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8 proven ways to stop overspending and save more

The article from Moneycontrol outlines ten effective strategies to curb overspending and enhance savings. It begins by emphasizing the importance of setting a budget and tracking expenses to understand spending patterns. It suggests using the 50/30/20 rule for budgeting, where 50% of income goes to needs, 30% to wants, and 20% to savings or debt repayment. Other tips include waiting 30 days before making non-essential purchases to reduce impulse buying, avoiding lifestyle inflation, and using cash over credit cards to feel the physical act of spending. The article also recommends automating savings, reviewing subscriptions and memberships, and finding cheaper alternatives or free activities. It advises on the psychological aspect of spending, like understanding emotional triggers, and finally, it encourages setting financial goals to maintain motivation towards saving more and spending less.

Read the Full moneycontrol.com Article at:
[ https://www.moneycontrol.com/news/business/personal-finance/10-proven-ways-to-stop-overspending-and-save-more-12890734.html ]