Spending 101
There’s a big difference between spending money and spending money wisely. Being aware of your spending habits can not only save you money, it can help you avoid financial disaster. Knowing where your money is going enables you to make positive changes and can also alert you to areas where you need to be cautious- such as impulse buying. You will never be able to successfully manage your money until you learn to control your spending.
Here are some tips to remember when shopping:
- Don’t jump at the first chance for a sale item. A sale price isn’t necessarily the best price. Many stores offer discounted prices all the time, so investigate thoroughly before parting with your cash.
- Check online. There are websites which allow you to compare prices from different venders. If you use an online retailer, be aware of the delivery time and also the shipping charges.
- Whenever possible, price match the item you are looking for. Some merchants will match or beat a competitor’s advertised price.
- Use coupons for items that you need. Don’t buy unnecessary products just because you have a discount coupon.
- Pay with cash. It’s a known fact that consumers spend less and are more thoughtful about their purchases when they use cash instead of a credit card.
- Apply the “24 hour” rule before committing to a purchase. If you wait at least a day before buying an item, many times you will discover you don’t really need it.
- If you know you have an impulse buying problem, avoid the temptation. Stay away from the mall or anywhere else that might cause you to make purchases that you will regret. It might sound like a drastic approach, but impulse shopping can wreak havoc on a budget. Do whatever you need to do to stay in control.
- Keep your receipts so that you can track where your money is going.
