SEVEN TIPS ON SPENDING
1.
Do you really need it? Is the purchase a "need" or "impulse". Think about the long term benefits and drawbacks before purchasing.
1.
Don't bank on future income. Only spend what you can afford in the present.
2.
Curb habits that drain your pocket. Ex: try eating at home more often rather than eating out.
3.
Generic is just as good. Sometimes savings are more important than having a brand just because it's a brand.
4.
Make a Budget. Track how much money you have so you don't overspend. It also allows you to organize how you save.
5.
Plan your purchases in advance so you have enough time to save the required cash. Impulse purchases may make you spend more than you would like.
6.
Ignore outside influences such as smart marketing. Just because something is on sale doesn't mean you have to buy it. Don't be pressured into making a purchase.
7.
1.
SEVEN TIPS ON
SAVING
1.
Try to minimize your debt. The less money you have to pay in bills, means more money for saving.
2.
Sign up for Rewards Programs that give you cash back or discounts. Save money even when you are spending.
3.
Start an automatic savings account that deposits an amount of your choosing into another account. This account won't be touched. It can be considered and emergency fund.
4.
Minimize ATM withdrawal fees. Decrease the amount of times you go to the ATM and try to withdraw all the money you will need instead of making multiple trips. If possible stick to your bank ATMs to avoid extra fees.
5.
Set a Savings goal. It is easier to work towards something if you can visualize the outcome.
6.
Try to buy things that will last. If you buy something that is durable, you won't have to buy the product over and over.
7.