My Wealth Desire

Wealth Building Strategies & Steps to Financial Success

How to Stop Overspending Money & The Ultimate Key to Create Wealth


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How to Stop Overspending Money  & The Ultimate Key to  Create Wealth

How to Stop Overspending Money & The Ultimate Key to Create Wealth

Overspending Money is one of the hindrance in creating wealth and in living a prosperous life.  Because of overspending, it limits your  ability to save and invest your money into any investment vehicle.  One thing is sure, you will never reach your financial goals or be able to create your wealth if you are continuously spending beyond your income.

If you dream to have a wealthy life in the future, you need to stop overspending your money starting today.  In reaching your ultimate goal of being rich, requires a lot of sacrifice and one of them is to limit your spending habits.

It is not a matter of how much you earn that will get you rich.  In fact, the key to create wealth is by using your savings to work for you.  Make your money multiply in each passing year.

What is the definition of overspending money?

Overspending money is the process of spending money more than your income.  It also refers to buying stuffs that is not really necessary and more than what you can afford of.

According to Wikipedia, more and more families are declaring bankruptcy due to overspending.

Why other people overspending money?

Today, the most common reason why most people are overspending money is that, they have an easy access to get loans from the bank.  Some financial institutions or credit companies are lenient in offering credit cards or mortgage.

If you have a stable job, you have more offers got for home mortgage, auto-loan, credit cards, payday loan and more.

Who can create wealth with strong foundation?

In our society, only those who are consciously spending less and live below the means can create wealth smoothly.  However, those families who are overspending money are still struggling financially.  Everything for them is always short of money.

How to Stop Overspending Money

    • Keep your credit card at home.

The best way to control your overspending money habits is to leave your credit card at home.  It will stop you the impulse of buying things that you like especially if you are going out for shopping. See to it that you keep your card in the safe filing folder.  Do not bring it daily to your work place in order to avoid the temptation to use it or to charge on it when you buy something on the way home.

    • Bring small cash

In fact, according to the site MIT’s researcher people tend to spend more if they are using credit cards.  On the other hand, paying or buying using cash will make them think twice before spending.

To those who have lack of control of over spending money, using cash to buy stuffs is the best option.  Normally, people get hesitated to pay if they use cash.

Also, paying or buying with cash will not collect interest over the time.  It is very easy to manage your family expenses using cash.

    • Keep a spending record

It is important to know how much you are spending and where your money is going.  You can easily monitor your spending habits by keeping a record or log.  This will help you to realize and think twice in buying things that are not necessary.

Excel sheet is one of the best tools to keep records of all your expenses. You can create a personalized excel sheet for you.   There are also many formats available on the internet or you may try like this (expense tracking).


Struggling financially or being drowned in debt is the result of overspending.  Start preparing your family or personal budget in order to allocate certain amount for spending, saving and investing purposes.  Learn how to control your spending habits.  There are 4 steps to control your spending behavior from the get finances done.

Should you have more ideas on how to control overspending habits, feel free to add it on the comments section below.  I will be more than glad to hear from you!

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Author: Wealth Desire

MrWealthDesire loves to do surfing the net, researching and reading books till he discover his passion to write personal finance, wealth building strategies and tips for financial success. Then he comes up to use blogging to post his written pieces and to share it to all without any fees or charges. You can follow him on Twitter at @MyWealth and like at MyWealthDesire


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