6 Tips on how to save money

Spending money is fun isn’t it? Don’t worry, I completely agree. It surely doesn’t take nearly as long spending your money than what it does making it. However, are you prepared for a rainy day? A flat tire? A surprise bill appearing out of nowhere? I can guarantee you; you are not alone and there are many people out there who are not prepared financially. 

Here are 6 tips on how to stop wasting money and learn how to take control of your spending’s:

Remember that it is okay to not buy anything.
Most of us like to buy one or more items whilst shopping. That way we feel peace of mind that we haven’t wasted our time. You may also feel a little thrill by making a new purchase. However, that is not always the smartest way around it. Remembering that it is okay to just have a browse and walk out empty handed, is more of an achievement than spending money on an item you may or may use. Salespeople are there to sell, don’t let them pressure or coerce you. Ask yourself if you really need it.

Buy something for all the right reasons.
When shopping, buy something for all the right reasons. Don’t just walk in and spend money on unnecessary items. Ask yourself, do you need it or do you want it?

Do quick maths as a reality check.
Add up all your savings quickly in your head or by using your calculator on your phone. Deduct all upcoming bills and daily living expenses and see how much you are left with. Is there enough to spend on items you do not necessarily need?

Turn off your temptation
Turn off all temptations to buy that nice blouse or that pair of jeans. Just because an item is nice and you may like it, that does not mean you need it. Remember, there will always be sales, the key is to resist the urge to buy those seemingly great bargains.

Plan and play the waiting game.
Have a look around for about 20 minutes or so after finding something you like. Do you still like the item as much as when you first saw it? Ask yourself questions like; Can I see myself wearing that? Can I see myself using that item? If there is hesitation or you feel the answer is no, then you just answered your own question.

Buy only what you need, right now.
Buy items that are required now, not what you want for the future. Do not let your imagination get the better of you or divert from the cost and practicality of the item. Ask yourself if you will be using the item in the near future? If you answer no, pass.

Resist the lure
Words like Sale, Half Price or Closing down sale, have only one purpose, to get you through the doors. Sure, you may find yourself a great deal, but you often purchase other items at the same time that might not be discounted. A lot of thought goes into enticing you to a store including music, nice smells, bright lights, and wonderful displays. Don’t be fooled, the aim is to part you with your money. If you hadn’t planned to go to the shop, ask yourself if you really need to. 

Overall, by taking a step back and questioning yourself, this may save you from spending more money than what is required. Trust your responses and gut feelings when it comes to purchasing or spending money. Remember, there may be a rainy day appearing before you know it, and before you can be prepared.

The Money Edge | Peyton King | Bundaberg