easiest way to discipline yourself..
set up 3 bank accounts
when you get paid.. your bills total budget should be automatically paid into a 'bills' account
this is your rent/mortgage, utilities...
the second account is any investments you want to do.
the third account is your consumables. things like DIY/groceries/kids necessities(school stuff).. the needs of the household outside of the bills
then any left over funds remaining.. thats the disposible income that can be used for your luxuries
this way. by putting the money aside into accounts to pay your needs.. all you have left is any discretionary/disposible money. and once thats gone you go without
this way you do not have to decide if you should pay rent or buy pizza because your economic depression thinks pizza means more to you than rent this week.. instead the rent is already put aside. thus no decision. and instead with the small amount of discretionary/disposible money left over.. you decide on which luxuries .. EG waste $20 on a fast food pizza or get a $3 pizza during your grocery shop
Topic: How to avoid over expenses and have discipline - page 21. (Read 2495 times)
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.
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.
Most of the overspending habits is caused by friends and peer groups you hang out with; if they are causing you to spend more than your budget, you can cut them off if they are not adding value to your life and live within your means. Some may be productive to your life and you cannot live without them; you can only manage your spending when it reaches that stage, but you will treasure the productivity it instills in you more.
Instead of cleaning the house when bored, because the house cannot always be unclean, you can go online and learn something new, a new skill, or gain new knowledge about something, which will be far superior to all of that, which will stimulate overspending again.
Quote
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.
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.
All of this might be budgeted for, but if you don't have any extra expenses for an emergency, you'll end up spending more than you planned. This is a good approach for saving money for essential things first, then using the rest for less important needs. Just have it in mind that this method will not be useful in an emergency situation.
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.
I like budgeting but I do not like how we have be taught about budgeting. So many people dread or hate budgeting because we have been taught about budgeting the wrong way. When we write our budgets we do it like it is a document that restricts us from having fun or enjoying our lives. Therefore, defaulting on the budget is inevitable. When budgeting we should add nice stuff we need to get for ourselves and not make it look like some boring list of financial obligations to meet. If we plan right, we can throw in one or two of our guilty pleasures that despite being in there, our expenses remains on track. It is more than just being disciplined. It requires that we do it right. 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.
I hope this somehow helped us and the community here on the forum.
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
OP, did you get this guide from the internet? Oh God, you have not even tried to live like that. Who are these people, and why don't you teach from experience? Who are the authors of these tips? Staff Writer and Public Relations Officer Tips
OP, every family will have their savings; it's impossible to stick to a standard. Cleaning every day to avoid surfing online stores, are you serious? A list of all the foods you will be eating all week? Damn, I will always have a question: why then live? If you live on a list all the time, are you not allowing yourself your favorite coffee? Coffee bags? Maybe packs of fast Chinese food in that case? Did these teachers ever consider finding higher-paying jobs, so they could indulge in petty pleasures?
OP, Since the forum is about Bitcoin, you have not concluded. With all the money you save, you can buy yourself some Satoshi, and maybe one day you will become rich.
The question is, how many years do people allocate to themselves for the happiness called "later"?
If you budget yourself properly, you won't have a problem wasting money on wants but focus all your money on the things you need and keep the remaining for investment that when you sell your investment in the future, you can have enough money to buy anything you want.
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.
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.
Avoiding over spending can be achieved by been very discipline with our spending, most time it isn't that we don't earn enough but we spend too much more than our budget and that's because we lack planning. Every individual that wants to reduced their expenses has to plan evey dollar they're about to spend and anything that wasn't in the initial budget shouldn't be spend on unless there's excess cash kept for situation like this when they come up
If you budget yourself properly, you won't have a problem wasting money on wants but focus all your money on the things you need and keep the remaining for investment that when you sell your investment in the future, you can have enough money to buy anything you want.
Well the truth is that if every individual can discipline them selfs a lot wouldn't have been happening, things like disrepute while going out to get something either at the supermarket or shop when they have no enough money to pay for their bills.
Anyways the 24 hours rules is good because this is how we know what we wants throughout that day and it will also helps us to spend lesser.
Setting a budget is the most important thing, setting the budget and writing in down in a piece of paper and keeping it at a particular spots in the house were we can always see it and remember incase we gets about the budgets we have.
Finding out what trigger the cost is too easy to find, we spend the money our selfs so we can easily know what make us spend excessively and cut it short.
Anyways the 24 hours rules is good because this is how we know what we wants throughout that day and it will also helps us to spend lesser.
Setting a budget is the most important thing, setting the budget and writing in down in a piece of paper and keeping it at a particular spots in the house were we can always see it and remember incase we gets about the budgets we have.
Finding out what trigger the cost is too easy to find, we spend the money our selfs so we can easily know what make us spend excessively and cut it short.
All in the name of lowering your spending you can still make wrong decisions, it's cool to avoid unnecessary spending but not in every area.
This was what I did back in the days when I was new to crypto mining, I bought graphic cards to mine Ethereum and other altcoins then but I cheaped out on other important things like quality power supply, I went to buy cheap PSU, because I want to save money.
Later after running the PSU for a week it killed one of my GPU, I don't even know that the GPU was dead, until I went out and bought a better brand new PSU.
I spent more money trying to save money.
I still end up killing a GPU that's worth 300+ in dollars.
If I don't cheap out on these I would save a GPU from death and still have the best PSU.
If you can't afford quality things, solve your income problem, don't go around looking for cheap things because you want to save money, there is original and fake items out there and people who are hell-bent on saving every penny will become more attractive to cheap things.
This was what I did back in the days when I was new to crypto mining, I bought graphic cards to mine Ethereum and other altcoins then but I cheaped out on other important things like quality power supply, I went to buy cheap PSU, because I want to save money.
Later after running the PSU for a week it killed one of my GPU, I don't even know that the GPU was dead, until I went out and bought a better brand new PSU.
I spent more money trying to save money.
I still end up killing a GPU that's worth 300+ in dollars.
If I don't cheap out on these I would save a GPU from death and still have the best PSU.
If you can't afford quality things, solve your income problem, don't go around looking for cheap things because you want to save money, there is original and fake items out there and people who are hell-bent on saving every penny will become more attractive to cheap things.
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.
Quote
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 helps a lot too. But just to add, it's also important to set aside funds that can be used as miscellaneous Incase things go south as this prepares you for unforseen circumstances. And again, if one does not have a certain amount of discipline, all this goes to waste. 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.
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.
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.
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.
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.
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If people knew how many rich people use a budget and follow it, it would be something people would do more of. Many would be surprised because they think that rich people have too much money and therefore do not control their income and expenses. On the contrary, they tend to control them to the millimetre. There will be exceptions, of course, and if they're cradle rich they probably won't use it. Anyway, middle and working class people would do well to use a budget.
I would say that for people who don't use a budget, the first thing to do is to track expenses and then budget for the next month. Normally the first month you do it you will have mistakes and inaccuracies but if you keep doing it for three months you will have it pretty tight.
There's an important rule as well if you are looking to be better with spending. It's to track your expenses and find out what is happening and where your money goes.
I would say that for people who don't use a budget, the first thing to do is to track expenses and then budget for the next month. Normally the first month you do it you will have mistakes and inaccuracies but if you keep doing it for three months you will have it pretty tight.
I think it's easy to say that you are going to save and follow a budget but pushing through something that would make you benefit in the long run. I believe that it's going to be the part where you need to know that you are just trying to convince yourself that you deserve it. Sometimes it's the persons wants that goes in the way of following the said budget.
There's an important rule as well if you are looking to be better with spending. It's to track your expenses and find out what is happening and where your money goes.
There's an important rule as well if you are looking to be better with spending. It's to track your expenses and find out what is happening and where your money goes.
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.
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.
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
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.
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
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