Archive for May 15th, 2008

How To Spend Money Wisely

God expects us to have faith, but also to use common sense and wise planning in allocating the resources He has given us. The best way to manage your money and stay out of debt is to have a strategy in place before the expenses or temptations arise. Read on and learn…

Ø Find clothes on sale. Look for clearance sales at stores. Be sure to buy basic items like a long tank top, a basic t shirt, and at least 2 pairs of jeans.

Ø Find versatile footwear. Buy a pair of flip flops (black or white because they match with everything). Purchase lasting sneakers on clearance and nice going-out shoes.

Ø Avoid splurging too much at once. If you go out to the movies, for example, don’t buy movie theatre snacks. Instead, after the movie, get a milkshake or doughnut from a store nearby. (or eat first before entering the theatre)

Ø Accessorize. But accessories are costly sometimes so if you are creative, you can save money from buying accessories from the malls. You can make your own purses, bags, wallets, cell phone, and ipod cases by crocheting and knitting.

Ø Save half of each paycheck and use the other half for spending. Or divide it into three, some for spending, some for saving and some for bills. (hope I can do this)

Ø If your job does not take up all your time, get a part-time job to make more money. Even if this job is a once-a-week thing, if it means more money, go for it!

Ø Do not get a credit card unless you are under deadly circumstances. A credit card just tempts you to splurge out. (which I am guilty of)

Ø Compile a list of what you need, and what you want. Budget for it so that when your salary comes in, you can buy what is on the list. Don’t buy anything that is not on the list, though. Include food, clothes, and extras for the kids.

Ø Treat yourself when you have saved a lot of money. Instead of buying that expensive watch, you bought the cheaper one and saved yourself $300! Celebrate by going out for coffee with a friend.

Ø Ask for a pay raise if you feel you deserve one. Tell your boss why you think you deserve one, and reason fairly.

Ø Know when to limit yourself. If you are a magazine obsessed person and you buy 10 thousand magazines each month, stop! Just buy one or two of your favorite magazines.

Ø Don’t go out and spend all of your money at the pub, drinking. It is such a waste. Limit yourself to a couple of drinks or no drinks per week. Or you can just quit drinking altogether. It will surely save you a lot of money.

Ø Go through all of your old stuff, sort out a section that you don’t want and sell it. Hold a garage sale or auction off stuff on eBay. Instant cash!

Ø Buy all your stuff from Amazon or eBay. Books that are $49.95 at book shops are $2.07 there!

Ø Avoid borrowing money. It adds up to the cost. You really want something. Put it on a list, and get it next month!

Ø Limit your computer, telephone, television, radio, and electricity time.

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