Money, at times, does not stay in our pockets; we spend it as quickly as we earn it. This can occur when you are living from one payday to another. However, it is possible to play some mind tricks with money to reduce your spending. Here’s how you can go about it:
Stop impulse buying
One of the biggest culprits of empty pockets is impulse buying. We buy things without planning, this means we buy things that we may not even need. If you buy only what’s within your budget, you’ll be able to pay all expenses and ensure that you have something left over in your pocket.
If you want to put a stop to this habit, ask yourself how much you earn every day, down to an hour. If the amount you are about to spend will take you hours or days to earn and it’s not within your budget, it may not be worth buying at that particular time. It can wait until you have enough cash to purchase it.
Small purchases account for a significant amount of you spending
Understand that small purchases when combined together, account for a huge portion of your spending. For example, if you add up all of the coffee that you have bought in the course of the month, you may be surprised to find that it has taken up a significant amount of your budget. If you stop all these small purchases, you’ll find that you have enough money for all your monthly expenses and even some left over for savings.
Take time off as a lost opportunity
Your boss may be asking you to work overtime but you’re reluctant, arguing that you need to rest and relax, but in doing this you are losing an opportunity to make more money. Declining to earn more dollars per hour so that you can get home early may be a reason why you don’t have as much as you would like. Grab this opportunity, increase your earnings and you’ll be thankful when you have some money to spare come the end of the month. With these few and other tips, you’re on a journey towards financial freedom.