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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.
- 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.
- 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”.
- 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 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.”
- Think
“used” instead of “new”.
Borrow things (from the library
or friends) that you don’t 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?
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