Be a wiser spender in 6 steps

Posted on Nov 4, 2014 in Budgeting

Be a wiser spender in 6 steps

 

Yahoo! SHE (Philippines)
 

Consumer Tips : Smart Shopper

 

money

Philippine’s money

 

It’s always a good idea to pick up good habits. When it comes to spending, we could all use some tips to better our practices.

Here are some that we hope will last you well beyond next payday.

1. Buy for quality, not cost

If you’re someone who frequently buys lesser-quality items because of the cheaper price tag, then consider how much you’re actually saving in the long run. An expensive pair of shoes might last you a lifetime, whereas you might have to keep replacing the more affordable pair that is poorly made.

2. Keep detailed track of your expenses

For some people, checking bank statements from time to time is how they track finances. But keeping tabs on where money goes—how much do you really spend on eating out per week?—is key to understanding the bigger picture of how to save up. Download free apps like Expense Manager on your Android to help with the budgeting process.

3. Find alternatives

Once you see where you spend most of your money (aside from rent or car payments), come up with alternatives to curb the costs. Are you burning a hole in your wallet because of multiple overpriced nights-out with the girls? Try hosting a wine night instead and asking everyone to observe KKB.

4. Become less dependent on credit

You’ve probably heard this a million times from your mom, but there’s a reason. Relying on credit cards can get you in trouble if you’re not 100 percent on top of your finances. Give yourself a trial period where you pay only in cash or with a debit card so you have more control over your spending decisions.

5. Do your research

Chances are that if you find something in a store that you want right then and there, you can find it elsewhere for cheaper. Even if it’s not the exact same item, you can usually find something similar in department stores on sale.

6. Wait it out

We’re all guilty of impulse-shopping from time to time. The next time you see something you think you really want, wait it out for a few days or weeks. You might find that you don’t need it after all – or even score it on sale.

 

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