According to Credit Counselors, Americans get more and more in debt each year due to bad spending habits. It is hard enough just paying for the necessities these days but that is not where the true struggle is. We have fallen into the habit of wasting money. Most of it we do not need, but just want. Here are some tips to stop the urge to splurge and start saving.
1. Make a list and stick to it. While shopping, buy only what is on your list!
2. Limit your trips to wholesale stores. Don’t buy in bulk unless you have a secret hiding place for stuff, because buying more will only make your family use more of the stuff you buy. For example, if you buy a case of cookies, your kids will just eat more cookies.
3. Don’t use credit cards irresponsibly. They should not be used if you can’t pay off the balance right away.
4. Avoid home shopping channels, buying online and catalogs. All of these increase the temptation to spend carelessly.
5. Don’t go window shopping when you are bored or sad. You may end up buying more than the window!
6. Set limits. If you are going to buy a car, electronics or an appliance, set a dollar limit and stick to it!
7. Say no to the extended warranty. These rarely pay off and the manufacturer’s warranty is usually good enough.
8. Buy generic and clip coupons.
9. Sometimes buying name brand is good, because you get the quality, like tennis shoes or tools, but again, set a limit. If there is a $50 pair of Nikes or Adidas and a $100 pair, settle for the $50 pair.
10. Cook large amounts of food at a time from scratch, as well as several different meals. Prepackaged stuff costs a lot more and it’s not as healthy. Freeze portions for meals later, during the week or when things in the pantry are scarce. This will also save time, and energy.
11. Grow your own veggies! Make a garden! Not only is it fun for the whole family, you can save a lot buy not purchasing them at an expensive grocer.
12. Avoid shopping with your wealthy friends or friends who shop like they are loaded! You might end up shopping the same way and end up buying expensive things you don’t really need.
13. Don’t bring your kids shopping. Kids can be distracting and may be able to talk you into buying them something they don’t need.
14. Always think practical whenever you are shopping and ask yourself if you really need it or not.
15. Make a budget and stick to it! Putting the numbers down on paper will show you just where all your money is going! Credit counselors say that a lot their clients are surprised when they see how much they are overspending on entertainment. Another common mistake when making a budget is forgetting to figure in emergency money, such as a trip to the doctor or car repairs and annual or seasonal expenses. The bottom line… plan ahead! For tips on budgeting click here.