The truth of the matter is, different people have different income levels. For every one of us who makes enough money out there, there are the ones, who are struggling to various degrees with their finances. To some it is easy to just go out and buy whatever they want, go on multiple trips a year, buy brand new luxury vehicle, or whatever the case may be and for others they barely scrape by from pay cheque to pay cheque. However, as it would seem – no matter your income level, even if you have tons of money, it is important for people of all income levels to spend their money wisely. You can still live the life of your dreams – you can afford anything you want – just not everything.
While of course, it is up to your how you spend your money, however taking the time to think this process through as well as finding a balance between spending and saving, it is a beneficial consideration for all people. You may be at the stage in your life where you want to enjoy yourself but also want to supercharge your savings – you can do it.
So, with that being said, you have worked hard for your money and you want to spend it – here are some ideas of how you can spend and still save money at the same time.
1) Be a Comparison Shopper
When shopping it is a good idea to compare the prices between similar products and services. This is especially true, if it is a product or service that you really need. On the other hand, if it is an item that you simply want, then at least you are saving some money – and both of these can still fit into the ‘spending wisely’ column.
2) Shopping Second Hand
You can also be a smarter shopper if you look around for items that are second hand. Many times these items and products that have only been gently used and some are still in their original condition. Perusing yard sales, church bazars, visiting the many thrift stores in your area can provide you with many opportunities to find quality second hand items and spend less as you shop.
3) Watching for Sales
While some times items we need and want are time-sensitive purchases, other times you can take your time and buy something on your own timeline. In this later case, you can be on the look out for when items of interest to you go on sale. This approach to saving may also lend itself to helping you avoid impulse buying, since you may have to wait a while to make the purchase. By the time, if it isn’t really something you need or want at the point in time, you may just change your mind and decide to pass instead.
4) Making End of Season Purchases
Additionally, if you can wait until closer to the end of a particular season, you can often find items that have been reduced to sales and even clearance prices. Some seasonal items that are likely to be tagged as big sale items may include, seasonal clothing, outdoor summer furniture and equipment, winter attire and equipment, etc., and depending on the weather where you live, these items may vary. Taking advantage of these larger sales can be a great way to curb your spending at various times of the year.
Adjusting your Spending Habits
While adhering to these types of ‘shopping’ behaviours you can also adjust your overall spending habits to make sure you are continuing to spend your money wisely.
First of all, you will want to decide what is important to you. It is unrealistic to go without everything, and even if you have lower income – you can pick and choice what to buy and also what to cut out completely or at the very least minimize your purchases in that area.
Secondly, realizing that if you do make a spending mistake and you then recognize where you are going wrong, you can take a step back and try to change your behaviour. Ultimately, everyone has made a financial faux-paw at one time or another and the best option moving forward is to reassess your previous actions and learn from them.
Lastly, here is a little checklist to keep in mind when thinking about while you are in the act of shopping. I plan to keep these points in plain sight as a friendly remember of how to approach my spending on a daily basis.
1. Think – before you spend! 2. Have a budget! 3. Try to spend cash & minimize credit! 4. Spend your money wisely!
The bottom line …. even if you have money, try and be conscious of your spending and find a balance between spending and saving. I also think it is important to always keep in the back of your mind that you never know what the future will bring – and if one day you find yourself struggling financially – it is good to know you have some extra savings to keep you living comfortable and as financially stable as possible. Ultimately, I think it never hurts to continue to demonstrate responsible spending habits and self-control as these skills are sure to come in handy in a variety of personal situations over the years.
