6 Ways to Control Your Spending

As consumers,we are subjected to a relentless barrage of marketing from phones to shoes,bags,accessories and household items whether designer made or not.The goal of the marketers is to turn wants into needs.Marketers know that consumer behaviour is driven largely by emotion.So advertisements and the shopping experience itself are designed for emotional appeal.

Advertisers promise that the products we are buying will improve the quality of our lives,enable us gain status and prestige and help define our identity.The following are the basic ways to control your spending:

(1)Resist impulse buying
 If shopping gets you excited,you need to resist the temptation to do so next time.Slow down and think realistically about the long term consequences of buying and maintaining what you are planning to buy.Remember past impulse purchases you made and later regretted.

(2)Avoid shopping to alter your mood
If you are feeling down,shopping won't totally cheer you up.Take a walk or go see a friend and cheer yourself up.

(3)Do not shop for recreation
Shopping has now being turned into a form of entertainment.Sometimes my children try to persuade me to take them to Shoprite every now and then.If you must go shopping,it should be planned.Carefully plan how much you intend to spend before setting out and stick to your plan especially if you must go with your credit card.

(4)Choose your associations carefully and resist making purchases based on sentiments
The lifestyle of your friends influence your desiring such requests .Do not try to keep up with the Jonses.Do not try to acquire the latest gadgets,clothes,shoes,bags,cars just to make an impression.Do not make buying aso-ebi a habit.Person wey won vex,make e vex o.Try and be diplomatic in turning such requests down.

(5)Use your credit cards wisely
Credit cards make it easy to buy while ignoring the consequences.Instead of purchasing on credit,save for larger purchases and pay cash.

(6)Plan
 Always keep track of your account balances.Keep up to date records and create a realistic weekly and monthly spending plan.Track your spending and compare it with your plan.I recommend a weekly plan.You may request the help of a friend who is learned in accounting matters to guide you if you are finding difficult to set up a plan and stick to it.