The advancement of technology has led to more channels of spending. Meaning, now that there are smart phones, tablets, computers, and laptops, the chances of people getting hooked to online shopping is very high. Anyone who’s always online knows what Lazada, Zalora, Shopee, eBay, and Amazon are. You would say these are “cheap” and “budget-friendly” online shopping malls but the truth is, these are the major reasons why a big portion of your income always goes to stuff that you don’t and you most likely won’t use as much. So the question is–despite the tempting ads and discounts, can I still avoid overspending? Yes you can! Try to follow these tips to cut your never-ending expenses.
Catch me in my live training events! (quick plug)
The heart of why I do this seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more on how you could time the market checkout the trainings below.
Stock Smarts Qatar — February 5 – 10, 2019
Make Money, Grow Money (Manila) – February 13, 2019
Investing Insights (Dubai) – March 1, 2019
Stock Smarts Manila — March 9, 10, 16, 17 & 23, 2019
Stock Smarts Cebu — April 6 & 7, 2019
Investing Insights Japan – April 13, 2019
Stock Smarts Singapore — May 18 & 19, 2019
Stock Smarts Iloilo – July 6 & 7, 2019
Stock Smarts Cagayan De Oro – July 20 & 21, 2019
Stock Smarts Hong Kong – August 11, 2019
Stock Smarts Taiwan – November 2, 2019
Most of people forget this–the most important “why” of all the hustle and bustle. Before you think of your expenses, try to cut your savings from your salary first. It doesn’t matter whether it is just 5% or 10% of your income as long as there is an amount set aside for your future funds. You can choose to deposit it in your bank account or invest it. Either way, the important part here is you don’t let your income go to your expenses alone. Managing your money well, regardless of the amount, can help you save more and spend less.
If you have a problem with spending, it would be better to stay away from the use of credit cards. Credit cards are amazing if you know how to control your spending but if you can’t it will destroy your finances. With credit cards, you are more prone to spending more. To curb your spending, try to avoid using credit cards for electronic transactions. The best alternative is for you to just use cash and debit cards. With cash, you can see how much you’re spending real time and it hurts a lot to see the cash in your wallet dwindle. This is also a way for you to think well whether you are losing the right amount of money or not.
The best way to manage your money? It’s all about budget planning. To keep your expenses low, try to allocate the portion of your salary to your savings, bills, and other emergency needs. Keep a cash on hand to spend for expenses so to avoid using your credit cards and to have a record if you’re spending over your budget for the month.
If you are in debt and don’t have any savings, your basic needs should come first. Buy only what you need and your “wants” will follow if you have the extra money to afford it. To maximize the use of your money meant for expenses, try to compare prices. Don’t be an impulsive buyer and consider the options you have before buying what’s on your checklist. Staying on your budget plans is the key not to overspend. Just because you want to buy something trendy and new, you will buy whatever that comes in your mind. Do not let your “wants” win over your “needs”!