SAVING YOURSELF FROM UNNECESSARY SPENDING

If you are planning to save a hefty amount of cash then make sure that you keep control on your expenses. You should always remember this quote “To have money is good; to have control of money is better”. If you have a habit of reckless spending then you might get trapped in to the maze of debt. The following ways would help you to put a bridle on your expenses.

So these are the few tips that would help you to save money from unnecessary spending. Follow these steps in order to make your future financially secured:

1. Avoid using plastic money: Plastic money is basically hassle free so people are fond of displaying it in their wallet. The card tempts you to indulge in to extravagance. If you want to curtail the habit of over expenses then make sure that you avoid the use of card and keep a limited amount of cash. You can get a basic idea of the amount you have spent. The card allures

you to spend more because you can’t see the cash virtually slipping out of your wallet. While using credit card our desires increase and we often go beyond our budget. In this way we tend to buy things that are unaffordable and that paves the path for incurring debt.

2. Make a list of all your expenses: You can avoid unnecessary spending if you make a list of all the required items. You might buy redundant things if you fail to make a proper plan. Impulse buyers often pick up stuffs that are hardly used by them. Extreme urge for shopping often force us to exceed our budget. In this way we burden ourselves with debt. Making a list would help the reckless shoppers to have a control over their shopping spree.

3. “Spend nothing” day: Dedicate a day in a week where you can put a bridle on your spending habits. Other than your basic expenses make sure that you do not buy anything. Carry a small amount of cash when you are heading for office as that would control your urge for spending. Avoid keeping your credit card in your wallet as that might tempt you to dissuade from your plan.

4. Maintain a spreadsheet for you expenditure: If you keep a record of your daily expenses then it would be easier for you to prepare a budget. Incorporate in your list the time, place, cost and the quantity of the things you bought. Once you jot down your expenses then it would be easier to track down where the money is actually draining.

5. Avoid e-stores and Websites: Few stores and websites allure you to buy online and we get easily tempted by the offers they display. If you cannot restrain yourself from reckless spending then it would be advisable to avoid browsing these websites. You can keep yourself engaged in some other activities in case you are looking for ways to resist your desires. It won’t be difficult to spend dollars in a day but it takes time to earn that money. You can block your browser if you think the offer given by the website is irresistible.

6 Tips For Surviving Christmas WITH YOUR CREDIT Intact

Here are ten tips to surviving the holiday season without killing your credit card:

1. Be creative and brainstorm. Sit down and think of an appropriate gift. Some gifts are thoughtful and don’t cost much. If possible, think of a theme for everyone.

2. Prepare a budget. Yep, with all the glitter and feel good / feel bad factor, you can get carried away to buy an expensive gift to feel good/redeem yourself with family and friends if you have hurt some feelings along the year. Saying sorry and meaning it, is much cheaper! Bring along a list and calculator to total up your shopping.

3. Take stock. Before you go shopping, look around your house for gifts or items that you might have bought earlier and never use! You’d be surprised at what you have. Vouchers and other items your received from annual dinners etc make good gifts.

4. Give away used stuff. Not that old shirt or blanket but you might have a special item that you’ve not used in along time and might not use again. Like a family treasure, if might just be the right time to let someone else in your family enjoy the treasure. After all, it is a season of giving.

5. Shop at one go. Go to a place you can get almost everything in one go. By looking through your budget that you made up plus with a shopping list, you can scout around and total up how much you are going to spend. If you are over budget, you can cut down on other items across the board without having a too expensive gift for someone and a too cheap gift for another. Then you might be tempted to be “fair” and justify yourself to spend above when you can’t get an item for another person.

6. Leave the credit card at home. If you have a hard time sticking to a budget, leave your credit card at home and bring cash. Yep, pulling a stack of note and counting it off for the cashier have a psychological effect. Trust me, it has an impact on your spending.

7 Ways To Have More Money

I know of a couple, with a combined take home pay of almost 8,000 a month. But this couple barely have any savings at the end of each month! And I wondered how can that be? Asking them further, I found that their expenses on some items are much higher and I thought that if they can cut back or made better decisions, they would not be in the mess they are in not.

Here are some common expenses that I think would drain our income if we are not careful and I’ve listed them here.

1. Transportation. Yes we need transportation to get about, but a car might not be the best way to do it. Cars cost a lot to buy and to maintain. They also depreciate like there is no tomorrow.

To check if your cars are costing you too much hard earned cash, total up your car expenses in a month and compared to other expenses. Find out the percentage of car expenses versus other expenses. If it is way to high, then it is time to cut back.

Tip – If you can, delay buying a car as much as possible. If you really need a car, try to just have one for the family. Avoid have several of them as much as possible. If you really must own a car, see the next point.

2. Buy a used car. If you really need a car consider a used car. A 1 or 2 year old model would have depreciated some 30% or more off the new car prices. Down payment, installment payment, and insurance premiums will also be much lower. Choose wisely for model that is cheap to run.

3. Think Before You Subscribe. Nowadays, there are many promotions for various memberships and services. They tempt people to join with zero or low entry cost to join. For example gym or health club memberships. Many sign up for yearly subscription and don’t bother to use the membership after several months. Instead, sign up for a short a period to try and see if you would really use the facilities before signing up for a longer period.

4. Reduce mobile phone charges. Unless your company pays for the bills, mobile phone expenses can quickly escalate. I’ve seen office based people who do not do any sales or marketing, that requires them to call using their handphones, have mobile phone bills higher than my friends who are in sales!! If you cannot control your phone calls, try a prepaid service rather than a post-paid service because everytime you take out money to reload, you’ll feel the pinch.

Today, mobile phone companies come up with various ways to get you to spend more with musical ring tones, news downloads and sports update. These fancy services increases your mobile phone bills too.

5. Shop online. You can get most things from online and get a good bargain. Many online shops keep cost low by having low rental and advertising cost, but check the mailing charges.

6. Do your shopping off season. In many instances, when you are buying things at the end of season or clearance sale, you can get very good discounts.

7. Turn your hobby into a business. Almost everyone have a hobby or specialized knowledge of a topic. Be creative and turn it into an income source. If you are good with a computer or software, start a related part time business. You can help to repair, trouble shoot and maintain computers.

The bottom line is this. It’s Not What You Make, It’s What You Spend.