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How to Reduce and Beat Overspending

12 November 2021

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Shopping is all fun and games until your return home with your pockets empty and shopper’s guilt hits. What was once 500 in your bank account is now 10 and that party next week looks like a slim chance of attending. The culprit to this mess –  overspending. From hangouts at the bar on weekends with friends to a girl’s shopping trip to the mall, money does really fly if you’re not calculating carefully. Below are 3 life saving tips and tricks to reduce and beat overspending. 

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1) Cash vs. Cards

Cash may seem old-fashioned in today’s society full of debit and credit cards, but with every yin, there comes a yang. Physical cash upright sets a concrete budget that a credit or debit card doesn’t show upfront. Although debit and credit cards do come with a maximum limit, one must ask oneself if that limit can be paid off later. Such question especially touches credit cards, as nasty credit card debt can linger and negatively impact future financial plans such as a house or car. In fact, in this way, credit or debit cards can be used for emergency situations that don’t interfere with future goals. Cash additionally ensures planning. With 250 in cash, and several events coming up, one may pick and choose immediately which to attend rather than face a negative balance or large bill in the mail in the weeks to come. Although it may seem that cash limits financial outlets, in the long run, the benefits are greater and more positive. 

2) Goal Setting 

In relation to using cash to avoid overspending, it also prompts oneself to set goals which also reduces and beats the chances of overspending. Whether it be weekly, monthly or annual goals, keeping track of the progress towards that goal financially limits the occurrences of overspending. For example, if one was to plan a spring break trip to Spain with friends a year in advance, one may choose to put money aside every week or month instead of spending it on useless or unnecessary purchases. That being said, money is not wasted, your plan is assured to happen, and you evade last minute stress and worries. Most importantly, you won’t have to cut out expenses from other priorities to compensate for overspending.  Goal setting also encourages deep thinking. So, the next time you’re in the shopping centre in the shoes store, one may think if the new collection of boots in the window is really worth buying.

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3) Savings Account vs. “Spending” Account 

Connected to goal setting, opening a savings account rather than riding on a current, or “spending” account beats the chances of overspending. By putting money aside, that is locked with a specific date, extra money that could have been used on overpriced or needless goods and services, is saved. This “locked” money can gain many benefits in the future as interest is sure to be applied, growing your numbers, and of course, can be used for bigger greater adventures.  If a savings account isn’t a financial option you would like to take on just yet, try setting. a limit on the debit card connected to your current account. In such way, planned expenses for the month are not exceeded and overspending is stopped in its tracks. 


Blog Post written by Dalia Donor  |  11:00 , 12 NOV 2021 | Source:

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