Managing salary is not an easy task, especially when you have confused priorities and uncontrolled spending habits. Spending mindlessly, results into self invented torment and cash crunch, especially when you need cash urgently. But, if you take a closer look at your spending pattern, it’s not difficult to pinpoint the specific areas, where you spend a lot and that too without any logic.
Plan a monthly budget
: If you plan a budget and track your spending patterns, you are most likely to spot the areas of concern and take appropriate measures to deal with it. You should have a detailed sheet of all your cash purchases, online shopping and bills. If it shows the signs of extravagance, you need to curtail that.
You can also plan your monthly purchases and this way you can reduce the unplanned expenses.
Don’t shop impulsively :The habit of impulsive buying is our biggest enemy. It is often undesired and unmindful. According to certain researchers, impulsive buying is a psychiatric problem and it emanates from depression, failure, frustration, unhappiness and a tendency to compensate for the less fulfilled aspects of your life.
The best way to avoid impulsive buying is to question yourself, whether you actually need that. You should also assess whether you are ever going to use the product you are buying, and is it the best price for that product. You should also think whether the item you are purchasing, is going to add value to your life and increase your asset base.
Be in touch with the market :
You should continuously search the market, both online and off-line to know the best offers. If there is a product or service that you are using, always make sure that you are not being overcharged by your service provider or brand. In the market, there are always some better offers, but your existing service provider or brand may or may not extend those benefits to you, because they simply know that inertia will not let you find and switch to another brand or product, even though it’s far better.
Many of the banks, automobile companies, finance companies, IT companies and other services simply exploit this inertia present in every one of us. Have you ever imagined why mobile phone operators are not bothered about the porting facility?Â It is simply because 90% people have a tendency to continue with the existing service provider, despite their bad services and over-charging.
These hiring discriminations are purely based on preconceived ideas about physical attributes. However, the physical attributes are usually beyond just the looks. People also gauge how presentable an individual is, how confident he or she is, their body language and ultimately the personality that the individual portrays. For this reason, those who look better are often perceived to be more professional.
Although these qualities are useful to a large extent in the initial stage, it is ultimately the performance and the skills of an individual that help him or her excel in their industry. Only when the individual becomes an indispensable entity within an organization, he can expect his career graph to soar.
Research large purchases before buying
More than small purchases, the big purchases that are beyond US$150, need utmost research and consulting. Because, most of the people are impressed with the brand and advertising noise rather than real value they get, when they buy an expensive product.Â
a.Find out the products and services you love to over spend on
If you know the trouble, you can resolve it. So, try to find out the areas you overspend in and try to curb the habit.
b.Figure out what is important and long-lasting
Don’t overspend on things that have little value, have a short life and vary according to fashion. Rather, put your money in long-lasting products.
- Always look for bargains
Always look for bargains both at cheap stores and online shopping sites. You’ll be surprised to find the price difference.
- Save taxes
Always look for the investment instruments, bonds, saving schemes and insurance that can save you tax.