This Season Be A Wise Consumer

Sometimes it’s tough to stick with a spending plan. To help ensure that you stay within your budget, cut expenses by being a wise consumer. Here are some tips:

• Look for ways to reduce spending. Consider a less costly telephone plan, use coupons when you shop, or eat out less.
• Search for the best buy. Sometimes it’s better to spend time than money.
• Be aware of where your money is going and plan ahead to better handle unexpected expenses.
• Look for free items. Borrow books, CDs, and videotapes from the library versus buying (or renting) them. Workout at home or use public exercise facilities instead of getting an expensive health club membership.
• Consider shopping at thrift shops, consignments shops and other places that sell used items.
• Don’t pay for services you can do yourself.
• Say no to impulse shopping. Ask yourself if you really need this item or if there something else you want more.
• If you can, avoid using credit cards since buying on credit ties up future income.
• Watch out for money drainers – items that you buy on a regular basis that can eat up a sizable part of your income. For example, 50 cents a day for a can of soda can add up to more than $125 a year. Think about things you buy regularly that may be money drainers (such as snacks, magazines, etc.) Consider saving that money for something else.

To learn more about managing your money, please visit our Money Basics course.

Reprint from 2007, authored by Kelly