Topic: How to avoid over expenses and have discipline - page 20. (Read 2407 times)

     -     These are good things you said, I like the 500£ you said and the last thing you said too, though, what Op said is also right, maybe the tips he mentioned could be based on his experience and the sources he put are only for those who want to find other tips, but I'm not sure. It's just seem like that anyway😃

That's why sometimes what I earn here in crypto via trading and campaign is also used to cover my other expenses, because it's also a big deal when I do bitcoin or my crypto to be honest.

It is really annoying to fall short of funds when allocating the budget to our needs.  This list are helpful in guiding one on how to keep our expenses on tab and avoid the frustration of falling short of funds even though we always try to look for extra funds to fill our needs.

Setting the budget and knowing the reason why we always have shortage is a good way to troubleshoot our financing activitives.

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

Not everyone can have a discipline live!

I'm a discipline person and have a strong memory, so I don't have to write down what I do today and in the next day since I remember what I need to do. It's a boring daily life, but I'm happy because everything works like what I expect. However my friend isn't like that, he's not discipline and want something different everyday, but he have a good career, so it's not about discipline.

To avoid over expenses is only one key: frugal living.

This is a great list and helpful as it is. For me, it's actually easy to set a budget, you just need to have a plan that will help you balance your expenses in connection with your income. On the other hand, what's actually hard is achieving discipline. It is not something that you just happen to learn overnight, because having a discipline within ourselves requires a lot of time to develop. Because even though you set a budget but does not have a discipline at all, then you still cannot avoid overspending. So, better to practice it little by little, day by day, and soon it will just become your habit.

I assume it all depends on the daily or monthly income one gets to manage all the expense and income records.
All of these concepts will not apply well if one's income is unstable. The logic is how he can avoid excessive spending and try to apply discipline to all that is expected.

I don't mean to argue with the concept that you find from the source, but sometimes a tip that is made must do research on all people with their economic level.
For me, these tips apply to people with middle and upper economic class and the authors of these tips rarely see how they apply to people with lower economic class.
Never mind planning to save and avoid big expenses, sometimes they can't afford to eat 2 times a day.

setting limits, allocating is more difficut if your doing it al from one account because those limits are just fictional limits that just involve brain decisions. and most people who have issues budgeting do not make good decisions if all income and all expenditure is done from the same account.. the best way is to actually physically separate the budgets over different accounts. that way people cant be tempted to over spend on wasteful things whilst ignoring the important things..

EG imagine you get min wage ~£$1600 a month knowing (i chose non-particular random numbers)
rent/mortgage is £$900
electric is £$80
gas is $80
water is £$40

put £$1100 into bills account

now you have £$500 to split up for consumables. so set a budget for your groceries, kids school clothing and etc
and put that into another account. and that accounts card is the only card you use when you go to the grocery/clothing store

and then whats left is the waste money to do with as you please.

once you have this set up. then you can find ways to modify your expenditure or income to compensate your needs more wisely

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
2. Find out what triggers the cost
3. Break down luxury expenses
4. Make the 24 hour rule
5. Set a budget

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.

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.

It’s not easy for most people these days with the cost of living soaring in recent years but to budget your monthly wage and live comfortably it's important to prioritise your expenses and savings.