They say spending is therapeutic, but what they don’t tell you is that often this experience ends in a hangover. Like with most things, spending money in moderation is the best way to enjoy your acquisitions. Of course, changing spending behaviour requires a shift in mind-set and also habits. To get you started on this road, here are five spending tips.
Tip 1: Earn before you spend
Don’t blow money that you don’t have. If you are due for a bonus in 2 months and a hike in salary next month, you suddenly feel richer and that leads to overindulgence. When you chalk out your expenses on the basis of future income, you need to realise that the income flow may not adhere to your timeline or may not come at all.
Let the money first come into your account. That way, you know exactly what your financial position is. You can then draw up more realistic budgets for your spends.
