blog, John J. Bowman Jr. Accountant, personal finance, Uncategorized

How to Curb Overspending and Avoid Debt

One of the most common problems adults deal with every month is efficiently managing their finances.  Depending on your salary, and your regular monthly expenses, you may find yourself struggling to stay afloat or save some extra money.  If you’re wondering where your paycheck is going, you may want to take a deep look into your spending habits. While you may be covering all of your necessary bills, you may also be overspending on things you don’t necessarily need.  Not to worry; this is something many adults deal with, and there are plenty of solutions to help better manage your habits.  Here’s how:

Track All Spending

The first and most obvious step to curbing your overspending is tracking your spending in general.  Every week, you should track where your money is going. By the end of the month, you should have a compiled list of what you’re spending each week, and where you can cut back.  Seems like an easy task, and something you really wouldn’t need to track; however, the smallest purchases can really add up and make a significant impact if you have enough of them.  For example, if you’re someone who goes out to lunch on your break from work, you’re likely spending almost $10 a day, if not more! This ad’s up to a minimum of $50 that you could be using for necessary bills, or putting into your savings account!

Know Your Spending Triggers

It’s not uncommon to spend based on your emotional or psychological triggers.  Things like your mood, environment, friends, etc., can really dictate the way you’re spending.  Take notice of this. Recognize what you’re feeling, or doing when you’re out splurging on things you don’t need.  For example, if you’re an emotional spender, you may find the need to go on a spree if you’re feeling down or even happy.  However, when you’re trying to save money, this can be detrimental to your savings plan. Be aware of your triggers, and do what you can to supplement them in ways other than swiping your credit or debit card…

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To continue reading please visit jbowmanaccountant.info 

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