Stop the Spend! 4 Tips to Help You Take Control of Your Finances 

From off the cuff purchases, to eating out every night of the week, if you spend your money far too easily, then how can you ever be expected to save anything? What if there was an emergency? Would you be able to support yourself if you suddenly lost your job or you had an unexpected bill? 

Deciding to spend less money is a learning curve and something that many people find difficult. However, if you want to have money left over in your bank account each month and have something set aside for your future or for an emergency, then it’s a lesson you need to learn – fast! Read on for 4 tips to help you take control of your finances and stop the spend!

1. Learn how to budget

Every adult should be working from a monthly budget – you’ll find a helpful budget calculator on this site – that way you can see how much you have to spend, what will be going out and what will be coming in. You can see how much you’re spending on food, on your bills and other necessities. It will also give you an insight into your bad spending habits and allow you to make changes and make your money stretch a little further. 

2. Follow the three-day rule

The three-day rule is a simple way to stop you from making impulsive purchases and it will also help you make better financial decisions. If there’s something you really want, such as a new bag, an item of clothing or something else that is considered a luxury then the trick is to wait three days before you decide to purchase it. Once the excitement and rush of your impending purchase as passed, you may no longer want to buy it after all, which saves you time and most importantly – money! This trick is also great for kids who like to spend their pocket money a little too quickly! 

3. Eat the food you buy!

We’re all probably guilty of doing a huge food shop and then buying takeout instead. However, if you stick to your meal plan and actually use the food you have bought then you’ll save money and won’t be wasting it either. Make a weekly menu and always try to have certain staples such as pasta and rice available to you so you can quickly whip something up. Cooking meals in large batches and then freezing them is also a great way to save money and helps you resist the urge to indulge in a takeaway.

4. Consider borrowing rather than buying

Need a new dress for a party? Instead of splurging on an expensive item that you might only wear once, consider borrowing from a friend or renting a dress instead. Borrow your neighbours gardening tools instead of buying your own or borrow a family members car for a week rather than using taxis. If you need something for short term use, then don’t be afraid to borrow rather than buy!