I will do a small interrogation on how much I have spent bi-weekly. Most of the time, I will end up in shock as the amount earned disappeared mysteriously. It is like the more I earn, the more I spend and by the end of the month, my bank account practically depreciated to a danger level. That is the why I have started making a daily expenditure account and setting my budget right. Making a budget may sound easy, but sticking to it and living within the limits set could be rather difficult. Here are some tips which may help you in controlling your monthly money flow.
AVOID THE ATM: It is so easy to lose track of how much you will withdraw from the ATM (Automated Teller Machine) just to eat out, go for movies, or shopping. The best is to withdraw a set amount weekly and leave the ATM card at home. By limiting trips to ATM, you can avoid money leakage. At the same time your bank contents can last longer. By the way ladies, this does not mean you cannot take your so-called ATMs (Auto Transaction Mates, e.g. hubby/boyfriend) out. LOL.
GET REPAYMENT SETTLED EARLY: Well, some of us have some loan repayments (car loan, mortgage, credit card statement, insurance, rental, etc) that needed to be settled monthly. Get them paid early and you will have a better sense of how much more you have left for discretionary spending.
KEEP TRACK OF YOUR CREDIT CARD PURCHASES: If credit card purchases are the main culprit in overspending, keep track of your card spending and freeze it if necessary. If it reaches the “shopaholic syndrome”, just use a scissors and cut it into two. That will surely stop you from overusing. Haha…just hope you won’t reach that state.
TAKE WHAT YOU NEED: The easiest way to stop overspending or greed over your wants, take only whatever cash you need when leaving your house. Leave the rest at home for safe-keeping. Make sure you keep your house securely locked. You do not want additional strain to your existing monetary woes.
SAVING PLAN: To meet your saving goals, have a fixed amount generated monthly into your reserve account. Keep the account book away from easy access. You can even request your banker to transfer certain amount monthly into another savings account labeled household expenditure.
Temptation over whatever we want instead of need is hard to control. We should train ourselves to have the monetary discipline over our spending. “Save for the rainy days” is a good term used. What do you understand by the meaning of rainy days? It means your old age. When you get older, sickness visits frequently. You won’t want to be handicap without funds, would you?
