Reign vs Rein

These two words are sound alike. And they can be used both as a noun and verb but with different meanings. 
The words are Reign and Rein.

Reign refers to the period of time when someone is in power or as a verb it is the act of ruling.

Ex - King Ashoka's reign lasted for a long time. (Noun)
Silence reigned in the dark room. (Verb)

But Rein without 'g' means to control  or limit as a verb. But as a noun it refers to the long straps used to control a horse. 

Ex- The rider used the reins to stop the horse.(n)

I think I should rein on my spendings. (V)

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