How to stop wasting so much money?

09 Aug
Name Confidential

I am a college doing student and I waste too much money. Everyday we go out for lunch and I end up spending over food that's unhealthy. More often than not, I also buy a lot clothes. I don't need them but I feel compulsive. What can I do to stop spending so carelessly? 

Responses 8

  • Priya Parwani
    Priya Parwani   Aug 13, 2017 08:32 PM

    Hello.

    Hope you are doing great. So many girls can relate to you and it's normal to be a little careless in this age because we all are surrounded by so many fancy things that  we all are tempted by it. Whether it's food, clothes, jewellery, technology etc. all credit goes to beautiful advertisements, packging etc. But you should learn to have self control because money is not something which is easily earned and you should make yourself aware about this. You should carry less money [minimum amount of money which is important for daily use] so that you will not be able to spend on unwanted things. Make a limit and stick to it say about only spending some amount of money in a month and keep a track of this. Have a firm self talk by stating yourself that junk food will only badly affect your health and you have suffer, this will help you to have a control over you. Be busy, more you are busy more you will stay away from these things.

    This problem canbe solved just have a good self control.

    Hope this will help.

  • Shubhanshi Singh
    Shubhanshi Singh   Aug 10, 2017 01:40 PM

    Hello there! 

    This is one of my biggest problems too! My friends are fed up of my compulsive need to shop everytime I go out. I would buy even the smallest of things just because I feel I have to buy something or the other. 

    The solution to this problem is carrying less money! 

    If you don't have a lot of money in your wallet, you won't be able to buy things no matter how much you want to! 

    We all shop with our friends. Ask your friends to stop you from buying unnecessary things. 

    Give yourself rewards whenever you control your compulsive shopping. Think of how much money you will save if you don't buy that certain thing. Invest it into buying something good. 

    If you are a kind person, you shouldn't even consider donating some amount of money to the poors and needy. 

    Take baby steps. It will be difficult to stop buying at all. If you do feel the need to buy, buy something cheap. 

    Realise the importance of money. Think of how much your parents are working hard and you are just wasting it on things you don't even need. Guilt is the best control. 

  • Anushree Nandi
    Anushree Nandi   Aug 10, 2017 10:12 AM

    Hey

    You could follow this budget regime that i personally use.

    Determine what your basic expenses will add up to every month to make sure you don’t spend money you don’t have. These likely include:

    • Rent and utilities. Depending on your living situation, you may be splitting these expenses with a roommate or a partner. Your landlord may also pay for your heat, or you may pay for your electricity every month.
    • Transportation. Are you walking to work every day? Biking? Taking the bus? Carpooling?
    • Food. Factor the average amount per a week for meals for the month.
    • Health care. It is important you have health insurance in the event of an incident or accident, as paying out of pocket will likely be more expensive than being covered. Do some research online to find the best insurance rates.
    • Miscellaneous expenses. If you have a pet, this could be where you determine how much pet food will be for the month. If you and your partner go for a date night once a month, factor this in as an expense. Account for every expense you can think of so you do not spend money without knowing exactly where it is going.
    • If you have any debt payments, add these to your budget under necessary expenses.
  • Shanmugi B.P
    Shanmugi B.P   Aug 09, 2017 09:39 PM

    Hi!!!

    Hope you are doing well. I can clearly understand about your concern.  First of all, I appreciate you of knowing your minus point and trying to correct  it. Not everyone feels of wasting money as it’s their parent’s money they never know about their pain but You were so understanding and knowing about your parent’s pain of wasting money. I can hereby suggest you something helpful.

    1. Avoid to eat junk foods. As It can affect your physical health. You can bring up your mom’s food to college which can make your mom feel god and also makes your physical health strong.
    2. Avoid shopping. You only buy clothes and eat junk foods while shopping. You can reduce it step by step. It can save your money a lot.
    3. Rather wasting the money in clothes and junk foods, you can make use of it in a effective manner like buying some books, doing some projects.

     

     

    Hope, it helps you!!

    Take Care  :)

  • Shreya Narayanan
    Shreya Narayanan   Aug 09, 2017 06:18 PM

    Hello there,

    I know this feeling of trying to prevent yourself from buying clothes and food I like,but you just can't resist the temptation,can you? xD

    I used to do a lot of online shopping(I don't go out) and feed on junk like pizzas and burgers and street food etc etc. I loved this phase and I so wish I had unlimited amount of money.

    This might seem weird to you but then i started deviating from all these worldly pleasures and focussd more on long term pleasures,like traveling and much more.

    You may or may not be interested in traveling,but that isn't the point here. What I'm trying to say is,save money. Obviously this doesn't mean starve yourself or dress scantily,but spend wherever necessary. Do not provide unnecessary treats to friends. Shop only when required and my personal suggestion,go for online (cuz it's less pricey).

    I know implementing these formulae is a bit difficult for a spendthrift like yourself, but trust me,keeping a record of money going out or coming in your wallet helps a lot in understanding and controlling your wastage. 

    Hope the above tips prove useful to you. Thank you and have a good day.

  • Ayushi Jolly
    Ayushi Jolly   Aug 09, 2017 04:57 PM

    Hey there!Hope you are doing well.

     I can very well understand the expenses incurred during college days.It is not your problem but a general problem of every college student. From eating to going shopping,we just can not recall where our pocket money goes. It gets so troublesome at times and often we get a lot of scolding from our parents and family members regarding this.If we do not control such a habit initially,it often turns into,as you said a compulsion.We are therefore unable to refrain ourselves from doing such things. There are a lot of factors responsible for such an attitude like peer influence,if not pressure and also the environment we live in and our satisfaction level.

    There are ways to control such urges.Some of them can be-

    1.Try not to carry money with you when you go for window shopping or to pass your time.

    2.Keep as much cash or monetary output as much required.When you will not carry extra,you will not spend.

    3.Try relocating your wardrobe collection.Keep shuffling your clothes so that you wear new clothes more frequently and that shall stop you from going shopping often.

    4.Keep water or home-made eatables with you so that you can munch them whenever you feel hungry.

    Hope this helps!

  • Reshma Venugopal
    Reshma Venugopal   Aug 09, 2017 12:16 PM

    Hey!

    I can't tell you to what level I feel this! I have the same problem, and what's worse is that I tell myself I'll save up the next time, but fail to do it. I try to cut down on buying clothes and stuff, but I don't compromise on food, which is not good either. 

    Managing expenses are something that not everyone is capable of doing. Some people are better at it than others, and really there is no proper solution to do this. I come from a family of chartered accountants, which means i have to be good at this right? Not really. Everyone is different, and all you need to do to help this situation is be a bit more disciplined about your expenses. Here is what i did to try and salvage the situation: 

    • Maintain an expense journal: Make it a habit to make sure you jot down every expense regularly. If you can't be bothered to do it every day, then do it at the end of the week, if you are good at remembering.  
    • Make an expense chart, and only according to that, ask someone to send money. So say you would around 3k for a week, then see how much you will need for a month, and withdraw or ask your parents to send only how much you need till you get the hang of saving. 
    • Learn to resist temptations by keeping busy. If you want to stop buying junk food, and wasting money, then make it a point to cook weekly or 5-day meals. Or just do meal preps on a Sunday or a day off, and stack your fridge with meals. I have attached a link on how to do that. 
    • Reward yourself at the end of the semester if you have managed to save a reasonable amount of money. Trust me that is a real booster. 

    Link: https://www.youtube.com/watch?v=n3spAyOWq7o

    hope these help! 

     

  • Sanjna Verma
    Sanjna Verma   Aug 09, 2017 09:28 AM

    Hello. Finance will always be a problem for a college goer at some or the other point of time. I think it happens because of the fact that after being in a protected environment provided by our educational settings and our parents, college gives us an opportunity to explore not just ourselves but also various things around us. I have not experienced this but I can think of some solutions- one is to control yourself. Even I feel cravings for having food like chowmein, samosa etc. but is important to remind yourself how unhealthy it is. Make yourself understand that such foods may lead to problems like poisoning,because you may never know what ingredients they use for preparing food. Eating such food can also lead to increase of your weight, which is obviously not a healthy sign. So control your urges. Also you can indulge in some workout or having things like raw fruits which will provide nutrition but also helps towards digestion. And as far as buying clothes is concerned, you should see whether you have that particular type of clothes in your closet or not. This can help you in controlling your urge of buying new things everytime and take care of your budget. That is one of the lesson being independent teaches us. Be responsible and I know if you're admitting your problem you can work towards minimising it as well. Good luck!

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