How to Stop Spending The Money You Do Not Have


This is a follow-up to our Money Changing Challenges article, in which the team at Incomet told our followers to try out some challenges that could help in being more efficient with money! Due to popular demand, we are back again to help you with more effective ways to save money, and primarily how to stop spending money that you do not have!

Spending money is super easy, grabbing something exciting for dinner by ordering it online, picking some snacks for lunch over the food you had already prepared, and the list goes on. Spending a thousand or so here and there is no big deal for most, but once we factor in how much it adds up over time then heads start turning! Let’s discuss.

When spending becomes a habit, how to break away from that cycle? Here are some tips for this!


Set Your Budget

Knowing how much you spend a week to week or month to month is quite literally half the battle won. Examine your income sources, your expenses, your bills, debts, and everything. After factoring in all the deductions, whatever amount you are left with is the money that is your spending money.


Lose Money Quickly!

The title of this tip might come across as a shock, however, the idea is to get rid of your existing month-month liabilities the moment you get paid. This doesn’t give you the false sense of security that holding onto money by delaying recurring expenses does! Have an amount set aside for your bills? Well, pay the bills much sooner than the due dates.

You may even set up standing instructions for your regular and recurring expenses to be on a date that’s closer to when you actually get paid.


Don’t Save Your Credit Cards on Online Shopping Portals

Be it your favorite shopping portal or your favorite mobile app store. Spending money can become a habit if you’ve set up all the “one-click” payment goodness that modern-day fintech brings. If you are forced to put in the card details, you actually get time to think if you really need to go ahead with this purchase or not. Impulsive buying can become a deadly habit if you have all the saved card/one-click payments setup.


Using The Might 2 Question Rule before purchasing something!

“Did I need this item yesterday?” & “Would I need this item tomorrow?” Simply asking these aforementioned questions is often enough to drive you away from impulsive shopping decisions that you might regret days later.


Having a Meal Plan

In case eating outside or ordering food online is a regular thing for you, then try to plan this in advance. When you plan the meals in advance, you’d be able to plan the potential expenses much better and in advance too!


Always Have a shopping list!

How many times you’ve gone to a mall to get something but ended up getting 10 different things that you actually never thought of purchasing before? Many times right? To counter this, use any note-taking app on your phone and plan a shopping list before you actually go shopping. This is a super-effective way to keep you focused on the stuff that you actually need.


What am I going to do with all this saved money?

The answer to this is simple, Join the Incomet SEP and learn how to build a passive income for yourself. Make your money make you more money! With the finest trainers in India teaching you all the concepts of the stock market, you really wouldn’t go wrong!

That’s it for this article from the team at Incomet. See ya in the next one!