Start taking control of your spending habits this festive season

If you think you’re the only one who’s spent more than required during the holiday shopping season, think again. You’re not alone. With all of the holiday sales, new deals, and the return to some semblance of normalcy, at least as far as the number of covid cases is concerned, it’s no wonder that your spending is out of control financially.

Being on the safe side can assist you in pulling the strings, allowing you to manage your finances better while still having financial peace of mind during the celebrations season. Here are the steps you should take to avoid overspending:

Distinguish between a need and a want

The first and most crucial step in reducing your expenditure is to prioritise and separate needs from wants. It indicates that if we want something, we can live without it.

Instead of thinking about what we “want,” think about what we “need,” and then make purchases accordingly. Shifting our shopping habits requires a significant amount of work in terms of our minds.

Should you consider a loan for shopping?

The easiest way to get a loan to buy something is through no-cost EMIs. If you plan on doing a lot of shopping and have a lengthy list of things you want to buy or give as gifts, this is an ideal option.

Use your credit card only when necessary

By using credit cards wisely, you’ve most likely racked up a sizable number of reward points. When it comes to holiday or festival shopping, people who haven’t used their reward points on items like upgrades or vacations may want to do so this year.

Be careful not to overspend

Keeping track of your funds during the festival season can be a challenge. This is because we frequently spend more money than we intend to.

It’s a good idea to make a quick grocery list before you leave the house. Once you’ve arrived at the store, double-check that nothing has been omitted from the shopping list. A shopping list will keep you from making “impulsive” purchases (i.e., the things we may not need). Additionally, being more aware of the purchasing process while in the store helps keep you from going over budget.

Recognise your spending patterns

Look back at your credit and debit transactions for at least two or three months to figure out what spending triggers you could have. Do you remember a time when you overspent or made purchases that you now regret? Are there any takeaways from this review? Keep a mental note of any habits that stand out, and try your best to avoid repeating them. Next time, you’ll make a point of putting money in a savings account before you spend it.