7 Ways To Help Control Expenditure
1. Tracking your expenditure will help you plan. Try to find ways of reducing spending on utilities, insurance and debt costs. Lockdown has helped us reduce spending on eating, drinking out and entertainment - are there other ways in which you can reduce spending on subscriptions and memberships?
2. Remember to pay yourself first in the form of saving or debt reduction.
3. Build a fund of between 3-9 months outgoings to meet unexpected spending.
4. Avoid using overdrafts and credit cards or loans to finance spending wherever possible. Interest rates are high!
5. Have a contactless card with a set amount to spend for the week. Monitoring the balance on a smart app on your phone will help you budget.
6. Ask yourself “what need am I trying to meet with every purchase ?” and “can I meet this need without spending? “.
7. Learn to control lots of small spending actions daily. Ask yourself, do I really need or want this item today?
Social psychologists research into well being support the idea that spending money on experiences generates more lasting happiness than material things.
This article does not constitute advice. Anyone considering any form of financial planning should seek independent financial advice. Octagon Consultancy Limited is authorised and regulated by the Financial Conduct Authority (FCA). You should note that the FCA does not regulate tax advice. Past performance is not indicative of future results. The value of your investment may go down as well as up.