How to cut back on your monthly spending?

23 April, 2014

After analyzing monthly expenses and creating a budget, it’s time to cut back on excessive spending? It’s not difficult to stop spending excessively. You just need to remind yourself that you are on a tight budget and need to save money for the rainy day.

What are the ways to curb excessive spending?

  • Cut the urge to spend on credit cards. Leave the credit cards at home. If you have too many credit cards, cancel all of them and keep just one.
  • Think twice or thrice before purchasing any product. Ask yourself if it’s really required and does it fall within your budget?
  • Check in two or three stores to find the cheapest product.
  • Ensure you pay your bills on time, this way you can avoid late fee charges.
  • Don’t eat out often. It’s expensive to eat food outside even if it’s eating only for lunch. Try to take at least food twice a week to office for starters. If you want to stay healthy, start eating home cooked food.
  • Don’t opt for premium TV channels. Choose a cable connection which is budget friendly.
  • At the end of every month, if you happen to have a surplus amount, try to clear off your mortgage loans at the earliest, so you can enjoy a holiday break after some years.
  • Prioritize your needs and spend frugally.
  • People tend to shop for clothes and food when they are stressed out or upset. Avoid going out during these periods and even if you go out, go with an empty wallet.
  • When you go for grocery shopping, prepare a list and stick to it.


  • As soon as you receive your salary, take some money as your allowance. This will make sure that you don’t spend more than what you have in hand.
  • Allowance will help you understand how your money is spent.
  • Give the allowance to your spouse or family member, so you will not have the urge to spend it immediately.
  • Don’t carry too much cash in your wallet.
  • As soon as you receive your salary, put a part of it in fixed deposit at banks which offer good interest rates. This way you will see your savings mature.
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