Spending money wisely means having to think before making a purchase. It means making the most of the money you have coming in and not being an impulsive or compulsive shopper. It rids you of buyer’s remorse and helps you to control your financial destiny.
RELATED: Avoiding Dumb Debt at All Costs
Avoid Buyer’s Remorse – 7 Tips to Spending Money Wisely
Here Are a Few Tips to Help You to Be a Wise Spender
1. Comparison shop. When purchasing big-ticket items compare prices, quality, and other details specific to the item. Is it good value? Consider whether it is an item you need or is it just a want?
2. When buying groceries always use a list to avoid impulse purchases. Do not shop when you are hungry as you will tend to buy more, particularly in the line of junk foods and snacks. Make a regular trip to the store and don’t rush out for purchases in between those times.
3. Make your grocery shopping list when the special deal sheet comes in the mailbox for the week. Yes, your junk mail can be handy….use it to check for groceries that you need that week or for groceries that you usually buy. List the specials along with the price and you will have an idea of how much you will be spending on your groceries that week.
4. Use cash as much as possible and avoid adding your purchase to the credit card. Save for the purchase, it will give you greater satisfaction.
5. Be aware of the “limited time only” offers, or as it’s known in internet marketing the OTO. These are designed to help you to spend your money TODAY. Think before you jump in with a “must-have it” frame of mind. Would you buy it as a normal course of events or is it because you think you will lose out on it and not see this deal again?
6. Keep your financial records up to date. Record the checks you write and deduct the sum from the balance you have in your account. Keep a running total so that you know what your finances look like and know that there is money available to cover the checks you write.
7. Always pay your bills on time. Penalty fees and interest charges will add to your expenses and increase any debt.
These are only a few pointers to help you to start spending your money wisely, avoid compulsive shopping and avoid buyer’s remorse.
Only you can change any bad habits that may have formed over time and if you do become a wise shopper you will be more in control of your financial destiny.