Control your Urge to splurge

Saving is the predecessor of investing. No investing, no fulfillment of goals can happen if you don't save enough. And spending is the worst enemy of saving. Many of us are extravagant spenders, we prefer high end brands, we love going for shopping, we want everything that's the in-thing, we want to live the moment, we want to gratify our whims. This happens because we genuinely believe it won't make much of a difference, since if we start cutting a little here and there, we won't conquer a mountain. You know what, YOU WILL. “Boond, boond se sagar banta hai”, a few hundreds saved a few hundred times multiplies to few tens of thousands, this saving when invested can help you achieve your big goals in life.

This article is for the ones who fall in the above category. We have listed some tips which can help you in trimming your expenditure, without causing much pain.

Concentrate on Essentials: This is about a girl Nimrat, from Kolkata who moved to Gurgaon for pursuing higher studies in July last year. Four months passed, and winters had set in. Delhi unlike Kolkata, is chilly during winters, so Nimrat asked her dad to transfer her money so that she could buy some warm clothes. Next day she got the money and went to Ambience mall with her roommate to buy winterwear. As soon as she entered, on her right was Zara, on her left was Diesel followed by her favourites, M&S, Bobbi Brown, Mango, Promod, and a number of other brands, all inviting her to splurge. Nimrat couln't resist the bait and soon was rattling in the trap. She spent her money on a ripped jeans, a cocktail gown, and a skimpy top and none of this was going to warm her up during the freezing temperatures. Nimrat wasn't left with a choice but to borrow from her roommate for her “essentials” shopping.

This anecdote intends to convey, prioritize your needs, spend on the necessities, because if you prioritize luxuries, you might end up in in a difficult situation for fulfilling your basic needs later.

Keep your cards at home: A very simple yet effective technique of actualizing shopping within budget is, keep your plastics at home when you go for shopping. Envisage the amount that you'll be needing and keep only that amount in your pocket (keep a margin of 10-20%). So when you go out, you'll concentrate on necessities only as there is no money to pay for impulsive purchases.

Wait for sale: Don't spend Rs 1000 on a t-shirt which you can get for Rs 500, 2 months later. All brands put their stock on sale at least 2-3 times a year with discounts ranging from 30-70%. Nowadays the frequency of sale has increased on e-commerce website, they put a sale almost every month. Don't be an impulsive shopper, commit to yourself that you'll shop only during sale and save a lot of extra bucks. Having said that, it is also important to note that offers, discounts and sale on e-comm websites and malls will try to lure you into buying stuff you don't need, extra 25% on orders above 1,499, 1+1 only for the next 2 hours, buy 2 get 3 and the like. Don't be a victim of such gimmicks, and buy only what you need.

A sane shopping partner: If your shopping mate let's you buy overpriced or unwanted things, then you need to break up with him/her and look for a sane one. Your shopping partner plays a very important role in controlling your urge to splurge and help you save money. So have a shopping partner who is prudent, values money, decisive and is fun to be with.

Shopping is not a stress reliever: When the whole world looks grey, shopping looks pink, and that's why many distressed souls seek joy amidst stacks of goodies confined in the flamboyant glass walls of the shopping mall. It's a general belief that shopping alleviates sadness and you tend to buy things that you do not need, do not want, and most importantly can't afford. This tendency is generally labeled as Retail Therapy. It sounds good as far as it's a marketing ploy, but when it's practiced by us during our lows, it doesn't remain good any longer. Using shopping as a means to relieve our stress time after time, can turn out to be catastrophic for our finances. There are economical ways to lift your spirits, go for a walk, call up a long lost friend, go and have an ice cream, these things will soothe your mood without affecting your pocket.

Sell the stuff you don't need: Most shopaholics' homes are filled with stuff which they have never used or will not use in the future. This is the stuff that you need to get rid off as soon as possible, sell it off and the money you get can help you in sponsoring things or experiences which are of a higher importance. You can save this money, invest it for your future and feel proud of the fact that you made wealth from waste.

The above are a few steps which can aid you in controlling your urge to splurge. This piece does not encourage you to become a miser, rather become frugal, a prudent shopper, because there's no harm in shopping but going overboard is as deadly as gambling your hard earned money in a casino. Saving money won't bring in pain, you need a little presence of mind, a clear vision and some creativity to save yourself from a lot of future pain.