Ways To Improve Spending Techniques and Habits

Do you always have a lot of "Misc" item on your spending list and debts incurred by your credit card?

Over here, i will share some pointers that could help you deal with them:

1. Write down all the poor spending practices you have noticed (while carrying out your budget exercise) and change!

2. Write down how you plan to bring about the changes in each area.

3. Set up a separate savings account. Once you get paid, immediately transfer a portion, say 5% of your gross pay, to this savings account and this percentage should be increased gradually. Only access the funds unless emergency. Make it harder for you to touch these funds by not getting an ATM card.

4. Do not take on new debts, unless really neccessary.

5. Put all extra income towards paying off debts.

6. Review all insurance coverage for duplication, higher deductibles, etc.

7. Begin saving all pocket change, everyday.

8. Start doing things for yourself that you paid others to do previously.

9. Obtain a minimum of three alternatives and comparison prices before purchase.
Don't buy on impulse. Put items on an impulse list and wait 30 days to purchase.

10. Pay cash for everything

11. Wait for special sales - ask retailers when sales dates are planned.

12. Use a list for grocery and household items; make sure you stick to it.

13. Don't take a casual attitude towards money because it can bring about many financial consequences in the future.

14. Maintain good records. Keep receipts and make reminders about cash spending.

These are most of the pointers that i practice in order to start my path to money management. Do share your pointers with everyone out here.