Marketers use every trick in the book to sell you everything from him to Rolls-Royce. Different psychological tricks get used to compel you to pull your wallet.
Ever thought about how when you go to the supermarket just to get milk and you end up with 1000 rupees bill.
It’s just not marketers, sometimes it is just you. Each one of us has certain likings or hobbies. There are certain things that you just cannot resist. For me it is headphones I have at least five of them and I still cannot stop myself from buying more.
You have to constantly remind yourself that you are on a budget and be very intentional whenever you plan to spend.
There are eight ways that it that you can stop unnecessary spend in India
1. Ask your parents or spouse-
I find this very helpful. Whenever I have an urge to buy a new head phone, I just check with my wife. The look on my wife face is enough to stop me from placing the order J. Just checking your purchase with you dear ones can help with reckless purchases.
2. Use envelope system-
The envelope system is a method of budgeting. In this this method you actually put money in different envelopes for different category of expense. For example you can have Rs.2000 in envelope for entertainment. So all your movies, weekend outings should be coming out of this envelope. Once you are out of Rs 2000 you don’t spend further on that category.
This method is especially helpful in expenses that are difficult to control like entertainment, gifts, personal care.
3. Delay the impulse by a week
-You see a sign flashing 50% off on your favorite dress.
-You think you need to learn music you want to buy a new keyboard.
-Your mobile is getting slower and just want to buy the latest iPhone.
These are example of how you have urge of buying.
We all, at times just want to buy something nice. If you know feel low and de-motivated buying something nice makes you feel better.
Try to delay your purchase.
Say to yourself ‘Okay fine, I will buy this after two weeks’. Two weeks later, see if you still need to buy that new dress. Chances are you are past the urge.
4. Set a task to achieve before buying
Set a task for yourself like reading a book, Writing a blog or going for a 15 km run. Set out difficult task for yourself and keep the thing you want to spend on as a reward.
This will help you in two ways. One, you will get your difficult task done, you will spend on things that’s are actually required.
Remember to keep the task and reward relation balanced.
5. Account should not show balance
Keep your credit cards away. Your bank account also should not show any meaningful balance. If you have any money in your savings account, just book small fixed deposits to block the money.
If you don’t see it will not spend it.
6. Reduce credit limit on card
Try to keep your credit card limit very low. Call your bank reduce it to the lowest amount possible. Bankers will try to give you extra credit time to time. Always turn down the request. This will ensure you don’t go overboard with your spending.
7. Only carry cash when go until for shopping
If you are going to the supermarket try to carry just cash. The amount you are carrying should be equal to the things you have planned to buy. Take a clue from your envelope budget. If you don’t have the money will not buy things. I carry only 200 rupees which I go to buy milk. So incase there are other things tempting me I don’t have money to buy them.
8 . Never add credit card information to e-commerce website
Marketers make it very easy for you to transact online. Will encourage you to save your credit card and account details to make it check out process very easy
It is one of the marketing tricks used effectively. Make buying process Easy!
Make impulse buying difficult by removing you payment details from ecommerce websites.
9. Always buy things in full price
Try to buy things at full price. Don’t wait for sale. Discounts are way marketer lure you to buy things you dont need. Buying things at full price will make me a very conscious buyer.
Following this tip you will save maximum amount in Diwali Flipkart and Amazon sale. Money not spend is money saved J
Hopefully these are some tips that will you with your spending habits and making a more conscious spender.
There is nothing wrong with spending. But there has to be some method to the madness and hopefully these few tips will be helpful to plan your expenses better.
