Mastering the basics of spending money

Shopping and spending money is part of our daily lives and cannot be avoided.   We can, however, shop smartly, adhere to the basics of spending and manage our finances wisely.

Here are 5 basics of spending that we can easily master:

  1. Avoid impulse purchases
    If you shop with your eyes and easily give in to impulse purchases, rather stick to the acceptable method of making a list and don’t deviate from it.Equipped with a list, your shopping is more goal orientated and quicker as you specifically look for an item and don’t merrily stroll down every aisle and look at what is on offer.  Your budget will appreciate it!

  2. Avoid peer pressure with spending
    Peer pressure has a significant influence on our decisions when shopping.  Sadly, it is proven to have a negative effect – on both your budget and self-esteem.  Do not shop with your friends or family if you are easily influenced by peer pressure – it can get you into serious debt.  Go shopping on your own and rethink whether you really need it.

  3. Do your research
    Before you start your shopping, do the necessary research online.  Look at the differences between the various manufacturers and models available for the item you are interested in buying.  You can also compare prices and even check stock availability.By doing research before you go out shopping, you not only save on fuel charges but also on time, and that is a commodity we cannot put a value on.The research will also assist you in budgeting correctly for the purchase.

  4. Budget for the day
    With the ease of swiping cards or scanning barcodes as a method of payment, it is really easy to lose track of your spending.  Whether you are out in the shopping malls, at a craft market or a festival, we all fall trap to spending way too much.The smart and easiest way to keep track of your budget is to use cash; you ensure you only have the set amount of money with you and that is it. Unfortunately, due to safety concerns, various institutions don’t accept cash any longer, and we are forced to use alternative methods of payments.This forces you to decide on a budget before leaving home and keeping track of every swipe or scan.  You can do this with the good old pen & paper method, or you can make an electronic note on your Cellphone. There are also numerous apps available to help you with this task.

  5. Quality vs. Quantity
    The age old saying of Quality is better than Quantity still rings true in most instances. Although it depends on the person and the item, it is particularly the case with more expensively priced items.  For example; the more expensive vacuum cleaner should be better value for money. Especially with regards to ease of use, more settings and attachments, warranty, after sales service, etc.The better-quality winter coat will also last for more seasons and provide a stylish look long after the cheaper jacket that lost its shape and colour.In the long-term, your budget will be in a much better state.

If you’ve fallen victim to overspending and find yourself in an enormous amount of debt, please give Debt Rescue a call.

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