August 25, 2012
The Right Way to Spend and Save
Don’t Go Broke
When planning a budget, many people tend to overlook how much money can be
wasted on minor purchases over a long period of time. Because many of the
things that people buy are only a couple of dollars, they tend to view them as
inexpensive necessities.
However, these small amounts can quickly add up, and they can lead to major
financial problems such as overdrawn accounts and missed bill payments. In
fact, it is very common for a person to look over their bank statement and
wonder where all their money has gone. Therefore, anyone who is wishing to
avoid these kinds of issues should
pay
careful attention to several areas of possible overspending.
Coffee and Lunch
A common area where people tend to waste money is on convenience store items
such as coffee, soft drinks and snacks. During the hectic morning rush,
stopping off at a drive-thru for a quick coffee or breakfast can seem so
simple. However, when a person does this every day, they can soon discover
that the convenience comes at a great cost.
If they also factor in lunches, then much of their paycheck can be spent on
just eating during the course of their workday. When possible, coffee and tea
can be prepared at home. Lunches can also be packed the night before in order
to avoid going out to eat. Another great way to save on this area is to bring
leftovers from the night before.
Bank Fees and Overdraft Charges
Many people also do not always consider how much money they lose on bank
fees, overdraft charges and the interest charged on their credit cards. When
possible, a person should try to withdraw their funds from an approved ATM that
includes a lower fee for transactions.
Many banks also charge for teller services. Therefore, taking advantage of
online services can often help a person to save money. Finally, credit card
interest can be another area where people can make significant changes to save
money. By taking advantage of
low interest credit card
offers, consumers can be sure that they are getting the best rates.
Eliminating Expenses
In order to cut down on these small charges, a person will want to analyze
their bank statements to discover where their money is going.
Basic checking accounts
include a monthly statement that can be either mailed to their house or viewed
online.
Paying attention to every purchase that is made is the key to successful
finance management. By budgeting and spending carefully, a person can begin to
take back control of their bank accounts. Eliminating small purchases that
can be avoided is a great way to begin to improve one’s financial standing.
Disclaimer: This post is not written by me. I received a compensation in publishing this article on The Coffee Chic.
Thanks for the reminders..Actually, I'm penny pinching lately because I spent too much this year :(. I've been controlling myself not to shop up until my bday this Nov. and for Christmas. Yay!
I'm saving for Christmas! Hihihi Time to start making sacrifices. LOL
Good read and sound tips.
Thank you for the visit!
Thanks for sharing, Algene. Hahay! I really need to bear in mind all these tips. Lagi nalang akong BROKE. LOL!
I give advices but I also go broke.. most of the time. LOL
good tips, thanks for sharing.
You're welcome!