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5 Ways to Cut Spending...and Still Get to Do and Buy Cool Things
Do you want to
find ways to stretch your money, so it goes farther and is there when
you really need it? Here are some suggestions for knowing how much
money you have, how much you need for expenditures, and how to reach
your goals by cutting back on what you spend.
1. Practice self-control. To avoid making a quick decision to buy something just because you saw it featured on display or on sale:
• Make a shopping list before you leave home and stick to it.
• Before you go shopping, set a spending limit (say, $5 or $10) for
"impulse buys"—items you didn't plan to buy but that got your attention
anyway. If you are tempted to spend more than your limit, wait a few
hours or a few days and think it over.
• Limit the amount of cash you take with you. The less cash you carry,
the less you can spend and the less you lose if you misplace your
wallet.
2. Research before you buy.
To be sure you are getting a good value, especially with a big
purchase, look into the quality and the reputation of the product or
service you're considering. Read "reviews" in magazines or respected
Web sites. Talk to knowledgeable people you trust. Check other stores
or go online and compare prices. Look at similar items. This is known
as "comparison shopping," and it can lead to tremendous savings and
better quality purchases. And if you're sure you know what you want,
take advantage of store coupons and mail-in "rebates."
3. Keep track of your spending.
This helps you set and stick to limits, what many people refer to as
budgeting. "Maintaining a budget may sound scary or complicated, but it
can be as simple as having a notebook and writing down what you buy
each month," said Janet Kincaid, FDIC Senior Consumer Affairs Officer.
"Any system that helps you know how much you are spending each month is
a good thing."
Also pay attention to small amounts of money you spend. "A snack here
and a magazine there can quickly add up," said Paul Horwitz, an FDIC
Community Affairs Specialist. He suggested that, for a few weeks, you
write down every purchase in a small notebook. "You'll probably be
amazed at how much you spend without even thinking."
4. Think "used" instead of "new."
Borrow things (from the library or friends) that you don't have to own.
Pick up used games, DVDs and music at "second-hand" stores around town.
5. Take good care of what you buy. It's expensive to replace things. Think about it: Do you really want to buy the same thing twice?
Source: FDIC Consumer News
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