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How to Spend Your Money Wisely
We all know how important it is to save for the future. We have always been educated by our parents since we were kids about the essence of saving. But, sad to say, we grew up leaving our savings accounts empty. But all is not lost. The good news is that the act of saving is not demanding at all. Below are few things to keep in mind before you open that wallet and swipe that card again.
Don’t Be an Impulsive Buyer. Do not buy items just because they are on sale or it is offered as “Buy 1, Take 1.” Ask yourself first if you actually need those things or not. If the answer is “No,” then put the items down and walk ahead. Note the difference between a want and a need. There is no point buying things that you won’t use. Maybe you will need them in the future, but not now, so do not consider buying them at the moment. Learn to prioritize things that need to be bought first.
Use Your Credit Card Wisely. Those plastic cards are meant to be used for emergency purposes only and not as a status symbol or for showing off. In times when you run out of cash, credit cards are always reliable, as long as you are not overdrawn. Keep in mind that in purchasing items using a card, you must always be sure that you can pay your bill in one month’s time to avoid incurring interest. If possible, don’t wait for due dates to arrive before you pay the bill. If you bought an item yesterday using your card and you have the money now, then pay it at once. If you know you are going shopping, just bring enough cash for all the things you wish to buy, then leave your card at home to avoid temptation.
Your Needs First Before Wants. During pay days, going to your favorite boutique to splurge on the latest trendy clothes is very tempting. However, before you shred all your money buying luxuries, make sure that you consider first your NEEDS. These are usually the groceries, bills (water, electricity, and phone) and your monthly allowance. Allot at least 15% for your savings, then you can do whatever you want to do with the excess money you have.
Sleep it Over. If you see a very posh and pricey shoe in the mall and find it “perfect” for you, don’t buy it right away. Try scouring the mall first to look for at least a similar looking pair in a cheaper price. If, unfortunately, you still can’t get take the shoes off your head after getting blisters in your feet for strolling whole day, sleep it over. If you find yourself thinking of it for three consecutive days already, that’s the time to go for it.
Don’t Deprive Yourself. Rewarding yourself for working so hard is justifiable, so please do. Just because you are on a budgeting mode does not mean that you have to deprive yourself of things you are yearning for. Just do it a moderate way to avoid over-splurging. In buying pants, shoes or tops, visualize yourself wearing them and how you can mix and match them with different items in your wardrobe. If you find that a particular pair of shoes only goes with one of your existing outfits in the closet, think again; maybe it is not really worth buying.
Know the Difference Between an Asset and a Liability. These may sound like hardcore business terms, but they’re not. Knowing what the assets and liabilities are will help money work for you. Some are caught up with the question of what to buy first, either a house or a car. For me, a house is more worth it. A house and lot increases its value while a car depreciates in time. So the house is considered more an asset than a liability.
On the other hand, a house can also be a liability if it’s too big for you and your family. And, yes, having a credit card is a liability. Investing on an insurance company is an asset, but can also be a liability. There are lots of things to consider in acquiring properties or even purchasing something and it’s up to you and your judgment if they are worth the risk.