In order to understand money we first need to understand needs and wants. Think about what you spend money on, Is it a need or is it a want?
Need: A need is something that is necessary to live and function.
Want: A want is something that can improve your quality of life.
Do you think it is important to save money? Why or why not? Personally, I believe it is imperative to save money in case of an emergency. Here are my top saving tips!
Keep Spare Change
Prep for grocery shopping
Minimize restaurant spending
Get discounts on entertainment
Map out major purchases
Restrict online shopping
Do you know what a budget is? In order to get your financial health in order, it is important to create a budget. A budget is the money you earned (INCOME) compared to the money you spend (EXPENSES) over a length of time.
Income Examples:
a paycheck from your job
gift money from a birthday, holiday, etc.
Expense Examples:
rent or mortgage payment
grocery store purchases
eating out
utilities
going to the mall
online shopping
anything you spend money on!
Have you ever purchased something without much thought? This is called impulse buying! Stores are set up to encourage impulse buying, but most of the time you do not need these items and you should say no! Examples of impulse purchases include: soda, candy, candles, pillows, etc.!
When you go to a store or go online to shop, you should consider comparison shopping: comparing products and prices in different stores before making a purchase!
For example: I did some comparison shopping at my local grocery store and I was able to find the most alarming details!
8 ounces Cheddar Cheese:
Generic: $2.19
Name Brand: $4.49
14.3 ounces Sandwich Cookies:
Generic: $2.49
Name Brand: $4.29
Although these products are only a few dollars different, imagine how much money you could save by making 10 simple swaps every week! The possibilities are endless!
Next, I am going to dive into my favorite ways to save a few dollars when you go out to eat!
Save half of your meal or share with a friend
Use coupons
Do a lunch date instead
Get the birthday discount!
Skip the coffee, tea and soda
Skip the appetizer
When you go shopping consider the following tips to save!
Check what you already have and make a list
Consider Needs and Wants
Limit your shopping trips
Stick to your list
Pay attention to prices
Use Coupons
When you save money, you may notice you start to have a little extra. I would encourage you to use your extra money to help others. I often donate money to two organizations that I am passionate about, The National Eating Disorder Association and Best Buddies New Jersey!
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