Become a Careful Spender

It seems like an easy task, but saving is hard – especially in these tough economic times. You may barely have enough money to pay your bills, let alone save money for a rainy day. But, cheer up, anyone can become a thrifty spender. Here is some advice to get started.

The first thing that most families do is to create a budget. If you already have one, it may be time to re-evaluate it in light of your current financial situation. There is always some tweaking that can be done.

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For the family without a budget, have a budget-making party. Gather all your family and your bills together in one place. Cook up a few snacks and get to fixing up your finances.

After you go over the budget and see where you can tighten the belt, again calculate the amount of disposable income you have. A portion of that money can be put into a savings account. To make saving even easier, have that amount direct deposited to your savings account. You won’t even see the money. When you look at the amount of your paycheck in the bank, that money will already be safely tucked away.

Another way to save is to avoid hasty purchases. Try this. When you see something that you want to buy, give yourself at least a day or two before you make a decision. If you still want it, then make the purchase. Usually, the extra day gives you time to change your mind.
Are you trying to become better at saving and spending? I hope the tips in this article and my article on creating a family budget will help you live by a budget and still have money to put in the bank for a rainy day.