"Grab a seat on the couch, make a cup of tea, and have a real heart-to-heart with yourself - and your bank account - to figure out what you can do to get a better handle on your budget management." Step 2: Get in control of your budget That way, you can reflect back and see if there are any trends in your spending habits that are based on stress or another emotion. Ask yourself whether you’re spending money just to make yourself feel better or if there’s some other underlying reason.Ĭonsider starting a journal to note down how you felt before, during, and after each shopping experience. If not, think about why you’re shopping in the first place. To determine what might be at the root of your problems, try the following:īefore you buy something, ask yourself if you actually need it (We know this is a cliche but trust us, it works!). Grab a seat on the couch, make a cup of tea, and have a real heart-to-heart with yourself - and your bank account - to figure out what you can do to get a better handle on your budget management. On the other hand, an overwhelming fondness for shopping through Instagram ads or using emotional spending as an outlet, is well within your ability to change.īefore you can even think about getting in control of your personal expenses, though, you need to know what’s causing your financial stress in the first place. Some things, like an illness forcing you to take time off of work, are certainly out of your control. When your monthly expenses are too high for the size of your paycheque, there’s usually a reason. Step 1: Figure out the source of the problem When your expenses are greater than your income, using the power of your KOHO prepaid Mastercard ® account can go a long way. We’ll give you the low down on five simple steps you can take to get in control of your finances. If your last bank statement made you panic, worry not. However, when the cost of your regular personal expenses far outweigh how much you make each month, you can quickly find yourself in a hard financial situation. Rent, utility bills, student loans, food, and even the cost of commuting to and from your job every day is expensive, to say the least.
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