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10 Ways To Avoid Excessive Spending - Business - UpGhana

UpGhana Forum / Business / 10 Ways To Avoid Excessive Spending (7 Posts | 1,580 Views)

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10 Ways To Avoid Excessive Spending by valkaka(m) : 2:03 am

A lot of people who spend excessively do not have enough money or are always in debt. If you also spend excessively and you want to put an end to it, then this post is definitely for you!

1. Inculcate discipline: Discipline is act of the doing the right thing at the right time. It is synonymous to self control. Being disciplined is the surest way to cut down excessive spending. Discipline entails being able to spend in a wise and rational way without anyone compelling you to.

2. Prepare meals yourself: Meals prepared at home are very cheap compared to meals that one buys at a cafeteria or at a restaurant though they might be tastier. However, as time goes on you will certainly improve- Cooking is an art that’s perfected day after day.

3. Have a plan … A budget: A budget is itemized summary of intended expenditure usually coupled with expected revenue. An expenditure is an amount of money to be spent while a revenue is a source of income. When making a budget, your intended expenditure must be lesser than the expected revenue so as to cater for contingencies that may arise.

4. Waste not and buy in bulk: Do not waste any valuable items or asset you have. If you find an item no longer useful, you can do well by selling or giving it out to charity. Also, buying things in bulk saves you a lot of money as the unit price of commodities are higher when compared to what you get for buying in bulk.

5. Learn to say no to volunteering your money and buying unnecessary things: Sometimes your inability to say no to certain things is the reason why you are always broke. You should avoid volunteering your money to events that come up too frequently and not occasionally. In addition, you should ask yourself of you really need what you are about to buy.

6. Reduce the use of credit cards and online shopping : When you buy things using your ATM Card or credit card, there’s a probability that you will spend excessively. Online shopping, paying through the POS or buying airtime through your account is so convenient that you don’t realise you are already spending too much. So if you want to reduce excessive spending, cut down the use of credit cards and online shopping.

7. Ignore some discounts and price slashes: Many malls and online shops increase their sales by occasionally providing discounts and price slashes but at a disadvantage to many people who buy things they do not need just because of incentives of this kind.

8. Do your laundry yourself: Doing your laundry yourself can be a very strenuous task but doing it yourself saves you a lot of money and makes you self reliant.

9. Drink more water: Water is the best liquid one can drink because of it health benefits and at the same time, it is one of the cheapest liquids you can find when compared to Soda, fruit juices, wines and beers. This is not to say you shouldn’t take other beverages but taking more water is cost effective and will make you healthier.

10. Don’t carry more cash than you need around: Let’s consider two individuals- valentine and kaka. val leaves home with 6,000 Naira and kaka leaves home with 1,400 Naira. Who is more likely to spend excessively during the day between the two individuals? Obviously, val is likely to spend excessively and kaka is likely to spend reasonably.

Having read this, I hope you have learnt how to cut down on your expense and feel free to add yours

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Re: 10 Ways To Avoid Excessive Spending by saviour123(m) : 12:34 pm

thanks for the lesson

Re: 10 Ways To Avoid Excessive Spending by saviour123(m) : 12:35 pm

- reduce chasing multiple girls

Re: 10 Ways To Avoid Excessive Spending by quacojr(m) : 6:43 pm

You hit the nail right on the head
saviour123: Add
- reduce chasing multiple girls

Re: 10 Ways To Avoid Excessive Spending by futureHOS(m) : 3:11 am

How to get cheap products in festive periods is very easy for few people while it's hard for alot of folks.

Are you among the folks who finds it hard to get cheaper products while it's festive periods, now here we are gonna look into somethings together and see if it gonna works.

Here in this country Nigeria or wherever you belong to Ghana, across the globe, prices of goods tends to increase.

Here Is What You Should Look At?

Do you remember black Fridays

Do you remember discount offs

Do you remember promo packs

Do you remember quiz promo.

Now remember last year while all this were going on you were having a murmur in your mind,
oops I didn't have enough money.
oops the money with me isn't enough.

Now anytime things go wrong, I always make sure the excuses fall on me and not someone else, do you know why?
Because I am my own problem and you are your own solution.

Now did you remember that party fabric you bought at the rate of NGN 5000 ($15-20).

Now by December it will be sold for $2.5
By December Jumia and other Online stores will be offering discounts / cutoff in price but you don't have the money, every year you admire your friends who saved for the raining days.

Let me keep the story short because I can keep in giving you Instances where you have failed yourself.

Portofolio 9 on Facebook just finished their 100days savings challenge and some people discovers they have saved NGN50000 ( $140+), now there are still days left before Christmas.

Last year I received a message in the midnight for a website discount that will last for 2hours before the hit of December 24, I have no savings, so I can't purchase my dream website.

WordPress came the following day with such strategy but I couldn't afford it.

So I have to start saving so as to be able to invest because savings & investments are twin.

There are three ways to save money that I personally know.

1. Traditional method
2. Banking system.
Now am vet sure you are thinking of what the third one could be.
It's becoming popular but you don't know it, that's why I am bringing it to you.
3. Digital Banks: Digital banks are electronic banks, I understand you know what I mean by electronics, digital banks are banks that are situated online and perform banking activities.

You might be wondering, how truthful and possible could this be. There are mainly two types of Digital Banks that I know presently, thou some VTU and Mobile loan apps allows you to save money but these two banks are registered and licensed to perform banking activities.

There Are Three Great Features For You In These Two Banks

Flex Savings: This feature is like your bank account, you can deposit money to it at will and also withdraw your money at any given period.

SafeLock: With this feature you can easily place a time lock on your funds, even when you are tempted to buy the chocolates, you can't withdraw it, until the given time expires. Now this feature is a very great feature for those who can't control their saving habits against consumption.

Points: The more you save the more points you generate which can be converted into cash, now here Is what you must remember is that, your bank charges you N52 per transaction and gives you interest credit of N5 after three months. Think of this.

How To Withdraw Your Funds?

The way you saved is also the way you will withdraw.

You can withdraw directly using your Credit/Debit card
You can withdraw directly using your bank account.

What  Are These  Two Banks?



Now remember what brought you accross this and that was saving for the raining days.

The least you save is worth it, never undermine the essence of savings, N50 daily can buy you a laptop by December, you can get your dream personal or business website. You can use it for startup.

See you as I see you.

Wrapping up
Traditional savings and others methods have it's advantages and otherwise so I ain't saying one is better than the other nor imposing it on you.

It's just my opinion as I really enjoyed Using the safelock

Re: 10 Ways To Avoid Excessive Spending by Sky1(m) : 6:45 am

Mc Galaxy advises men to make money before getting married

Re: 10 Ways To Avoid Excessive Spending by michealjohn62(m) : 3:34 pm

I really appreciate this post and I'm also a general niche blogger, I will equally try and cover this topic on my blog, I blog at





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