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4 Ways to Stop Your Overspending
If opening your credit card bills, your checkbook or your wallet are traumatic events, you may have a problem with overspending. It’s nothing to be ashamed of, and you’re certainly not alone, but there’s a good chance that it is keeping you from achieving some of your goals. If you have a dream of buying a car or a house, paying off debts, or any similar financial goal, then putting an end to overspending will help you get where you want to go — and it’s not as hard as you think it is.
Financial experts have come up with plenty of strategies to help you break your overspending habit and divert your money into where it serves you better. Some are better and easier than others, but the four that follow are among our favorites:
- Always start with a budget
Budgeting sounds boring and hard, but it’s really just a matter of doing a little simple research, a bit of math, and then exerting some control. You start by making a list of everything you spend in the next month or so. Don’t try to use last month’s spending because there are bound to be expenses that you won’t remember. When you start writing down every expense you will be amazed at how often you reach into your pocket without thinking about it and how much those incidental purchases can add up.
Once you know what you’ve spent, divide it into categories. That will help you see what can be eliminated and where you actually have to spend money. You also need to record how much cash you have on hand, then assign your available money to where it should be spent and where you can save. Once you have these areas identified you can take advantage of one of the convenient budgeting apps available for download to help you stick to a plan. You will be amazed at how much money you can save once you have actual numbers in mind. You’ll feel a much greater sense of understanding and control. - Buddy up on sticking to your budget
Like we said before, you’re far from alone in terms of overspending. There’s a good chance that if you ask a friend or family member whether they’re struggling too, the answer will be an emphatic affirmative. Agree to be accountable to each other when it comes to unplanned expenses. You can even make it a contest to see who is better at sticking to their budget each week. Just make sure that the loser isn’t forced to spend money on the winner, as that would defeat the whole purpose! - Exercise 24 hours’ worth of restraint
We’ve all been there. We’re at the store and see a cool new item, or the social media algorithm puts an advertisement up that’s hard to resist. If you impose a rule that forces you to wait 24 hours before making an unplanned purchase, there’s a good chance you’ll end up able to resist the impulse buy and stick to your savings and budgeting goal. To make the rule even more effective, expand the rule by adding a day of waiting for each $100 the item would cost. It’s a great way of cooling down the urge and waiting to see just how badly you really want the item. - Be forgiving of yourself
We all know that being too strict invites overindulgence. The kid who isn’t allowed to eat sweets at home dives into the candy jar at their friend’s house. The college freshman with the strict curfew at home stays out all night their first weekend on campus, and the dieter who tries to restrict their calories to barely enough to sustain them eats whatever they can get their hands on by the third day of their diet.
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Offices in Flemington, NJ and Califon, NJ
Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.
Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.
Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.
Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.
Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.
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