Overspending is a worldwide problem. It can seriously wreck your savings and budget. In desperate times, you’d wish for a magic wand to wave all your money problems away. Sad to say that although you can turn to cash lenders like CashMart Singapore for more funds on hand, there’s no such kind of magic exists.

Spending less to save more has always been difficult. It takes more will power and a lot of adjustments to succeed. You must develop a better spending habit to achieve your goal.

10 Easy Better Spending Habit

Creating a better spending habit is the best for your future. But sticking to it is very challenging. With these simple tips, you’ll surely win your battle.

1. Set Saving Goals

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Planning is always the first step. Identify the goals of savings. Is it to buy a new car or payment for credit card balances? Whatever it is, always set your saving goals.

If you have a clear idea of what you’re saving for, it keeps you motivated. It saves you from spending unexpectedly. Thus, the start of a better spending habit.

2. Budget! Budget!

Track your income and spending consistently. See how much you spend every day for the whole week. Find out how you consume your salary for the whole month. Then, pinpoint what damages your wallet.

Cut out unnecessary expenses. Focus on your needs rather than your wants. Instead of buying the branded lipstick, get the same shade from an affordable shop.

Furthermore, give yourself an allowance. Withdraw only the amount of money you can afford to spend each week. There’s no exception in the saying ‘When the money’s gone, the spending stops.’ Take this as a small step in building a better spending habit.

3. Pay On Cash

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Credit card payment is one of the primary suspects for overspending. Swiping cards leave you blinded on how much you’ve spent. Ditch your credit cards at home. Stick to a cash payment method. This way, you’ll feel how much money is used for a single purchase.

Don’t get me wrong. Credit cards are still good for important purchases. Limit the use of necessities for a better spending habit.

4. Wait For 3 Days

Impulsive shopping is controllable. If you’re tempted to make a big purchase, you wait. Contemplate if it’s a need or want. Is it a necessity or just for fashion? After 3 days of waiting, impulse shopping wears off. Then, decide if you’ll proceed with the big purchase or not.

5. Bring Pack Lunch

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It has been proven that eating out daily is expensive. Packed lunch at work or school helps you avoid it. It’s a lot healthier and a great deal of saving money.

Also, cook meals at home. Check your fridge and see what you can make out of it. Buy groceries for your next recipe after checking the pantry. This surely curbs your spending habit.

6. Prepare A Shop List

A shop list is the best guide when you buy groceries. It helps you to stick on needs – avoids impulse buy. Write down all the things you and your household need. Be reminded that the list should be complete so you won’t go back often for shopping.

If you’re tempted to buy something extra while shopping, add the item on your next shopping list.

7. Bring A Shopping Buddy

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Is it difficult to say no to shopping impulse, despite the shopping list on hand? Find a shopping buddy. A friend or a family member can reason out when you go shopping. Explain to them what you need to buy so they have an idea if you’re taking the wrong aisle.

If your friend is busy on your shopping day, shop alone. Inform your friend and call when your shopping becomes a frenzy.

8. Survey Selections

Wherever you go shopping, take a look at your selections. Look at every aisle and choose which product is the best. Read the label and think if you need everything about it. Decide if you can still wait to buy it next time.

Furthermore, surveying selections let you choose more affordable items with the same content. Choose wisely before putting it in your cart. This is an easy better spending habit you must develop.

9. Borrow If You Can

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Do you need a new dress for a family event? Are you going to attend a company ball? Buying an expensive dress for one night’s use is not advisable, especially if the budget is tight. Ask a friend or family member if they can lend you one.

Borrow if you can, especially if it’s for short-term use only. Take care of the borrowed item. There’s no need to rent and buy to develop a better spending habit.

10. Save For Yourself

Don’t starve yourself because of too much saving. Sticking to a better spending habit should be fun. Set aside a chunk of money each month for yourself. Save it until your most awaited movie is out. Take your partner out on a date night once a month. Enjoy your hard-earned money without any guilt. After being rewarded, you’ll be motivated to continue the better spending habit.

Every purchase you make creates an impact on your life. Before you buy, decide if the item is worth the price. Make smart money choices without too much effort. Override the bad spending habits by leaning onto a better spending habit.