Have you ever done a self reflection of how you spend your money? Keep a financial journal this year by answering this question a few times a week, “what financial/money spending choices are you proud of this day?”
Always comparison shop for big items such as: major appliances, furniture, cars, lawnmowers and home renovations. Ask questions to be sure you are comparing the same features, warranties, delivery, set up costs, etc. Always ask questions for clarity.
Is your income essential for the health and security of your family? If so, consider that you are two to five times more likely to become disabled than to die during your peak working years from 32 to 55. Getting disability insurance might be a good investment for your family.
Post holiday chocolates are typically drastically discounted. Chocolates don’t go ‘bad’, they may turn white, so this is an opportunity to buy them for when you entertaining or to give them for future gifts, remove them from their holiday packaging. (HINT: chocoholics, don’t try this at home! Keeping extra chocolate around may be a hazard)
Instead of taking the escalator in the department store, take the elevator, stores display items by the escalator to tempt shoppers to go to other departments or spend more money.
Have an interest in investing in stocks and feel that it is too complicated to understand? Always consult with your financial planner, however, it’s generally recommended that you begin investing by looking at companies whose products you use or are familiar with. Then do research. It could prove to be easier and more fun if you have an interest or have a familiarity with the company and its services or products.
Do you find yourself running to the grocery store in the middle of the week because you have forgotten something? Choose a day or evening to do your meal planning, locate the needed items in your pantry or refrigerator/freezer, make your list and choose one day a week to go grocery shopping. It will save time and money, because there are fewer opportunities for impulse buying.
Take care of your shoes so that they look good and last longer. For ladies, instead of driving with high heels on, drive in flats to avoid scuffing and scratching of your shoes. For men, take off your dress shoes and drive in deck shoes or older loafers.
Pay with cash instead of using your credit card. By not using credit for purchases it can result in 30% less spent each year on wants.
Do you allow your car to idle unnecessarily? Every two minutes your engine idles, it uses about the same amount of gas driving a mile (which averages 10-50 cents/mile, depending on your vehicle and price of gas). Be conscientious of your idling habits and watch for savings at the pump.