MS Dhoni's cameo in vain as five-time champions dealt thrid loss but hold on to third place in the standings
If your wardrobe is bursting at the hinges, you have a problem. If your bank account looks nothing like your wardrobe, you have a bigger problem. Keep reading to learn how you can kick the shopping addiction and stay in control of your personal finances.
Keep track of expenses
Having a budget and sticking to it can introduce a whole new level of financial discipline in your life. And to help you align your income with your expenses, it is important that you start tracking where the money's going. Pick a format that you're comfortable with - a budgeting app, excel sheet or pen and paper, and make a note of all your expenses - big and small. At the end of the month, evaluate which categories require cutbacks.
Also consider putting your money in a separate savings account or fixed deposit, right after your salary gets credited. This way, you're automatically left with a smaller disposable income, and therefore less cash to spend on unnecessary stuff. You could also remit money back home or make a small investment every month to help grow your wealth.
Don't abuse cards
A study by Dunn & Bradstreet, a few years ago, disclosed that people tend to spend about 12 to 18 per cent more when paying with credit cards, as compared to paying with cash. As a credit cardholder, it is important for you to know that things could go south very quickly if you don't use your credit card cautiously.
First, understand that whatever you spend on your card has to be paid back in full on time. And if you delay paying your bills beyond the due date, you will be accruing some very expensive debt with average annual APR (annual percentage rate) of almost 40 per cent in the UAE, as revealed by Souqalmal.com.
Stay away from temptation
Skip the malls, unsubscribe from fashion magazines. In other words, do whatever it takes! The Internet too can bring constant temptations your way in the form of fashion websites' e-newsletters, fashion blogs, sale alerts and more. Just click on the unsubscribe button if the allure is too much for you to handle.
A good way to avoid impulsive purchases is to just walk away after seeing something that you absolutely loved at first sight. Wait for an hour or so, let the initial excitement die down and see if you still have the same urge to buy it. You could also sleep on it, or give yourself a day or two. Who knows, you might not even fancy that item so much after all!
Distract yourself
Do you have way too much free time on your hands? Or do you find yourself loitering in the malls most evenings? Sometimes, we just shop out of plain and simple boredom. But that can easily be fixed!
Explore your creative side, find a hobby or just do something constructive with your time. Ask yourself what really makes you happy and make an effort to go for it. Join the gym or that yoga class you've been thinking about, but haven't been to. Pick a course that can help you with your career, learn a new language, catch up with old friends - there's so much you can do that doesn't involve wasteful expenditure.
Go on a shopping detox
Have you tried the shopping detox yet? If you're a compulsive spender, and usually find yourself spending beyond your means and then coping with guilt, this one could really work for you. It will help you realise how much you spend on unnecessary stuff, and how much you could potentially save.
The concept is simple. Take a conscious break from all the shopping, even if it's a forced and involuntary one. Experiment and see how long you can go without making any non-essential purchases. Try doing it for a few weeks, maybe a month. After successfully completing the detox, you can also choose to treat yourself with a small purchase, but don't go overboard and ruin the austerity efforts.
Get rid of the clutter
Do you feel like you've amassed an obscene number of clothes, bags, shoes and accessories over the years? It's about time you start decluttering. Pick out the items that you don't need any more and get ready to sell them. This will help you recover some of the money that you spent on these pieces originally.
The writer is the founder and chief executive officer of Souqalmal.com. Views expressed are her own and do not reflect the newspaper's policy.
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