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Financial Journey
(featured column)
5
Tips to Avoid Spending Money Unnecessarily
by
Karen Kuebler
It
is very easy to fall prey to purchases that are well intended, or that we
believe will provide value, only to later regret the money spent.
I know, because I’ve done it many times myself, and I consider myself
very frugal minded and conscious of unnecessary expenditures. More...
By giving yourself extra time
to consider a purchase, finding creative alternatives, and reevaluating ongoing
expenditures on a regular basis, you can add hundreds of dollars to your savings
account without feeling the least bit deprived.
The following are some
examples, including a few of my own, where you could be more thoughtful about
your spending:
- Fitness
Memberships – If you have a
membership and use it regularly, then this is a worthwhile expenditure.
However, if you are paying monthly and not utilizing your membership
more than a few times a month (or less) then it is time to consider dropping
the membership and turning to good old fashioned walking, hiking, playing
Frisbee in the park, video workouts at home, or other forms of exercise that
won’t cost you unnecessary fees.
- Magazine
subscriptions – It’s
tempting to subscribe to your favorite magazines, but if you are like me,
you could have stacks you are keeping because you feel guilty dumping them
until you’ve read them. Another
snag that has occurred when I’ve subscribed is the trap of continuing the
subscription year after year. Reevaluate
which magazines are absolutely a must for you – for example, you might
collect recipes from a particular magazine and paying to copy at the library
isn’t cost effective. However,
consider visiting the library or book store once or twice a month to get
your magazine ‘fix’ or ask your friends to pass their used ones along to
you when they are finished. Our
library sells old copies for .10-.50 cents, and sometimes I get them free at
garage sales. There are many alternatives available for you to read
magazines without the annual expenses attached.
- Special
T.V. offers – I just fell prey to this one, so I have to include
it. There were two books being
advertised for free if I purchased “now!”
They were about health and nutrition and I was extremely interested.
I placed an order through the toll free number and by the time I was
finished, the S&H was $9.95 each. I
almost said “no,” then decided that it was still cheaper than buying the
books so I proceeded with the order. The
books have been sitting in my magazine basket and I haven’t read them yet.
Be very careful about special offers on television that intrigue you,
and avoid impulse purchases. The
next day I would have probably forgotten completely about it, and would have
$20 more in my savings!
- Impulse
purchases at the checkout counter – Make a rule that you won’t
purchase anything that is not on your grocery/needs list unless you
absolutely need it and forgot to include it on the list.
It is far too easy to start browsing a magazine while waiting in line
and toss it in your basket because you didn’t finish an article you were
reading. Sometimes I’ve tossed hand lotion into my basket only
to get home and find I have lotion in various drawers and cabinets.
I also succumb to bubble gum from time to time, and my teeth really
don’t need that – although it probably makes my dentist happy!
- Window
shopping and browsing stores – I think this is a past time that
should be replaced with alternative activities. If you don’t have it written on a list, then shopping
is probably a hobby, and there are much more cost effective and/or healthier
ways to spend your time. If
this is a social activity with a friend, get creative and do something else
such as trying a new recipe, going for a walk or hike, playing a game of
cards, or working on a sewing project together.
I have a couple of friends that love to sew and we get a double
benefit by making gifts for Christmas while sharing an afternoon of visiting
and fun.
These are just a few
examples, but maybe they will get you thinking about where your weak spots or
impulse purchases might occur. I
have a little trick that helps me when I’m faced with the decision to purchase
something – if I laid the money and the item on the table, which one would I
reach for? It usually turns out that I would take the money and run!
* * *
Copyright
© 2007 by Karen Kuebler. All rights reserved. Want more
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