Wednesday, April 30, 2008

Spending your money wisely

We all have something that we spend more money than necessary on. Some spend it on chocolate, some on shopping, some can't get enough shoes and some spend all their money sitting around poker tables playing poker. All of us have something that we could economize on.

Living in a country where poverty is close I can see how people are affected by their unwise spendings. Brazil has a system that you can divide your spendings over a few months with some interest fees on top of that. So what actually happens is that usually you pay double. The stores use this tactic all the time; they try to convince you to divide it in several times and tell you it's not much at all. However if you pay "a vista" - cash, you can usually get a nice little discount.

Living this way has also made me very economical and I now know how to economize well. Unfortunately there is no rebate system or coupon system here to use so you will have to do some investigating before buying. I have done detailed investigating when it comes to food and house supplies and today I have a good insight in where to shop and where not to.

So how do you spend your money wisely?
Well the first thing to do is to valuate what you buy and how much you spend. Keeping track on what you buy will help you figure out where your money goes. Yes, it is a very boring and easy to forget task but it will help you. You might think that one tiny chocolate won't do no harm but it can if you continue to spend $1 a day on chocolate. At the end of the year you could instead have $365 to spend on Christmas gifts or something nicer. I know what I'd rather do...

My best tip is actually to cut down on food expenses, go through everything you have at home and make monthly trips to the supermarket instead of weekly. Buy fresh vegetables and milk when needed but leave the rest. This is what we do and I don't even want to think about how much we would spend if we shopped weekly.

Have a great savings tip? Tell in the comments!

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2 comments:

Beth said...

I love that you pointed out that by cutting out buying an extra each day (for example, chocolate, as you mentioned) you can save a lot of money over the course of a few months or a year. Not buying a cup of coffee or a bottle of soda sure will add up!

Thankfully, there are lots of coupons I can use for my grocery shopping. But I do try to save money by buying less expensive brands and only buying what I actually need.

Flexible Working Life said...

See, I get what you're saying, but I actually find that I save money by shopping frequently and using cash. I buy what I need for that day and don't end up with a load of wasted food at the end of the week. And if I use the green stuff, rather than a card, it makes me spend less!

 

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