We live in a very materialistic world. We have found ways to work for the money, but haven’t really made money work for us. Those who have made money work from them are those who can afford not to work and still be able to live comfortably.
If you aren’t one of those people, don’t beat up yourself too much because of it. As with all habits, the habit of wise spending can be learned. Yes, old habits die hard, but it can die, we just need a little more discipline and perseverance.
1. Learn to understand the money doesn’t grow on trees. If you have children, you need to make them understand that. If they “want” something – a video game or toy, it would not hurt for them to work for it. You can make them do chores around the house, or have it as an incentive for good grades at school or reinforcement for good behavior. Chances are, the time spent working to get the money to buy toys will let the “want” feeling wane.
2. Learn to budget. This is a tool to handle your finances by controlling your spending in a way there is enough money to pay the bills, have some extra to put aside for savings and future expenses.
We can’t help spend money. Money is used to pay for our necessities and little pleasures in life. What we need is to develop how to spend money wisely. Here are some tips:
1. Avoid impulse buying. Avoid shopping when you are stressed or depressed, as you might find it therapeutic to buy stuff you don’t actually need because it helps alleviate your sadness. If you see something you like to buy, think twice, thrice before buying it. Ever heard of the saying, “Sleep on it”? It would be best to do that especially if you are buying a “want” and not necessarily a “need.” You can always ask this question, “Can I live without it?” – chances are, the answer will be a Yes, and you can save yourself buyer’s remorse.
2. Practice comparison buying. Shopping online lets you check out different stores and compare prizes. These days, stores can offer you a lower deal when you let them know that you are looking around for the best price before buying.
3. Sale items are not ALWAYS good buys. Are you one of those people whose eyes light up when they see the word “SALE” on stores or shopping web sites? Here’s a bit of sales marketing strategy for consumers: Stores use the word “Sale” a lot to attract customers. An item may be marked down for a price now, but it wasn’t the same price it used to sell for. You can always see this offer in food or restaurants. They have this strategy to offer combo meals, which include drinks and a meal, selling it off as cheaper, when they have just increased prices on everything.