Breaking the bad habits of overspending

By Qamarina Razali

Decorated with words printed in big and colourful font, window glasses of shops present attractive sights where one would have a hard time peeling their eyes from.

 It’s the awaiting arrival of an offering of a ‘one time’ chance like no other – SALE.

New Year Sale, Hari Raya Sale, Hari Raya Haji Sale; you name it. Surfacing scenario on these days would probably be where one would contemplate what is a much worse decision: swiping credit cards and splurge about hundreds on clothes? Or missing ‘rare’ chances to buy those cute shirts on sale?

Supposedly most of us decided that the latter is worse, we would end up splurging on things that sometimes we don’t even need.

For students especially, financial management is one of the most important things to be mindful of. An impulse purchase is definitely the last thing a student should have as a habit.

Here are some tips on how to stop splurging:

Track your spending

Keep a record of things you spent your money on. This step is important as it reminds you to be wary of the things you bought. It is easier to change your spending habits if you know where you usually splurge on.

Let’s assume you spent a hundred ringgit a week, most probably you would not realise where you did spend so much in just seven days. However, by keeping track on your expenses you would most likely find yourself splurging on, let’s say, unnecessary cute stationeries.

What more, with the help of technology these days, tracking your expenses is definitely a piece of cake for a tech-savvy generation like us. Instead of writing in a notebook, you just have to download apps on your phone! Isn’t that easy?

Recommended apps: MyTabung, Monefy & Wallet.

Have a thin wallet

Limited space in a thin wallet means limited cash withdrawal. Sort out your budget for a week and withdraw cash within that amount you set. For students, let’s assume a RM100 is the usual amount to keep in your wallet. Try cutting them off to RM50 to be spent in a week.

Chances are you would probably start being mindful on your spending habit as to survive only using half the amount of cash you usually have. You would also realise how much money you could have actually wasted within seven days if you possess the usual amount in your wallet.

Although you may find yourself going to the ATM machine every week, if this can affect positively on your spending habit, then it’s a great start!

Needs over wants

Make a list of things. It does not matter whether if it is a need or a want, write all of them on a piece of paper or maybe even on your phone. Then, prioritise what kind of things that you actually need at the moment and cross-check them with your budget in that month.

Of course, this does not mean you must neglect your other desires. Take yourself out to buy that one thing you’ve always set your eyes on as a self-reward. But remember to stay within your budget!***

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