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Saving
Smart Spending Tips
- Devise and execute a
spending-plan.
- Stop use of all credit cards.
- Close credit card accounts by returning
charge cards to issuers along with a letter terminating charging privileges.
- Do not take on new debts - including
a "consolidation loan".
- Pay yourself first. Set up a separate
savings account once you get paid and immediately transfer a portion (start with
5% of your regular deposit amount) to the savings account. Attempt to forget about
the account in order to prevent unnecessary withdrawals. Only access the funds upon
emergency.
- Collect and write notes on your
cash purchase receipts. This will help you track spending and raise awareness of
your spending habits.
- Closely examine all expenses looking
for ways to increase value or save money.
- Sell items that are losing value.
- Put all extra income towards paying
off debts.
- Maintain written account of all
income and expenses, especially cash.
- Review all insurance coverage for
duplication, raise deductibles, etc.
- Begin saving one dollar-a-day and
all pocket change, everyday.
- Review spending practices and habits,
begin comparison shopping, etc.
- Wait for sales. Comparison shopping
can save you more than 50 percent.
- Make two shopping trips. The first
trip compare prices, value, etc. Avoid carrying credit cards, too much cash or a
checkbook on the shopping trips. The second trip is when you will actually make
the purchase after having determined the best value.
- Use coupons wherever possible and
send in for rebates.
- Take advantage of consignment shops,
rebuilt, and used items.
- Start doing things yourself and
do not pay for services you can perform.
- Have weekly meetings on how to improve
spending habits with family members.
- Make getting out of debt a family
activity.
