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Quick tips to control your overspending habits

When overspending has become a problem and pushing you to the brink of a financial trouble, it is time to assess the situation and take control of your spending habits. It is especially hard during the holiday season. But there are so many sources of information available now on how to limit your spending – articles, blogs and financial advisers – all attempt to guide and provide tips that will enable you to slow down or bring to a stop your overspending habit.

Avoid making unnecessary small purchases. When you have the tendency to go shopping for small items or go to stores offering big discounts, stop and think! These purchases, no matter how inexpensive they appear to be, can add up to a huge amount and put a dent in your pocket if these are not included in your monthly budget. Daily small purchases of items that are not really needed can cost you a lot, and most of the time, these small purchases are not really needed. How many times have you gone to the store intending to buy 1 or 2 things and ended up with 7 impulse buys?

Break some routines. Take a closer look at some of your activities and for sure, you’ll find several regular activities you can do away with to cut down your expenses. For example, your coffee habit. You go for coffee each morning at a popular café and spend from $2 – $5 on this morning routine when you can brew your own coffee. This also holds true when you enjoy going out for lunch. Try bringing your packed lunch. Or maybe you can just take the bus instead of a cab. Or instead of using your airconditioner at home, go for the electric fan when it’s not too hot.

Spare your pocket from luxuries. A tendency to go shopping for fashionable designers’ items you don’t normally need or newly released high-end electronic gadgets when the ones you’re using still work can ruin your budget especially if you use your credit card to buy them and don’t pay these purchases in full. Even a short vacation charged to your credit card can put a dent in your budget. Learn how to plan ahead for these luxuries and reap the benefits of your self-control. Don’t avoid all fun purchases, just make sure they are planned and fit into your budget.

It is really hard to break some spending habits but when you are going beyond your means and feeling the pinch, it is really time to take a look at how you spend your money and being wise in your buying decisions.