend Money They Don’t Have

Most of the reasons that people overspend have to do with their feelings.?If people could control their feelings, then they could manage and control their spending habits. Some of the things that folks can do to stop overspending are:

All the finance experts talk about WHY YOU SHOULD save money and the benefits of saving, but no one discusses WHY YOU CAN’T save money.

If you can’t save money, you need to get to the root of the problem and fix it.

Don’t go to shopping malls.?If you know you have a problem with overspending, then don’t put yourself in an environment to overspend.

Whenever you shop make a list.?Having a list can keep you on target and stop you from making unnecessary purchases.

Leave you credit cards at home when you go out.?If you bring your debit card only, then you probably would be more apt to stick to a budget.?

Cut up your credit cards and don’t request a new one.?Simply wait until the card expires and the credit card company sends you a new card.?

Create a budget.?Count backwards and walk away.?Give yourself time before you make your next purchase.?Allow yourself the chance to “sleep on it.”

Try to reverse engineer the feelings associated with shopping and redirect them towards savings. Get excited about saving money.?

If you do the things above you may be able to effectively eliminate the desire to overspend.

Give every dollar in your budget a job.?

Do you need a budget?

Disclaimer:?The information on this POST is not intended or implied to be a substitute for professional advice. The opinions expressed within this article are the personal opinions of the author. All content, including text, graphics, images and information, contained on or available through this article is for general information purposes / educational purposes only, and to ensure discussion or debate.

Thank you ….A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.

What Is The Purpose Of A Budget?

You know what they should have taught us in school.

And what are the benefits of budgeting?

Is it really going to help you?

Or is it just something businesses and big companies should do?

Truthfully, budgeting is an important aspect to your financial health and although it may not be glamorous, it is well worth your time.?

Do you want to add a word or two?....

Why You Can’t Save Money?

Similar to how a doctor tries to find a diagnosis for a health problem, you need to identify the reason why you can’t save money, so you can tackle the issue and get out of a financial rut.

So if you are thinking, “I can’t save money” or “Why can’t I save money?

But, you can’t spend money that isn’t there right?

So, speak to your bank and ask them to set up an easy and difficult to access savings account. The reason why you should have 2 types of savings accounts is that it will stop you from panicking about whether you can access your money during emergencies.

Furthermore, sometimes emergencies do crop up and it’s better to use savings instead of getting into debt.

Tip– Often banks will pay interest on your savings accounts, so you can earn extra money from your savings.

You believe you deserve the items you buy

Have you ever had a bad day and thought ‘Today was shitty, I am going to treat myself’? Yup join the club! Often, we think we are deserving of the items we buy, and that’s how we justify it.

I used to buy expensive lunches and nice clothes when I had a tough day or week, justifying it using under the ‘self-love’ banner.

But unfortunately, if your spending is linked to all the items you think you deserve, you will never save anything!

You also deserve to have a nice healthy nest egg and to stop worrying about your debt. So, start changing your mindset.

Now I have changed my mindset to : ‘ If I save $xx amount of money, then I deserve to buy Y. BUT, make sure Y isn’t too expensive!

Your Comments……

This is one of the best ways to save on a tight budget

You don’t pick and choose what you deserve

Following on from the, I deserve it, mindset. The reason why you can’t save money could be you think you deserve everything.

You think that you are young, so you should spend on experiences

Ahhh I have been so guilty of this, I still am to a certain extent. The phrase, ‘YOLO’ (you only live once) is often used as a justification for spending excessive money on experiences and items.

Don’t get me wrong, I don’t think you should only live in the future and save without experiencing life. Heck, I have traveled to 28 countries, it would be hypocritical for me to advocate that.

What I am saying is, just because you are young doesn’t mean you can’t save money. You can save and enjoy experiences.

For example, I saved and spent some of the money hiking up Everest Base Camp and motor biking around for 30 days. I did it on a budget so I wouldn’t use the rest of my savings up.

So, spend some, save more.

You don’t do a weekly grocery shopping

If you shop for groceries every day or every other day, then this is your problem right here. You aren’t meal planning so you can’t save money on food expenses.

Meal planning will transform your finances.

Sit down on Saturday and plan your meals for the week. Try and think of how you can cook multiple dishes with the same ingredients. Buying in bulk also means you will spend less.

For example, I will plan to buy chicken and vegetables. This means I can make chicken curry and chicken stir-fry in the week.

Tip– Always make enough so you can use the leftovers for the next day, thus saving money on another meal.

You think it’s because you are on a low income

I think this is the most common reason I hear why people can’t save money.

But here is the thing, many, many people on a low income can save, so why can’t you?

Here is a lesser-known fact about me – I paid for my entire education all by myself. I worked and saved while studying and managed to fund my law degree and masters.

I worked in low paid jobs like cleaning and café work, but I still managed to pay it without a student loan debt.

It’s all about mindset, google people who have saved on a low-income, it will inspire and motivate you.

You spend money on convenience

We live in an age where convenience is king, but that convenience is costing us and we can’t save money, as a result.

Have you ever returned home from work and ordered an Uber Eats because you can’t be bothered to cook?

Or been too lazy to take public transport or walk so ordered an Uber taxi?

Or how about pre-chopped vegetables, they cost WAY MORE than normal vegetables.

These little habits are costing you money. If you are doing it often, it’s time to cut them out and start saving, every little counts.

You don’t prepare for the unexpected-(An Emergency Fund)

Emergencies cost money and can get you into severe debt. And once you are in debt, you will have to pay extra money on interest, which gets you further into debt.

Prepare for emergencies by creating an emergency fund to pay for things that crop up which cost money. Examples of these could be your car breaking down, hour repairs, or unexpected costs.

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