Some people are spendthrifts; others cannot stop spending. They have a compulsion to buy and spend on everything they see. Unfortunately this means that they get a zero in personal finance management. So here are some tips on how to tide yourself from month to month.
Get Temporary Help
Let’s focus on the short term problem. If you are financed up to the hilt and have no way of managing the next few days before you receive your salary then it is time to get a payday loan from the nearest bank or financial institution. These are specialized packages that lend small amounts of money to individuals who need some hard cash to tide them over for a few days. Naturally, there will be a small interest to pay and you can arrange with the institution to have it either deducted from your salary or for you to pay it in instalments.
Be Prepared for an Emergency
If overspending is a habit and it happens regularly, then you should be prepared for moments where you will run out of money and need a quickie fix. Research where to get personal loan in Singapore so that you know where to go in a hurry. Talk to a guarantor beforehand and warn them that you might require their services of a sudden. Squirrel some cash away somewhere or hand it over to a trusted friend to hold for you when you have some extra so that you can go get it on a rainy day. Being prepared is half the battle won.
Look Yourself in the Eye
Supermarkets do this all the time. They place long strips on mirrors along the food racks at eye-height, especially with the snacks and chips which might easily go walkabout. Science has proved that few people can commit a crime – knowing that it’s the wrong thing to do – when they are looking into their own eyes. So next time you want to splash on something big, quickly pull out your phone and surreptitiously look at yourself on the blackened screen while pretending to check something. You might just be able to stop yourself from overspending.
Keep Track of Everything
For some reason, seeing the cold, hard proof of your debauchery is a great way to knock people off of spending too much. At the end of each day, write down – write, not type – all of your expenditure for the day, cards and cash. Then total it. Challenge yourself to spend a little less every day until you are only spending on the bare necessities and then you can treat yourself a bit. The trick is to see the proof in your own handwriting and set it down in a way that cannot be changed. Over time, you will subconsciously start to change your spending patterns if your motivation to change is strong enough.