We are so bothered about getting our salaries on time. While some of us are careful about getting the rewards of our investments on time. But are we equally concerned about how we wisely use the money and profits that we gain?
If you want to make your spending worth the time and effort then you might want to consider reviewing your spending. Here are seven simple ways to be careful in spending:
1) Don't be a miser
You might be surprised by the mention of not being a miser, but the point here is to be making wise purchases without losing your ability to smile. Also being a miser doesn't automatically result in great savings but only delays expenses. For instance, refusing to buy new tyres for your vehicle for too long will result in yourself spending more on fuel costs. Or simply delaying going to the doctor even for serious medical issues despite having the ability to pay up, might end resulting in higher hospital bills.
2) Make a list
By making a list before you go shopping you can avoid spending money on things you never intended to buy in the first place. You can save time by knowing exactly what you need whether shopping at a store or online. Also by making a list you can estimate how much you will be spending and accordingly manage your money.
3) Stick to a budget
To ensure that you don't run out of money, always stick to a budget. I mean if you intend to buy something for 10 then you don't buy it for 20 but instead know how much you allow yourself to exceed. So at most you'd pay 11 or 12 but not more. This may initially not seem much but if you add it up for about a year you'll realise how much money was overspent.
4) Compare products and services
Always compare the rates of products and services. You can check this online or in the printed media, as some places offer discounts on the same things. This doesn't mean you compromise on quality but instead, look for it as well. For instance, if you want sturdy shoes, you can check for off-season discounts on the same brand or try checking various online and purchase as per the lowest rate while also seeing the reviews left by those who purchased such shoes.
5) Prioritise and time your spending
Never buy things on the first impulse but know how to prioritise and time up when you buy things. Suppose you have a monthly loan payment, then first ensure that you either get that payment done or allocate that specific amount of money only for the loan payment and don’t touch that. And post that after paying for all the utilities and keeping some for your savings, then go towards your purchases. That way you won’t land up in debt nor affect your financial credibility.
6) Don’t hesitate to ask an expert
You might be missing out on big savings, just because you didn’t ask an expert about how to save money on purchase of a service or product. This holds true especially in cases in which there are government laws that provide rate cuts or subsidies which you might not be able to claim such benefits unless you become aware about them by speaking to those who are experienced and knowledgeable. Most of the time it's all free advice from experts who may be from your work, friends and family. While sometimes you might have to pay a nominal fee to financial experts before going into a major purchase such as a huge mansion or simply having a second opinion with another doctor before going for any expensive surgery.
7) Reflect on your past spending and learn from it
It's a good idea to track your past spending and understand what went right and what went wrong. Whatever went wrong, try to understand why it happened and avoid it for the future. And whatever went right, keep doing that or might I even say that you improvise on it. You don’t need to be too tough on yourself but simply be objective in your reflections, so that you learn well.
Finally, I hope you do think about the above seven simple ways to be careful in your spending and then benefit from it. Keep practising them well and you will surely become an expert in spending wisely and cheerfully.