How to Spend Wisely?
Do you often find yourselves making it just barely by the end of the month, desperately waiting for your salary? Then you are in dire need of becoming a smart spender and planning your expenses (and savings) in a way that you always feel comfortable. Learn how to spend wisely with these tips. These tips will help you to transform yourself and be a smart spender.
1. Plan
Chalk out a rough overview regarding your needs. Classify them into ‘need to have’, ‘nice to have’ and ‘wish to have’. Separate your income into budgets for these categories accordingly. Whatever is absolutely essential must be spent on. This includes the school fee, groceries, rent, and the likes. Pay these right away so you always are assured of these basic essentials and cannot waste your precious money on a whim that is not worth it. Also, make one column for savings. As a rule, try to save at least 10% of whatever you earn for the ‘dark days’, which everyone must go through. If you plan wisely, keeping into consideration all the aspects of your needs and desires, and are realistic about the process, your monitory troubles will be planning to stay away from you.
2. Act
Once you have planned, you need to act accordingly. See some nice shoes on sale? You feel like it is a good bargain? No! Absolutely not till you have accommodated that in your budget beforehand. You will know if you will regret spending on them deep down in your gut. Think about it for just a minute before you spend on a luxury if you really can afford it, and if it is worth it. If you can, do it. After all, if it makes you feel good and actually does not land you in trouble, why not do it? It is okay to fall off the wagon once in a while as long as you recover quickly and make a mental note of avoiding potential pitfalls.
3. Celebrate
After you have been a good guy/girl and acting on your plan efficiently for a while, you deserve to pat yourself on the back and celebrate. It does not mean throwing a huge party that will burn a hole in your pocket, but anything that is comfortable. Living in debt is a terror. So, organize your funds, keep yourself aware about how to save and invest, plan your expenditure, and be a smart spender. Life is a lot more fun when you don’t have to worry about money.
