Dealing with the urge to Over-spend

WHAT IS OVER SPEND?

Over spend is define as a condition whereby money or materials are spent beyond the normal limit. Money are supposed to be spent based on the budget for the completion of each project but when the budget is exceeded, such person is said to have over spend.

Over spending has its advantage and its disadvantage as well. Over spending can be benefitting in the sense that the excess money spent can be used to execute a project much more better at times than the already made budget.

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And if one overspend at the same time, the excess money spent may affect other project to be done by the person or may even affect his or her personal life. Addictive behaviour as a result of psychological dependence is a form of most overspending.

The poors spend the little they have to relieve other issues in their lives such as anxiety and stress. Other people that are okay financially may overspend just to oppress others, for example, by footing the bills of people in restaurant or any shopping mall just to impress people.

And some wants to impress their relatives or family by spending anyhow even when they are not capable of doing it. Low income is a cause of overspending as a person with low income tends to spend more than his or her salary every month which result in overspending because the expenses is now more than the income of such person.

Low level of assets also causes overspending. For example, a person that owns a car will have a reduction in his expenses as there will be no expenses for transportation unlike the person without a ride likewise the person that owns a house also have an advantage over the person that doesn't own a house.

Emergency cases also make people overspend. This is the major causes of overspending that most people faces. Emergency cases like accidents requires a person to spend excessively even with the money already planned for.

The result of overspending is bankruptcy which is the financial instability and lack of money.

DEALING WITH THE URGE OF OVERSPEND

A reasonable person should know the difference between needs and wants. Needs are the things that are necessary for a person to have at that period of time while wants are the desires of people that are not necessary at that period of time. When spending or preparing a budget, the needs should be cleared or settled first before attempting to settle the wants if there are excess money.

Nowadays, because of the expensive life people live, they settle their wants before their needs even when they are not capable enough to meet their wants. For example, a worker earning about thirty thousand naira should not have the mindset of settling his wants of a five bedroom duplex without having a side income.

Instead he should try to meet his need of acquiring a house but the one that will not harm him and stop him from having a little money from him or her. If one will be sincere with him or herself, one will likely know that much of the spending is for things that he or she want but not that they really need. One may have already acquire a walldrobe full of clothes, a vehicle that can move him or her around for many years to come.

Another important way to stop the behavior of overspending is to be very contented with what one have and the position one is in life. This does not mean he or she should lost his or her dream or to stop aiming of achieving great in life. Of course not. But, it implies that one should be happy and glad with the way things are, while they keep seeking for the things and to improve in the ways that really matter.

One major aspect of that is to know that, except you are truly in poverty, you already have enough to satisfy you. The necessity of life are already available that is, regular food, clothing, housing, transportation, and other utilities.

And certainly, you have some of your wants, as well. When struggling to change the way we reason in order to be satisfy with what we have, it remind you of the hedonic treadmill. Which simply means, in terms of ones money and assets is that the more one buy, the more he or she purchase, the more he or she will want. Soon, the nice thing we acquire last month is no longer the latest.

The new dress will be out of fashion with time. Another model of car or truck will be released. The way to overcome all this thinking is to know what you really need (maybe your family, your friends, your health, your relationship with God, your love of nature intangible things like that), and so on.

You don’t really need any more thing. Instead, work to make your life simple, make your relationships stronger, improve on your health, declutter your home, and be caution yourself with your spending. And then, when you stop spending all your money (and maybe some) on shiny stuff and your wants, you can control your money.

One can reduce his or her spending on all item of their budget, if one become very intentional with their money. There are so many ways to minimize ones spending. Some of the ways yo minimize spending includes slashing of ones grocery bill, going on a long interval clothes buying or spending less on clothing, saving on the basic utilities bill, cutting of cable or satellite, reducing the entertainment spending or money allocated for fun (or both), migrate to a cheaper mobile phone plan, give yourself a no spend challenge for some period (weeks or months), minimize your driving and save in other ways on transport cost, let your automobile or home be downsize, minimize your travel and holiday spending, and erase your (spending on) gift giving.

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