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.
