JACKSON, Miss.- Spending always seems to be easier than saving, but there are a few tips to remember if you’re trying to hold onto a little more cash each month.
When it comes to spending most people think about the essentials first, food, clothing and shelter, but that doesn’t mean, however, you have to break the bank to make those a reality. A few savings tips to remember revolve around everyday purchases.
- Don’t neglect routine vehicle maintenance. Don’t ignore squealing breaks, or a light on your dashboard blinking for maintenance. You could turn what was a $30 problem into a $600 problem. You also put yourself at risk for an accident to happen.
- Don’t always opt for the cheaper food. A bag of chips might be cheaper than a bag of apples, but for every dollar you spend on junk food, you spend another $10 on weight loss or healthcare products.
- Don’t skip your physical or cancel your insurance. Two out of three bankruptcies is due to insufficient insurance coverage. Eating right and getting your annual physical makes you less likely to have a major medical emergency. This practice could cut 40 % off of what you end up paying doctors and hospitals.
- Be careful with coupons. Just because you have a coupon for it doesn’t mean it’s a good buy for you. Most shoppers spend an extra $8 on impulse buys and luxury items for every dollar’s worth of coupons they used. Shop from a list only.
Gregory Cooley, a licensed financial adviser with Cooley and Labas Financial Advisers said the way you do your grocery shopping can largely effect how much money you waste a month.
“Never go shopping hungry, don’t take others with you, always shop from a list, and try to discipline yourself so you only buy what is on your list,” said Cooley.
He says following simple steps like this can save $40-$50 a month per household on grocery shopping.
Using cash instead of a card helps to bring the reality of the purchase home. Cooley said that when you physically have to count out the money for what you’re buying you’re psychologically connected to the purchase, whereas swiping a card is easy and painless and can often leave you wondering how much you actually spent.
If you prefer to use a credit card Cooley recommends that you daily keep tabs on your online banking account.