Topic: How to avoid over expenses and have discipline - page 17. (Read 2407 times)

I particularly liked your point 4. Make the 24 hour rule. I think it’s practicable and if done right, could help put off unnecessary spending.

Irrelevant purchases often happen on a whim and most people tend to give in to those urges to buy what would seem then to be urgently needed.
But if you could just put off buying that item for a while, you would realize you don’t really need it.

Isn't it stressful when we spend more than expected, right? especially if we follow a budget, having a smart spending habit is a good way to avoid such situations or events.

1. Make a realistic budget
           In budgeting it is important that we consider everything. It should be realistic and achievable, It cannot be said that the budget is only 20$ for a week for food if you are 8 people who will eat at home. Plan what to eat every day and budget for it. Write down all the ingredients or how much to buy and how much it will cost in pmashae or gasoline if there is a car. Do everything with consideration and do it consistently.
Stop yourself from buying things you don't need, like buying coffee at starbucks when you can just buy 3 in 1 sachet coffee that just tastes like coffee. Because if we cannot prevent such expenses, include them in the budget.

2. Find out what triggers the cost
            It's important that we know this if it's stress, boredom, pressure from friends, need to follow the trend and so on. It is important that we have discipline in these things if you want to avoid overspending. For example, if you're bored, you hang out online shopping at Lazada, Amazon, and others, this habit should be replaced with something more productive, such as cleaning the house and others where you can avoid it and do something good.

3. Break down luxury expenses
             Try to list the things you have spent and separate the luxury and the things you have spent. It is important that you know what is really needed and the word I deserve it.

4. Make the 24 hour rule
             This rule helped me when I was building in this way. Because when I want to buy something, I put it off for 24 hours, and during this time I learn how to assess these things. Usually the excitement we experience disappears immediately after a few hours. You imagine the sacrifices you will make when you accomplish them. Like the small savings you have or sometimes we will even borrow the money we will use here. At least in this way we can avoid impulsive buying or bursts of emotion.

5. Set a budget
            Allocate a limit on expenses, know all areas of expenses from food, rent, electricity, water, shopping and other things related to spending. Once you set all of your spending limits, make sure to follow them and do it because everything will be ignored if you don't do it.

I hope this somehow helped us and the community here on the forum.

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Other source:
https://www.incharge.org/financial-literacy/budgeting-saving/how-to-cut-your-expenses/
https://www.mymoneycoach.ca/blog/how-to-stop-spending-money-7-tips.html

I particularly liked your point 4. Make the 24 hour rule. I think it’s practicable and if done right, could help put off unnecessary spending.

Irrelevant purchases often happen on a whim and most people tend to give in to those urges to buy what would seem then to be urgently needed.
But if you could just put off buying that item for a while, you would realize you don’t really need it.

I can also say that this strategy is really useful. Instead of spending my money, I end up saving it. However, this is only applicable when talking about your wants, but if you tend to buy your basic necessity, you will have no choice but to spend your money so you can have what you need. Still, spending within your budget and having some financial discipline are a must. Otherwise, you end up overspending and start taking personal debt just to provide your basic needs.

The fact that today's economic conditions are getting worse every day requires us to pay more attention to our own economy.
- Creating our list of needs
- Avoiding unnecessary expenditures
- Not spending on luxury
- We can do many things, such as taking notes on our spending and organizing it. Everybody is responsible for their own finances, but often similar expenditures are made. There are similar expenses in society that are unnecessary but that many people do. Avoiding these expenses can also benefit us.

This is really the strategy I am using right now because it is really working when you have the urge to buy, mostly right now that we can buy using our phones and are mostly easily tempted, like right now new phones and other stuff that you found nice, which again we know is not needed, but because we can't control ourselves when we buy, we have like 24 to 48 hours to know if you still need it or want it.

This is something I do not really achieve neither, I spend way too much and it results with nothing good for me, obviously it is not going to end up being anything good for me in the end and I should be avoiding it as much as I possibly could, but that doesn't really change anything for me, it just results with something normal.

This is why I believe that we need to end up with a good result one way or another, it should be important and it should be considered a great result. Obviously that doesn't mean that we are going to end up with success all the time, but we should be considering that as an option if we can, and it should be a good thing to just even give it a try, because even if you fail, at least you tried.

People who are wise in using their finances will definitely prioritize their basic needs first before buying other luxury items that they may not have the time to use yet. Moreover, if he is very aware that making money is very difficult in conditions like now, of course he will learn to be frugal in all aspects and especially in the aspect of spending money for his daily food. Because it is something that cannot be postponed (unless he is willing to starve his body) which will eventually get sick, so basic needs are the first consideration for people who want to use money more sparingly and also wisely in life.

Those who have above average income have also learned to save a lot, because they also don't know what the world's economic condition will be in the future, so they also don't want to waste every day. And everyone has also realized that wastage is a very bad thing even though they have more income than other freelancers, because in the end they will also experience difficulties when they continue to spend money more extravagantly through life.

I also always plan for daily and monthly budget. It is surely to avoid excessive spending. When we already set a maximum budget to spend daily or monthly, we must commit to apply it whatever the reason is (except for an urgent needs). Monitoring and tracking our spending should be done in daily basis, so we can evaluate it soon if there is something wrong on it. Those unnecessary spending must be avoided, we never tolerate unplanned spending.

Indeed. To implement the lists, we have to be discipline and committed. Whatever we list to deal with over expanses, won't work successfully if we can't be discipline and committed. It is not easy to reduce the number of expanses if someone got used to it. But with a strong intention and committed to have a better financial management, it is possible to apply all the lists above.

I particularly liked your point 4. Make the 24 hour rule. I think it’s practicable and if done right, could help put off unnecessary spending.

Irrelevant purchases often happen on a whim and most people tend to give in to those urges to buy what would seem then to be urgently needed.
But if you could just put off buying that item for a while, you would realize you don’t really need it.

I particularly liked your point 4. Make the 24 hour rule. I think it’s practicable and if done right, could help put off unnecessary spending.

Irrelevant purchases often happen on a whim and most people tend to give in to those urges to buy what would seem then to be urgently needed.
But if you could just put off buying that item for a while, you would realize you don’t really need it.

5. Set a budget
            Allocate a limit on expenses, know all areas of expenses from food, rent, electricity, water, shopping and other things related to spending. Once you set all of your spending limits, make sure to follow them and do it because everything will be ignored if you don't do it.

This is something I do not really achieve neither, I spend way too much and it results with nothing good for me, obviously it is not going to end up being anything good for me in the end and I should be avoiding it as much as I possibly could, but that doesn't really change anything for me, it just results with something normal.

This is why I believe that we need to end up with a good result one way or another, it should be important and it should be considered a great result. Obviously that doesn't mean that we are going to end up with success all the time, but we should be considering that as an option if we can, and it should be a good thing to just even give it a try, because even if you fail, at least you tried.

I agree with all that you've mentioned and it all sums up that everyone has to live with their means. Because the typical person today that lacks priorities are living beyond their means and they can't take.

It's not par with the salary and income that they're getting but, the lifestyle inflation that they have is enormous and coming to the point that they cannot sustain it anymore.

All that you've said can also be prioritized depending on the person but it's not always a priority that should be set. Like in traveling, it's like a once a month or two depending on how often the person travels.

Set a budget
Dont spend too much on luxuries
Dont spend on outing
Have control on money lust
Have control on travel goals
Always set priorities

This would be the most or best way for you to be able to save up and avoid yourself on having that total wreck.The most important thing is that you do sustain yourself on living
because if you are really just trying out to go well go lucky on everyday without even minding about those plans and possible solutions and additional income.
Then sooner or later you would be finding yourself into such tough situation in terms of finances because you would really be suffering with those lack of money due to
unwise spending and uncontrollable expenses.

As @Wend have already said, two sources of income is still better than one and I don't believe that opportunity doesn't knock on everyone's doors, I am pretty sure that in some way, there was a time it did for everybody. Working overtime for your only job is not making more cashflow though, the money generated on that isn't a lot so I wouldn't count it as a different cash flow.

Many rich people don't want to let anyone know how to make money to the poor.