Ways To Spend Money Wisely Essaytyper

Take action today. Quick, little improvements can have a big impact over time. Improve your spending with these ten tips on how to spend money wisely:

Think High-Level: Make Lists

1. Make a list of what you value. The best way to spend more wisely is to align your spending with your values. Are you aware of your personal values? Take a moment to write down the things that are most important to you in life. Is it security for your family? Is it success in business? Is it helping others? You likely have a combination of values. Write these values down and then ask yourself this question: “am I spending my money on things I value?” Then ask, “am I spending my money on things that aren't in my value system?” Doing this little exercise will give you some clarity and help to guide you into thinking consciously about your spending.

2. Make a list of things you really enjoy. Along the same lines as #1, you should be using your money to bring joy to your life. You define what “joy” is. Go ahead and write that down. What brings you happiness? Identify those things and then ask yourself if you are spending your money in those areas. More importantly, ask yourself why you are spending on things that aren't on that list. Bottom line: avoid spending too much money on things that aren't at the top of your “joy” list.

3. Make a list of places, things, or people that cause you to make poor spending choices. Can you identify the triggers to poor spending in your life? Think about your spending over the past couple of weeks. When did you make the worst decisions (i.e. spending money you didn't have, spending on things you don't value, etc.)? What was the cause of your poor choice? If you can identify these weak points then you can begin to live your life in a way that helps to avoid some of these spending hot spots.

Quick Reviews of Your Actual Spending

4. Review your regular spending for things to eliminate. When was the last time you wrote down your list of monthly bills? Take a moment to do a thorough spending review now. List out all of your required spending for the month: this includes rent or mortgage, insurance, debt payments, utilities, services, etc. Is there anything on that list that you don't need or want? It sounds absurd to ask such a question. However, I'll be the first to admit that in the past there were things on my list of monthly expenses that I didn't need or want anymore. Odds are you have one or two yourself. If you find something to eliminate, do it.

5. Review your regular spending for things to reduce. Next, take a second look at that list of monthly bills and see if there is a way to reduce the cost of any of them. Could you call the provider and ask for a better rate? Could you call a competing provider to see if you can reduce your rates by switching? If it's a debt, could you do a balance transfer or consolidation that would help you reduce your rates and eliminate debt quicker?

Decide to Implement Spending Controls

6. Create a budget. On a basic level, a budget is simply a plan for your money. If you know your expected income next month, right that number down. Then start applying that money to different things. Start with taxes (if it isn't already taken out), giving, and savings. Then move to basic necessities: housing, food, insurance, utilities, transportation. Finally, apply the rest of your income to other things you need or want. Open up an account with an online budgeting tool to streamline this process.

7. Start writing down each purchase you make. Tracking brings awareness to any situation. Use your iPhone or other device to take spending notes throughout the day. There are Apps for that I'm sure. Or simply carry around an old school pad and pen to jot down your spending. Do this for a week and see if your spending improves.

8. Switch to only cash. If you have a severe problem with credit spending, this is the way to go. Some folks swear by this method even if they don't necessarily have trouble with credit cards. Like tracking your spending, going to a cash only system, if only for a week, will bring a heightened consciousness level to your spending.

9. Implement a “sleep on it” rule. Decide today that for any purchase over X amount you will “sleep on it.” It could be one night, a week, thirty days, whatever. Just allow some breathing room in between your desire and your decision to buy. Obviously this gives you time to evaluate the purchase against your values and your budget.

10. Put future spending on a calendar. Pull out a calendar and look at your upcoming events and life changes. Will spending be necessary? Is so, then make a note of that and start building a list of future spending requirements. This is somewhat different from a monthly budget because it looks a bit further out. This does two things: (1) allows you to prepare by saving for the spending requirement, and (2) it allows you time to shop around for the best price and lock in the lowest rates.

Have more tips? Add them to the comments below.

Last Edited: May 22, 2017 @ 1:49 pmThe content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

Join 38,500 subscribers improving their financial life.

Subscribe for free. Get my book (31 Days to Improve Your Financial Life), intro series, and article digest.

Success! Now check your email to confirm your subscription.

Frugal living doesn’t have to be a life devoid of fun. In fact, you might be surprised how easy it is to trim your expenses with a little patience and planning. The more you can get out of every dollar you spend, the more money you will have to save for potential emergencies, a college education for your children, vacations to exotic locations, or whatever big ticket item your heart desires. To get you started, here are 7 ways to spend money wisely.Frugal living doesn’t have to be a life devoid of fun. In fact, you might be surprised how easy it is to trim your expenses with a little patience and planning. The more you can get out of every dollar you spend, the more money you will have to save for potential emergencies, a college education for your children, vacations to exotic locations, or whatever big ticket item your heart desires. To get you started, here are 7 ways to spend money wisely.

1. Pony up for quality where it counts.

The cheapest option isn’t always the best option. What’s the point of buying a cheap pair of shoes if they’re just going to become worn out and rugged within a few months? It would be cheaper to pay $50 for an outfit that will be in good shape next year than $20 for an outfit that has to be replaced in less than 6 months.

2. Buy generic label groceries.

You would be hard-pressed to find any difference between name-brand and generic labels in the grocery store. Don’t believe me? Grab a bottle of a name-brand peanut butter and the generic grocery store variety and compare the ingredients. Repeat this exercise with things like canned vegetables, boxes of pasta, cleaning products, and medicine. When you purchase name-brands, you are not paying for the product itself, but rather the idea behind the product. In other words: name brands are more expensive because they have higher marketing budgets (not higher quality). 

3. Cut down on food waste.

Answer honestly: if you had to guess, what percentage of the groceries you buy end up uneaten and tossed in the trash? According to a study by the Natural Resources Defense Center, the average American family of four throws away almost 50% of the food they purchase, resulting in an annual loss up to $2,275. To avoid grocery waste, change your thinking about shopping. Instead of making a list of items to purchase without thought process, plan ahead by writing down a weekly schedule of the specific meals you are going to cook before you go to the store. If it isn’t required in the ingredients you need, it doesn’t go in your cart. Make note of how much food gets tossed in the trash and cut the amount you purchase accordingly. If you’d like to save time and money, check out this essential resource on once a month cooking.

4. Wait for it…

Retail therapy is almost always a good idea, but smart shoppers know how to be patient. Why should you spend $100 on that gorgeous skirt now if it’s going to be marked down to make room for fall and winter clothes? Be patient and you will be rewarded with a steep price cut. Keep an eye out for the special offers that you can’t refuse.

5. Clip coupons for special occasions.

Dining out is one of my favorite date night activities, but it sure can empty a wallet fast. Restaurants are typically generous with their deals, so start clipping for serious cash savings. Wanna make coupon-clipping a fun and interesting game? Try this:

  • Get an envelope and start collecting coupons
  • Decide on a weekly date night
  • Have a random drawing to determine where you go (it will always be a surprise!)

6. Go to the matinee.

Late night movies are so overrated. Why would you pay double the matinee ticket price just for the pleasure of combating a much larger crowd and struggling to find a seat in a packed auditorium? Go to the early show to save some dough and beat the crowd.

7. Hit up the thrift shop.

Consignment shops are full of deals on barely-used clothing that could save you tons of money on your wardrobe. If you have never considered thrift shopping because you’re afraid the quality won’t be up-to-par, give it a chance. The thrift shops in my neighborhood are quite picky about the items they accept, so I bet you just might be surprised.

Do you have any additional tips that will help people save some dough? 

If you’re feeling cash-strapped, please don’t feel like you’re alone. I understand how you feel, and I’m willing to wager the overwhelming majority of people reading this share your pain. Do you have any tips that will help everybody spend money wisely? If so, please share them below because we could all benefit from your knowledge.

Categories: 1

0 Replies to “Ways To Spend Money Wisely Essaytyper”

Leave a comment

L'indirizzo email non verrà pubblicato. I campi obbligatori sono contrassegnati *