Marketers and advertising companies want you to buy their products; even the government wants you to spend the UK out of a recession! Yet this isn’t the best thing for you. Look at your bank balance and ask yourself: “is my statement sustainable?”
If you are living from payslip to payslip, the answer is “no,” and if you are already in debt, it’s time to tighten your belt. In a culture of overspending, just how can you keep your fingers out of your wallet? Read on for tips on how not to overspend!
Honesty is the Best Policy
Be frank with yourself about your expenditures, and also keep all of your bank statements and bills – this is real, and you have to face it responsibly. Deciding to be proactive about overspending is the first step towards remedying the problem.
A Friend in Need…
Talk to your friends and family. Sharing your problem can often make it feel more manageable, instead of this terrible secret that just keeps getting worse. They’ll be able to support you emotionally, and slap that spending hand, when you are out shopping.
(Wo)Man With a Plan
Make a budget and a plan of action to help you prioritise the important things in life – your bills and rent come first, not that new pair of jeans you’ve got your eye on. Stay on top of bills, as they can easily mount up to unmanageable totals.
Stay away from danger areas such as shopping centres. Only go to retailers that sell the necessities. Even better, get your groceries delivered to your home, that way you can monitor your food shopping expenditure without impulse store purchases, and avoid going into town.
Shift Disposable Money
Once you’ve worked out your necessary expenditures, flush out all your disposable income into a separate savings account so it’s out of reach. Make this an automatic process and you won’t have to worry about saying goodbye to that extra dosh.
You will be able to make savings. Pinpoint the areas where you overspend and start to brainstorm ideas on how you can limit these costs. For example, instead of buying lunch every day, make healthy sandwiches at home and bring them to work.
Get to Bed
Stop watching the TV and go to bed early. Not only will you get more sleep and make better decisions, but you won’t be further influenced by adverts. Try reading books instead or take up a new hobby that keeps you entertained in the evenings: use your gym membership for once and wear yourself out before bed time.
Make Frugal Friends
Spending time with spend-thrifts is the best way to stop yourself being excessive with your money. When surrounded by people with good money values, you will catch the frugal bug too. Many role models are often celebrities with big wallets and just as large spending habits, so make your new role models your best buddies and save, save, save!
This guest article was submitted by IVA Expert, who can help you to clear your debts with an Individual Voluntary Arrangement.