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Do you feel uncomfortable when you are in dire need of money but have no money? Regardless of how much or how little money you have, smart spending is essential because it allows you to effectively use your money. Follow the suggestions below to cut spending and adopt a more efficient way of shopping.
Steps
Basic Spending Principles
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Develop a budget plan. Review your expenses and sources of income for an overview. Keep receipts or expenses in a notebook every time you shop. Review your bills each month and add them up to build a budget.
- Sort your purchases by category (food, clothing, entertainment, etc.). The category with the highest spending for the month (or items that you consider unusually high) may be the right target to cut back.
- Once you’ve reviewed your shopping status, set a monthly (weekly) limit to shop for each of those categories. Make sure your total budget is less than your income for the same period and that the rest is used for savings if possible.
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Develop a shopping plan. Inspirational shopping can inflate your spending. Write down what to buy when you are at home retreat.
- Do a preliminary price survey before going on a real shopping spree. Record the prices of items to be purchased at one or more stores. Return home without buying anything and decide what to buy on the second trip, the “real” one. [1] X Research Resources The less time you focus and spend in the store, the less you will spend. [2] X Research Source
- If you treat every purchase as an important decision, you will make better decisions. [3] X Research Sources
- Do not accept samples or try something for fun. Even if you don’t intend to buy, the feeling after trying it out can convince you to buy immediately instead of spending time thinking about it. [4] X Research Sources
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Avoid impulse purchases. If shopping planning is a good thing, impulse buying is a bad thing. Follow the steps below to avoid ineffective shopping:
- Don’t shop just for fun. If you buy because of the joy of shopping, you will definitely buy too many things that you don’t need. [5] X Research Sources
- Don’t shop when you’re not awake. Alcohol, drugs or lack of sleep [6] X Sources of study may impair decision making. Even shopping when hungry or when listening to loud music [7] X Research sources is a bad idea because you may not follow your shopping list.
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Go shopping alone. Children, friends who love to shop, or even friends who have a taste for shopping you like can also make you shop more. [8] X Research Sources
- Didn’t hear anything from the salesman. If you need to find out, politely listen to their advice but ignore all buying advice. If they don’t leave you alone, leave the store and come back to buy later.
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Please pay in full in cash. Credit and debit cards stimulate you to spend more for two reasons: You can spend more than you have, and because there’s no real money changing hands, the mind won’t consider buying and selling “real” “. Likewise, paying in installments or installments will make it difficult to see how much you’re spending. [9] X Research Source
- Don’t carry more money than you need, because if you don’t have extra money, you won’t spend more. [10] X Research Source Similarly, withdraw money weekly according to your pre-calculated weekly budget from your ATM card rather than withdrawing whenever you run out of money.
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Don’t be fooled by marketing schemes. External factors often influence what we buy. Be careful and try to understand all the reasons you get hooked on a product.
- Don’t buy something just for the sake of advertising. Don’t rely too much on advertising, whether on television or on product packaging [11] X Research Source . They are designed to stimulate you to shop without providing you with a total selection of options.
- You also shouldn’t buy something just because it’s on sale. [12] X Research Sources Coupons and sales are great for products you’re about to buy, but buying unnecessary things like that for 50% off won’t save your pocket money. your!
- Be aware of pricing tricks. It should be understood that the price of “1.99” dollars is “2” dollars. Product reviews should be based on actual value, not on a bargain compared to other products from the same company. (By comparing “worse” products, you may be tempted to pay more for utilities you don’t really need.)
- Don’t automatically buy an average-priced product in a category. Professional marketers know that if they want you to buy a high-priced product instead of a low-priced product, they can influence your decision by adding super-high-priced products to make it more appealing. The other product seems to be in the middle and reasonable price range.
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Wait for promotions and discounts. If you know you need a product but don’t need it urgently, wait until it shows up at the discount box or try to find a discount coupon.
- Only use coupons or take advantage of the sale on products you really need or decided to buy before the sale. The lure of discounts makes it easy for customers to buy things they don’t really need.
- Buy certain products during off-season. A jacket will be much cheaper if you buy it in the summer.
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Self-study. Before buying expensive products, search online or read consumer reports to find the best product at the cheapest price. Find products within your affordability that fit your needs and are durable.
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Calculate all costs. You may pay more than the price on the label for high-priced products. Read the fine print and add up the total amount before making a decision.
- Don’t be fooled by installment payments. Calculate the total you will pay (monthly payments x total months) to find the cheapest option.
- If you have debt, calculate the total interest you will have to pay.
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You should buy yourself some cheap gifts from time to time. This may seem counterintuitive (Is this buying something you don’t need?), but actually giving yourself a reward will make it easier to stick to your plan. Because when you try not to spend on unnecessary things, you can end up “breaking” that and spending more than usual. [13] X Research Source
- Set aside a small amount of money in your budget for these expenses. The goal is to boost morale and prevent potential overswinging.
- If you often buy yourself expensive items, reduce it. Take a bath at home instead of going to the spa, or borrow a movie from the library instead of going to the theater.
Spending on Clothes
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Buy only what you really need. Take a look at your wardrobe to see what you already have. Sell or give away things you don’t wear or no longer fit to get a better picture of your condition.
- Cleaning out the closet is not an excuse to buy a new one. The goal here is to figure out which clothes you already have and which you need to buy more.
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Know when to buy for quality. It is unwise to buy the most expensive branded socks because they will tear quickly. However, spending money on better, more durable shoes will save you money in the long run.
- Remember that price does not equate to quality. Look for the most durable brand rather than the most expensive one.
- Similarly, wait until the item you need is on sale if possible. And remember, don’t use discounts to justify buying something you don’t need.
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Shop at a thrift store. Some second hand shops have very good items. At the very least, you can buy some basic items for a fraction of the price of new items.
- Second-hand stores in areas with a lot of rich people often receive high-quality gifts.
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If you can’t find it in a thrift store, buy cheap similar items. Sometimes brand doesn’t go hand in hand with quality.
Food and Drink Spending
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Create a menu for the week and a shopping list. Once you have a food budget, write down in advance what you will eat and what you need to buy at the store.
- This will not only prevent you from buying on impulse at the store, but it will also prevent leftovers from being wasted – a huge expense for many families. [14] X Source of Research If you find that you are also throwing away leftovers, reduce the amount of cooking.
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Learn money-saving tips with food. There are many ways to save money when shopping for food, from buying in bulk to knowing when products are on sale during the day.
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Limit eating in restaurants as much as possible. Eating out is a lot more expensive than cooking for yourself, and eating out shouldn’t be the result of a frenzy of someone trying to save money.
- Instead, make your own food at home and bring it with you to eat at work or class.
- Bring water from home instead of paying for it.
- Likewise, if you drink coffee regularly, buy a coffee maker and save money by taking your coffee out.
Smart Money Saving
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Save money. Smart spending always goes hand in hand with saving. Put as much of your savings as you can into savings accounts or reliable interest-accumulating investment tools. The more you save, the better your financial situation will be. What is the purpose of smart spending if not saving? Here are a few ideas for you to consider:
- Establish an emergency fund.
- Open a Roth IRA or 401(k) account.
- Avoid unnecessary fees.
- Make a meal plan for each week.
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Eliminate costly habits. Bad habits like smoking, drinking or gambling can cost you all your savings. Getting rid of these habits is essential for both your wallet and your health.
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Don’t buy things you don’t need. If you are unsure, ask yourself the following questions. If you can’t answer “yes” to all of them, then obviously you shouldn’t spend your money.
- Will I use it often? Make sure you drink all of the milk before it goes bad or you wear your skirts often, not a couple of times.
- Am I missing something that has the same intended use? Look out for products where functionality can be replaced by what you already have. [15] X Research Resources You don’t need super-specialist kitchen tools or a set of workout clothes, while sweatpants and t-shirts are interchangeable. [16] X Research Source
- Will this product make my life better? It’s a complicated question, but buying products that encourage “bad habits” or distract you from important parts of your life should be avoided.
- Will I miss this product if I don’t buy it?
- Would buying it make me happy?
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Get rid of some unnecessary pleasures. If you have a gym card that doesn’t work out, don’t buy a new one. Does an impulsive spender use up items after purchase? If not, sell it. Put your money and effort into areas that you are truly passionate about.
Advice
- It’s easier to stick to a budget plan if the entire family is committed to it.
- Look for utilities and insurance on a regular basis. Many services (phone, internet, cable or satellite TV, etc.) offer great deals to new customers. If you know how to switch between companies, you can always pay less. (Some phone companies will pay your old company a cancellation fee if you switch to their service.)
- When comparing two cars, calculate how much gas you will spend if you buy the less economical model (lower mileage on 1 gallon of gas) (. [17] X Source of Research)
- Don’t buy clothes that are only dry cleaned. Please check the information carefully before buying clothes. You don’t want to pay regularly for dry cleaning. [18] X Research Sources
- Many websites have a way of calculating the total cost of a car per year for the first 5 years (new). Type “cost of owning a car”. They will calculate the cost of gas, insurance, maintenance, repair, etc. Also, monitor the maintenance and read the manufacturer’s recommendations. This will save you thousands of dollars in the long run.
X
wikiHow is a “wiki” site, which means that many of the articles here are written by multiple authors. To create this article, 66 people, some of whom are anonymous, have edited and improved the article over time.
There are 14 references cited in this article that you can view at the bottom of the page.
This article has been viewed 16,150 times.
Do you feel uncomfortable when you are in dire need of money but have no money? Regardless of how much or how little money you have, smart spending is essential because it allows you to effectively use your money. Follow the suggestions below to cut spending and adopt a more efficient way of shopping.
Thank you for reading this post How to Spend Money Smartly at Tnhelearning.edu.vn You can comment, see more related articles below and hope to help you with interesting information.
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