19:28
Unknown
In these times of economic instability, you need to tighten your belt. Expenses must be cut, savings must be increased and spending must be managed. It may seem difficult at first, especially when you are not used to this, but in the long run, you'll reap the benefits.
Here are 10 tips on how to spend money wisely.
1. Make a List- Before going out to the supermarket or the grocery, one of the surefire and best ways to spend money is to make a list of the things you are going to buy. If you don't, chances are you'll just be buying everything off the ramp. But when you do make a list, you are indeed guaranteed that everything is on your tight budget - and you'll be out of the supermarket before you have the chance to set your eyes on that famed jewelry.
2. Need versus Want- Distinguish whether that watch is a need or a want. If it's a need, then go right ahead and buy it. However if it's a want, think twice or even thrice before buying it. Ask yourself this question: "Will I survive even if I don't buy this gift or this garment?" If you'll survive, it's definitely a want.
3. Think of a Budget- Say you are in charge of the groceries for this week, how about if you set a budget? For instance, set around $50 a week for the grocery and don't go beyond this amount. Make sure that to spend money wisely, you need to be disciplined and to be strict with yourself.
4. Think of Saving Up First- Most people fail in savings because they spend first on the things that they either want or need and then save the rest. This won't work. To really spend money wisely, you need to save a portion first when you receive your paycheck and then spend what's left.
5. Be Practical- Instead of going out to the movies, why not rent DVDs? Or instead of going out to have dinner, why not just cook your favorite food and stay in at home? This way you not only get to save on what you have left, you still have time to spend with your family or friends.
6. Look for Sales- One of the best ways to spend money wisely is to shop when everything is on sale. You'll get around 5%, 10% or even up to 50%, depending on the goods that you plan to buy.
7. Don't Be an Impulsive Buyer- Impulsive buyers are those that just look at this particular good and then decide to buy it - only to find out later on that they won't need or make use of it anymore. This is indeed a sad reality but as a shopper you need to be extra careful in being an impulsive one. Here's the best approach: just get out of the mall once you're done buying what's on your list!
8. Research- What you can buy in the department store, some are selling it online at a cheaper price. You need to do your research and make connections with these individuals or companies.
9. Buy Generic- It really doesn't matter if your new clothes are branded. To really spend money wisely, buy generic medicines and food. These are way much cheaper but of the same quality.
10. Avoid the Late Fees- Pay your bills on time. Late fees invoke additional charges.
Here are 10 tips on how to spend money wisely.
1. Make a List- Before going out to the supermarket or the grocery, one of the surefire and best ways to spend money is to make a list of the things you are going to buy. If you don't, chances are you'll just be buying everything off the ramp. But when you do make a list, you are indeed guaranteed that everything is on your tight budget - and you'll be out of the supermarket before you have the chance to set your eyes on that famed jewelry.
2. Need versus Want- Distinguish whether that watch is a need or a want. If it's a need, then go right ahead and buy it. However if it's a want, think twice or even thrice before buying it. Ask yourself this question: "Will I survive even if I don't buy this gift or this garment?" If you'll survive, it's definitely a want.
3. Think of a Budget- Say you are in charge of the groceries for this week, how about if you set a budget? For instance, set around $50 a week for the grocery and don't go beyond this amount. Make sure that to spend money wisely, you need to be disciplined and to be strict with yourself.
4. Think of Saving Up First- Most people fail in savings because they spend first on the things that they either want or need and then save the rest. This won't work. To really spend money wisely, you need to save a portion first when you receive your paycheck and then spend what's left.
5. Be Practical- Instead of going out to the movies, why not rent DVDs? Or instead of going out to have dinner, why not just cook your favorite food and stay in at home? This way you not only get to save on what you have left, you still have time to spend with your family or friends.
6. Look for Sales- One of the best ways to spend money wisely is to shop when everything is on sale. You'll get around 5%, 10% or even up to 50%, depending on the goods that you plan to buy.
7. Don't Be an Impulsive Buyer- Impulsive buyers are those that just look at this particular good and then decide to buy it - only to find out later on that they won't need or make use of it anymore. This is indeed a sad reality but as a shopper you need to be extra careful in being an impulsive one. Here's the best approach: just get out of the mall once you're done buying what's on your list!
8. Research- What you can buy in the department store, some are selling it online at a cheaper price. You need to do your research and make connections with these individuals or companies.
9. Buy Generic- It really doesn't matter if your new clothes are branded. To really spend money wisely, buy generic medicines and food. These are way much cheaper but of the same quality.
10. Avoid the Late Fees- Pay your bills on time. Late fees invoke additional charges.
Posted in: Personal Finance
0 comments:
Post a Comment