EXPENDITURE- Spending you should be focusing on!
Hello impulse spenders, Have you ever been thankful that someone stopped you from spending for something you already have and be happy for it?
There are different ways of spending money. How you spend determines who you are. When we savor and appreciate what we have now, instead of trying to get happy by acquiring more things, we eventually end up spending wisely. It may sound like a Utopian idea but just give it a thought if you do not want to wreck your financial future in the process of enjoying financial freedom to use your money however you wish to.
Focusing on the correct type of spending
To encourage and keep the focus on the correct type of spending, we have formulated a mnemonic, an easy to remember the phrase –” save for a rainy day”
Save - Asking yourself is the best way to optimize spending.
What are we buying?
Who are we buying it from?
How often do we buy?
When did we buy it?
Is this item really the one we want to spend our hard-earned money on?
Are we getting what we had been promised?
How does the expense data compare from previous years?
For - Is the purchase worth the effort? Always analyze what you will gain by buying the item. What will you lose, other than cash of course? What are the long-term consequences? Will it improve your health and happiness or genuinely give you more free time? Is this the best option to spend your money? If you cannot answer these questions positively, then let your money safely rest in your wallet.
Rainy – Remember! It’s perfectly OK to not spend on anything while shopping. Well, it might seem like a waste of time when you shop without making a purchase but in the real sense, buying something you don’t need or you already possess only makes for more waste.
Day - Do some quick math every day.
Do a little simple division to see how much of your time, effort, and work is eaten up by a potential purchase. Comparing how much you have to work and the cost it covers for a new purchase can inspire you to become a mindful spender. Likewise, spending in cash instead of credit card helps you gain a better sense of how much you’re spending. It's much easier to leave the money in the wallet than having to earn extra money!
You ask we answer
Obviously saving today is going to be spending for the future. For all the questions you ask with respect to your saving and Spending, we at NumReceipt are glad to answer with supporting data and analysis. We are here to control your spending. Make full use of our receipt filer, track business expenses and mileage, join our spend management program, get instant reports on your spending and steer your way towards a secured future.
Save for a rainy day
We are all aware of the story of the ant and the grasshopper. So decide for yourself if you are going to be a maximizer like an ant reaping benefits of your conscientious decisions in the future or the fun-loving grasshopper struggling to survive the winter.
Becoming a conscious spender would result in financial freedom which we all aspire to have! "Save for a rainy day”– with NumReceipt.
Go Paperless- Save Trees
How to Get Over Your Love-Hate Relationship with Finance
Fitness - A guide to achieve physical and financial fitness