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Importance of a Shopping List | Positive Lending Solutions

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Drawing up a shopping list is the best way to avoid overspending and makes you remember the items you need to buy. Learn why you should make a shopping list here.

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Having self-control in life is extremely important. It will bring sufficient balance in your life without any extra troubles. These days, many people indulge in the act of over spending.

There is always a solution to every problem. Here are the 7 secrets which you should exercise for self-control to lessen your expenses.

1. Effective Planning

You need to plan everything. It will bring a clear picture of all the things you really need to buy and what all you don't. This act will help you with a flexible approach while spending money. This will avoid your over expense.

2. Fix a Budget

Budgeting is extremely necessary for everyone. This will let you know how much you can spend and how much you need to save. Budgeting will make your life easy. At the end of the month, you will realize that you not only can lessen your expenses but also save money.

3. Smart Shopping

When you go for shopping, you should make a list of the only things you need. When you see some tempting things with varied offers and you feel like buying them, you should stop for a minute and ask yourself, "Do I really need it?". This will solve your numerous problems. Never shop in a hurry, excitement, sadness or happiness. Shopping should always be done when your mind is calm.

4. Prefer Cash and Let go of the Credit Card

Always buy things with the cash in hand and never with the credit cards. The reason behind this is the credit cards will tempt you to buy more and more. For avoiding the extra expenses, you need to let go of the credit card.

5. Remember: "S" Stands for 'Saving' not 'Spending'

This is a very important thing to remember.

6. Practice Creativity

Whenever there is a party, a birthday or any occasion, when you need to buy gifts, you should use your creativity. Make gifts yourself instead of buying anything from outside. Use your imagination and make precious gifts for your loved ones. The gifts which you will make with your hands include love, care and affection; so these will be more precious for your relatives and friends in comparison to the gifts you buy from the shops.

7. Believe in Yourself that You can Save Money

This is a very important step. You should always believe that you can save money by practicing these secrets. You need to think this every time and motivate yourself to have self-control. You will see remarkable changes.

Practicing these secrets will transform your life. You will no more be a person who overspends money. You will become a disciplined person with plans who spends money with care. Money is an important asset; it should be saved for necessities and other important purposes.

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7 Steps to Practice Self-control for Overspending | Life | SuccessStory

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Having self-control in life is extremely important. It will bring sufficient balance in your life without any extra troubles. These days, many people indulge in the act of over spending. There is always a solution to every problem. Here are the 7 secrets which you should exercise for self-control to lessen your expenses.

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Whether you shop online or physically travel to your favourite stores to purchase the items you need, it's helpful to have some strategies before doing so. We've put together a few helpful tips for you to consider when shopping to avoid overspending:

Shop with a List

Before going shopping it's advisable to jot down a quick list of any items needed. Then, once at the store ensure there is no deviation from the list. Sticking to a shopping list will help avoid "impulse" purchases (i.e. the things we may not really need). I also find being more conscious of the process of shopping while physically in the store helps me prevent overspending. I often set up my shopping list by category (i.e. fruits and vegetables, bakery, canned foods) and then navigate through the store by aisle. It saves me time in the store and it saves me money at the register. And when using shopping apps and the safety and convenience of home delivery, I use the "Buy It Again" button to save time creating an online shopping list in just a few minutes.

Know What Triggers The Spending

Feeling hungry? Consider holding off on that grocery shopping until you've eaten something. Feeling a bit down? Many of us try to flip that emotional state around by purchasing clothing or luxury items. In fact, our entire economy is designed around spending triggers, like the delicious smell of McDonalds french fries (to cite just one example). Everyone has different moods or situations where they're more likely to spend money without stopping to consider "do I really need this?" In many cases we may not need the item, we just "feel" we do.

Try To Avoid Saving Credit Card Details Online

Many websites allow you to save your credit card details so check-out is faster the next time you shop there. The problem with this is it becomes far too convenient to make purchases without thinking when you don't actually have to take out your card and type in the number by hand each time. Just the act of going to get your wallet instead of simply clicking a button to finalize that purchase can help you think about the purchase and hopefully avoid overspending. Also, from a cybersecurity point of view it's probably safer not to allow any external store systems access to your credit card or banking details.

Understand Your Spending Habits

To figure out what spending triggers you might have, look at your credit and debit transactions going back at least two or three months. When did you spend the most or make purchases that you now realize you might not have needed? Can you learn anything from your review? If some habits jump out at you, take note of them and ensure you do your best to avoid the same behavior in the future. The next time you'll make a conscious effort to put your cash away before spending it.

Track Your Spending

Keep track of what the money gets spent on and, wherever possible, do so when possible right after the purchase is made. I often find that if I wait too long (i.e. until the end of the week, for example) to jot down my purchases I'm more than likely to forget to include them. Tracking our expenditures daily helps us see where our money is going, so we can make changes accordingly. Some helpful phone apps, such as Mint and KOHO (available for both Apple and Android phones and tablets), can help you track your expenditures and even show patterns of spending over time. My bank account app even tell me when I've overspent from one month to the next in a specific category (groceries, for example).

Struggling With Debt Pressures? You're Not Alone

Each year, hundreds of thousands of Canadians wrestle with the same exact situation you're facing. If you find yourself overwhelmed by debt pressures, reach out to the team at Farber. As federally-licensed insolvency professionals we will partner with you to eliminate those debts through a Farber Consumer Proposal. We'll negotiate on your behalf, reduce the total debt owed and provide you with an affordable monthly payment that makes sense for your lifestyle.

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Whether you shop online or physically travel to your favourite stores to purchase the items you need, it's helpful to have some strategies before doing so. We've put together a few helpful tips for you to consider when shopping to avoid overspending: Shop with a List Before going shopping it's advisable to jot down a [...]

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bringing only the amount of money you need

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bringing only the amount of money you need

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Many students consider personal finance management during college a rite of passage to adulthood, and for good reason. Managing your money can be a challenge, especially if you're off to college and you have ultimate rule over your allowance. You will have to control your spending, do the budgeting and plan the expenses for the week. While you're juggling every expense, you still need to continue eating right and sleeping comfortably.

Some students cope with their limited finances well, while others struggle. Here are some tips on how to be frugal in college without depriving yourself of the basics.

Let Go of Extras

The money your folks gave you or that you saved working part time jobs during high school could easily go down the drain if you continue to spend haphazardly. You might not notice the hidden expenses during the first week or the first month, but soon, you will be wondering where all your money is going.
Your allowance is the money you use to sustain yourself in college.

How frugal you are with this money depends on how willing you are to let go of some extras that you used to enjoy when you were living with your folks. For example, instead of going to the laundromat yourself, you can use a service that will get your laundry done without breaking a sweat. While this will save you valuable time for studying during exam week, this could turn into an expensive habit.

There are so many business around that offer convenient solutions and recreation for students that don't mind splurging a week's allowance on something that could give them what they need for the moment. But giving in to your need for comfort or convenience every time could drain your allowance fast.

Identify the Main Expenses

Preparing yourself for a lifestyle of thrift means keeping a record of the main expenses you have to allot money for. If you took out a sizable loan in the past, the monthly fees have to be paid. The same thing applies if you borrowed money to afford a new gadget that you've been dying to have since you started your senior year. Some students learn about unpaid debt and towering interest rates the hard way. Make sure your main expense is covered before you allot a portion of your budget to other expenses.

Do the math. Be realistic about how much you can shell out for your main expenses without sacrificing your daily needs. If it turns out that you will always be short on cash if you don't find another source of income soon, seriously consider a part time job. If you anticipate a few more expenditures in the next month, plan ahead.

Live With What You Can Afford

People always say they try to live within their means, but a lot of their purchases come after they've felt the main enemy of frugality, envy.

You just have to accept that there are things you couldn't afford and it doesn't matter if everyone in the dorm but you has it. Fortunately, when it comes to new gadgets, they get old rather quickly. What could be worth an arm and a leg now would be on ebay at half price a few months later when a newer model comes along. The same theory applies when it comes to clothes. Watch out for inventory clothes at the end of a season, when the clothes you've been eying a few months ago would be cheaper because of the season.
Photo Courtesy of BIGSTOCK Please let me know your thoughts in the comment section below.

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Tips to Avoid Overspending for College Students

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Many students consider personal finance management during college a rite of passage to adulthood, and for good reason. Managing your money can be a challenge, especially if you're off to college and you have ultimate rule over your allowance. You will have to control your spending, do the budgeting and plan the expenses for the week.