Someone gave me this comment in one of my post:
Many people make wise decisions when it comes to money, but due to a shaking and
unbalanced economy, just understand that people cant help it. You give some good
tips though on your website, but you should include some tips on what to do in a
economy that we live in today…
In response, I am giving the following tips on how to save and wisely spend everyone’s hard earned money.
- Avoid buying on credit. If you have limited means of income, do not use credit cards.
- Avoid window shopping. Most of the time, window shopping turns into actual shopping. Try doing other things during your free time especially during weekends. You can try doing some exercise, reading some newspapers and books, writing poems, and just about anything to make you busy on your extra time.
- Avoid buying luxury items. Priorities things that is necessary. List the things that you need to buy before going out to any store. Buy fast and focus on the items you have written down. Stick to your list.
- Avoid impulse buying. Think and compute your budget first before you buy anything. Do not give in to “SALE!” items. Some items on sale might still be too expensive and out of your means.
- Eat before going out. Good timing must be practice when going out of the house. If possible, go out after you have eaten your breakfast, or lunch or dinner. In this way, you will be able to avoid eating an expensive meal.
- Maintain a bank savings account. Deposit your extra money in the bank to avoid spending it all unknowingly. Putting your money in the bank is safer and might earn you some interest in the future.
- Pay your bills on time. Monitor due dates of your bills to avoid inconvenience and paying additional charges. Late payment usually incurs late charge payment and finance charges.
- Track your expenses against your income. Monitoring your cash on hand and the money spent is a good practice. You will be able to evaluate later on where you have overspent your money. You can use a small notebook for manual tracking or automated tracking software like Excel.
- Focus on saving. Think of ways on how to save your money like cutting down on electricity bills, water bills, cell phone bills, gasoline and other expenses.
If you have other ways of saving and wise spending, please feel free to fill it out in the comment section below this post. Maybe others can learn on how you do it.