7 Financial Tips to Help You Save Smart and Spend Wisely

By Sarah Trell | Small Business

Many times your budget is small, but your daily needs and expenditures are high.

Whether you’re trying to cut back on your weekly expenses or save for a vacation or special item, here are 7 top money-saving tips — and a handy infographic (via SpendSmart) — to help you get the best deals and save your hard-earned cash.

  1. Create a budget using real-life terms. Instead of writing down every expense, think about the trade-off. If you are looking for a new watch, for example, calculate how many Starbucks coffees the accessory would equal – 10? 20? Or 30 lattes? By examining your purchases by your daily spending habits, you may reduce your weekly coffee intake to splurge on a new watch or a pair of athletic shoes.
  2. Get deals from your neighborhood drugstore. Your corner drugstore’s loyalty program, where you can score discounts or points when you shop, has some of the most generous rewards around. If you combine these deals with your coupons, you may double or even triple your savings on personal care products and other necessities.
  3. Make a plan to avoid credit card debt. At the end of the year, dig through all of your credit card statements to get an idea of how much money you spent last year. If you want to lower your credit card debt and curb your spending, use a prepaid debit card that will help you manage your transactions without high interest rates and exorbitant fees.
  4. Get some rest, before you spend. Before you buy a big-ticket item, such as a flat screen television or a couch, you should sleep on it. Research has shown that people spend more money when they are emotional or tired. In fact, a 12 to 24 hour delay can help you make the right decision and prevent buyer’s remorse.
  5. Start saving now for your vacation. Begin by tallying up what you spent last year on your trip and try to save that amount over the next two months. For example, if you spent $500, you could plan to save $71.50 every week for the next 7 weeks. You can either save that money to use on your vacation, or pay down the balance and interest on your credit card balances.
  6. Set up a gift fund for the holidays. Create a detailed list of every person that you want to give gifts to for the holiday season. Each month, direct a small portion of your paycheck to a private savings account. If you begin this practice at the beginning of the year, you can take advantage of the Black Friday and Cyber Monday deals in November and other before-Christmas deals that are often once-in-a-lifetime shopping steals.
  7. Spend smart online. As you begin to shop, get the best prices for daily essentials and special gifts by checking your favorite retailer’s websites for sales and coupons. Also, follow these same retailers on Facebook and Twitter so you can get the first scoop on coupons and special online-only deals. Make sure that you comparison-shop the item on two to three websites to get the best deals on shipping too!

7 Financial Tips to Help You Save Smart and Spend Wisely image spendsmart flm infographic 6a8a87d32c81d837bf9196c3abfa2a5b7 Financial Tips to Help You Save Smart and Spend Wisely

This article was syndicated from Business 2 Community: 7 Financial Tips to Help You Save Smart and Spend Wisely

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