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By: Marvin Germo | February 6, 2019

Avoid Overspending

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.

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Save, Save, Save!

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.

Avoid Credit Cards

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.

Keep a Cash on Hand

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.

Buy Only The Needs, Not The Wants

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”!

New book and other books on Investing, Business and Finance.

I’m excited to share my 5th book overall and the 4th book in the Stock Smarts series, Stock Smarts: Breaking the Resistance – How to time your traders perfectly. The heart of this book is to teach you strategic ways on how to come in and buy and sell stocks in a way where you come as the market is headed up and come out as the market is headed down. The book is now out and exclusive via Marvin Germo Book Orders.
For more details and to order my other books: Marvin Germo Book Orders
Stock Smarts Book