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Debt Management

Credit Counseling

Saving Money

Shopping & Saving

Where does your money go?
 Budgeting is perhaps the best way to save and spend more wisely. To monitor your spending habits better, keep a record of the money you spend during a one month period.

Then answer the questions below:
   1. What patterns can you see in your spending habits?
   2. How do you decide what to purchase?
   3. What factors influence your purchasing decisions?

Before you spend your hard-earned money:

Tips

  • Pay yourself first. Set up a separate account for savings, and immediately transfer a portion of your salary to the account each pay period. Consider this account to be off-limits, except in the case of an emergency.
  • Apply any extra income toward paying off debts.
  • Try to save on insurance. Review your policies to avoid duplicate coverage. Consider raising your deductibles; talk to your insurance agent about other ways to save.
  • Start saving $1 per day. Save your pocket change too. You'll be surprised how quickly it adds up.
  • Don't buy on impulse. Purchase only the items you originally planned to get. Limit the amount of cash you carry as well as the number of credit cards.
  • Wait for sales, and comparison shop. You can save 50% or more by doing so.
  • Make two shopping trips before you buy. On your first trip, compare prices. Then, after you have made a thoughtful decision as to an item's price and value, go back to the store a second time and make your purchase.  
  • Use coupons and rebates as much as possible.
  • Shop at consignment shops, and consider rebuilt and pre-owned items.
  • Save money by doing things yourself. Cut your own lawn, for example, or wash your own windows.
  • Conduct family meetings each week to discuss ways that you as a family can save money and get out of debt.


     
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