Many people though they budget often find that by the end of the month they'd have spent money than they planned to. Many try to find good excuses to justify the spending but since it cuts into one's savings instead of trying to explain it away, one should find ways to avoid exceeding the limit they've set. Some tips, folks? How can one avoid spending more money than they can afford to? Set a daily spending limit maybe?
To be fair - I'm not so sure that the answer to this question is quite as simple as it sounds - especially as everyone is different - as are their personal circumstances along with their priorities - in other words - what works for one may not work for another. However that said - the best way of dealing with money problems is to avoid them happening the first place - so bearing in mind that - although budgeting is an excellent tool for managing expenses and a particularly wise move for those in debt - as it helps to keep track of expenditure. As it takes discipline to do that - it will only work - if the priorities are paid first and the money allocated for other necessary things - isn't spent on things that are not needed or - to put it simply - someone is not living beyond their means - meaning - not buying unnecessary things in place of priorities or spending money that they don't have.
I absolutely agree with this, @gata montes This is how I curb my spending. I draw a budget and stick rigidly to it. It's not easy, so I have to be super disciplined. But not having a lot of money to splash around although frustrating, really helps. I've learnt not to live beyond my means. I wasn't always so disciplined when I had more disposable cash, and would stop by my favourite stores and would even do an impromptu shopping spree from time to time. Sometimes I would even shop out of boredom! For now, that's a thing of the past, as I have to watch every single penny because my budget is a little tight at the moment.
What works for me is I set a second limit, which is my absolute limit. I know that technically I'm just kidding myself by doing this, but I find it works best for me because this way I get to have some room to move which helps a lot with keeping me less stressed and therefore less likely to spend needlessly. Second, the first lower limit actually helps a lot since I don't always exceed it, so everytime I go shopping, staying below my lower limit actually becomes a game and if I am successful I have even more savings as a bonus.
Almost every time I go to trader Joe's. There is never a single item trip, no matter how solid my intentions. I try to make up the difference in another budget. It's a work in progress.
Just don't spend money. I buy food that lasts like frozen or canned, so I'd have food all month long. Just don't have money just don't spend. Bring a copy of your credit card statements you owe amount with you to remind you, so you don't spend.
What works for me is not bringing so much money when I go out. I do have an emergency money stuck in my wallet but I make it a point not to touch that unless it is really needed. The premise is simple, when you don't have money, you don't spend. I make sure to put my money in my bank account so there is less probability of me spending it.
I have exceeded my budget once or twice in the past. It's not something that happens often though. If I exceed my budget it's usually because I ate out a lot during that month.
For me the solution is simple. I just don't go to stores that will just tempt me into spending more than I should, and the same goes for online stores. If nothing tempts you then you won't overspend or use the money alloted for your necessities.
It is hard to avoid spending more than you want to when you have a tight budget. One of the big things to me to save money is to avoid waste. When you throw out food with the mindset that it only cost a dollar, you do not realize if you throw out 5 items a week that's $5 a week x 4 x 52 that is money wasted that could have been spent on something else. When you purchase something make sure you are going to use it.
Last month I kept a spending diary on my refrigerator. Every time I spent money, I came home and wrote it down in the proper category (groceries, gas, miscellaneous). It was eye opening. Doing this really helped me stick to my budget, even though I can check my bank account withdrawals anytime, it is a lot more "painful" to be held accountable by writing it down and being reminded of it everytime I walk through the kitchen. When I'm getting close to hitting my budget, I simply stay out of the stores! It is very tempting to put extra items in your cart, even when you run in for just one or two essentials. Staying out of the stores has also helped me use up items that I have had sitting in my pantry waiting to be used.
I almost always go over the budget we have set for ourselves. It's horrible. Especially because we have 2 small kids so anytime I see cute things at the store for kids I have a really hard time not snatching them up. I try to save, but things always come up. Whether it be things we just want or things we need. If I don't want to go over budget, I put my money where I can't touch it. I haven't come up with better solutions and I need to so I'm following. My husband has more will power than I do. I like what others have said for suggestions, they're great. Only take what you can spend to the store. Don't go where you'll be tempted.
