Become a Smart Spender

When it comes to money, most people wonder if they are doing a good enough job saving the right amount of money. But saving isn’t the only factor – we can’t forget about the money we are spending. While there may not be an exact plan that works for every person, there are some guidelines to follow to become a smart spender.

Before you spend, think! There are so many questions we can ask ourselves that can really save us some cash at the end of the day. Do I really want it or need it? Is there something else I would rather spend my money on later? Putting time and thought into your purchases, especially the larger ones, will help you avoid debt and regret later.

Is your closet organized? Mine is not, and that has caused me to buy multiple black sweaters for work, too many pairs of socks, and an embarrassing amount of yoga pants. If my closet was organized before I went shopping, I wouldn’t have spent my money on things that I already had. It is really important to know what you have, so you don’t spend money on unnecessary items. This tip goes for grocery shopping too, not just clothes. Check out your fridge and cabinets before you head to the grocery store.

Using cash can also help us become smart about the money we are spending. Seeing actual cash leave your wallet will really open your eyes about what you spend your money on. Personally, I didn’t realize how much money I was spending on iced coffees until I used cash. Needless to say, I have started drinking office-supplied coffee more often.

Sometimes, we are so excited to buy something that we don’t wait for it to be on sale or find out if it’s cheaper at another store. If you do some shopping around, you will often find what you want at a lower price. My sister is known to go grocery shopping at two different stores, because she knows that certain things are less expensive at certain stores. Her four kids eat a lot, so this is definitely a smart thing for her to do.

Finally, review your spending more often. If you use your debit card, check your account history regularly to see where your money is going. If you use cash, write down what you spend it on.

We work hard to earn our money, so it’s important that we learn how to be smart about spending it. Try out these tips in your daily life, and see how much less you spend. Do you have any other tips on smart spending? Let us know in the comments!

One Response to “Become a Smart Spender

  • Eileen Haley
    2 years ago

    Great information Kaelagh! Especially for those young people who are just starting to work. Good habits early on are very important!

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