Spending money
Spending is a major factor which is affected by how our minds work, understanding the psychology behind this allows you to "control" your "needs" and save some money.
The tricks
First of all use always cash. Why? Pretty simple, there is an actual attachment formed in the brain with the paper currency that doesn't actually exist with the plastic cards that never leave your pocket, paper money does leave and brain takes it as a painful experience(not painful like being punched but still feel it). Second, set up automatic deductions, you won't even know that the money are missing from your budget more over they will be added to a second account which is going to build up and if you think of interest rates(i know interest rates might actually be bad but still) you might get a pretty big amount of money in a few years, yes years even with the best idea you wont become rich over night. Third and most important in my opinion, keep a record, a monthly balance sheet to be able to manage your expenses, by expenses i mean like everything, food, bills, gas, gifts, transit. Income comes after it, if you are able to balance em and have some profit good job you are not in deficit. Now you can begin wanting new stuff to buy, you can choose anything and thing by your profiting from balancing your expenses how far away from the goal are you. Avoid advertising, it is the passive trick in the list but it is important because advertisements makes you believe you need something that you actually don't, no the new apple smartphone that costs 800 euros is totally useless and you can live and have the same experience with something that costs one fifth of the price.
The way to a successful outcome
Value for money, think before you buy. Do you need the new smartphone? Do you need that new TV (ye i know it is smart but you wont be that smart if it costs 2000 euros and that is all your income). Last tip, the mentality shift, if you are saving money to buy something the best way to do it is to focus on increasing your income. Work more hours, or change job entirely, buy stocks (not a good time right now) or invest in something of your own. It will certainly help more than just reducing your expenses.
This article was made based on information from Practical Psychology
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