Spending money is easy. Spending money wisely is another thing altogether. If you ever wonder where your money goes, here’s how to find out:
If you’ve ever heard the advice, “never go to the grocery store without a list or when you’re hungry,” chances are you know why: you’re likely to buy more than you need and spend more, too. Regardless of where you’re shopping and how you pay for your purchases, remember to:
1. Shop around. A “sale” price isn’t always the “best” price. Some merchants may offer a sale price on the item you want for a limited time; other merchants may offer items at a discount everyday. Other merchants may offer a deep discount on one item – but only if you agree to spend a minimum that is several hundred dollars more. Also, check your local dent and bent stores for good deals on paper and plastic items.
2. Go online. Check out websites that compare prices. If you decide to buy from an online merchant, keep shipping costs and delivery time in mind.
3. Look for price matching policies. Some merchants will match, or even beat, a competitor’s prices.
4. Clip coupons. Coupons are useful when they save you money on what you’re already planning to buy. You can find some coupons in the Sunday paper or often, at coupon exchanges at your local library. Or you can download others – full coupons or simply codes – from manufacturer and retailer sites online. If you are shopping online, you simply enter the code at checkout.
5. Use debit and credit cards sparingly. To minimize interest and other charges, try to limit credit card purchases to an amount you can pay in full at the end of the month. If you use a debit card, don’t rely on an overdraft feature to spend money you don’t have. When you leave your house, carry only the card you may need to use rather than all your cards “just in case.”
6. Keep track of your spending. Incidental and impulse purchases add up. Jotting down what you spend after every purchase helps keep you mindful of your limits. At least once a month, use credit card, checking, and other records to review what you’ve bought. Then ask yourself if it makes sense to reallocate some of this spending to an emergency savings account.
by Alex, on April 7 2012 @ 4:24 am
Right on the spot! Especially now that the economic crisis is rising we should all be careful on our spending. For me the best way to control spending is to keep track of where and how much you are spending. Keeping a simple Excel spreadsheet to record anything you spend on a daily basis can do the trick and help you analyze where you money go at the end of the month.
by Leigh, on April 7 2012 @ 7:17 pm
I like to buy online as well but it does have its downside. I recently purchased from a company who had a product on their website at a particular price.
Once I had placed my order they bumped the price up by $100 and asked me to pay the difference or get a refund. It took me over a month to get the refund back which required a complaint to Australian Fair Trades and a PayPal dispute.
The moral of the story is make sure you do research on the company first if you don’t know them, and if you haven’t purchased from them before make sure you have some sort of protection in case you do need to have your money returned.
by Mary Glen, on April 8 2012 @ 8:02 am
I completely agree with the keeping track point. It’s easy to make lots of sensible, thought out, good value purchases. But if you don’t keep track it can still really add up.
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by Debra Eckerling, on April 8 2012 @ 9:09 pm
Twitter: WriteOnOnline
Pricegrabber.com is my favorite site to comparison shop higher-ticket items. And I love my coupons! Thanks for the great tips!
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by Jason Grant-Henriques, on April 8 2012 @ 9:23 pm
Thrifty shopping! It’s a trick I’ve only just learned recently! I agree about using credit cards and debit card sparingly…It’s WAY easier to over spend money you can see then the cash that’s in your pocket.
by Liz, on April 9 2012 @ 12:03 am
I love #2: go online. I can’t think of a time where I didn’t look online and find a product somewhere else for much less that I found it for in the store. I love comparison shopping and I’ve found some of the best deals that way!
by Jimmy, on April 9 2012 @ 12:10 am
Twitter: jimmyloram
GREAT tips and a great article. I have an excel spreadsheet I try to keep up to date. That way there won’t be “too much month at the end of the money!”
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by Sally K Witt, on April 9 2012 @ 2:28 pm
Excellent tips Joanne! Most people have had to learn new skills in saving money in this economy. Thanks for the post.
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