Who doesn’t like to shop? Getting your hands on new merchandise is tempting for both the young and the old. However, if you don’t maintain a tab on your expenses, you run the risk of going into debt. It is therefore wise to evaluate and modify your spending habits to ensure that you are not left struggling for money. Here are a few things that you can practice to not burn out your savings.
Assess if you need the item- If you paused to evaluate the reason for your purchase every time you picked up a new item, there is a fair chance that majority of the times you may not find a decent justification. For example, imagine you have been eyeing the newly launched phone and have decided to buy it, but you ask yourself, do you really need it? If the answer is no, you should step away from making the purchase. Practising the art of assessing the reason for buying items can help you differentiate need from desire and prevent you from making unwise expenditures.
Decide on and stick to a budget– Settle on a monthly or an annual budget. Under no circumstances, you can overshoot it. This practice prepares you to think about priorities. Purchasing an item today might mean giving up something tomorrow. A budget, therefore, helps you develop a thought around your purchases.
Don’t spend borrowed money- Hold back from paying for items you desire with borrowed money. If you are not in dire need do not seek credit when you don’t have enough savings to repay the principal amount and the credit. This will lead to pilling credit card bills as you will fail to differentiate between borrowed money and your own money.
Don’t give up on the will to change– Discipline is the key. Condition your mind to not jump ship when things get tough and you can’t seem to stay within the budget. It is only a matter of time before you adjust to this new way of life. So don’t give up or give in.
While you are rethinking your spending strategy and working towards it, shopping on EMI using a dedicated EMI card such as the Bajaj Finserv EMI Card can be a wise decision. The Bajaj Finserv EMI card is a payment option that lets you buy items with a pre-approved loan at no cost EMI i.e. no additional charges. It also gives you access to a range of offers and the freedom to pay back your loan amount in a tenure customized by you and has no foreclosure charges. In addition, the Bajaj EMI card is applicable for use across a number of online and offline stores to purchase a wide range of items. The Bajaj EMI Card apply online process is also simple and easy to follow. First login to the website or download the Finserv MARKETS app and select ‘Apply Now’ under EMI card or ‘Get Card’, depending on the device you are using. At this step, you will have to check your eligibility, after which you would have to make a payment of INR 530 as card fee. Once the payment is successful, an SMS will be sent to your registered mobile number and you will be able to view your Bajaj Finserv EMI Card on the Finserv MARKETS app to begin your shopping journey. Spending wisely is a habit that takes time to build, however, once you have ensured you have your finances in check and are smart about your purchases, you will never fall short of money.