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Finance and Business
Managing Your Money
Keeping Track of Your Spending

How to Spend Money Wisely

Last Updated: January 15, 2024 Approved

This article was co-authored by Andrew Lokenauth . Andrew Lokenauth is a Finance Executive who has over 15 years of experience working on Wall St. and in Tech & Start-ups. Andrew helps management teams translate their financials into actionable business decisions. He has held positions at Goldman Sachs, Citi, and JPMorgan Asset Management. He is the founder of Fluent in Finance, a firm that provides resources to help others learn to build wealth, understand the importance of investing, create a healthy budget, strategize debt pay-off, develop a retirement roadmap, and create a personalized investing plan. His insights have been quoted in Forbes, TIME, Business Insider, Nasdaq, Yahoo Finance, BankRate, and U.S. News. Andrew has a Bachelor of Business Administration Degree (BBA), Accounting and Finance from Pace University. There are 11 references cited in this article, which can be found at the bottom of the page. wikiHow marks an article as reader-approved once it receives enough positive feedback. This article received 22 testimonials and 93% of readers who voted found it helpful, earning it our reader-approved status. This article has been viewed 745,606 times.

Do you hate it when you really need money, but your wallet is empty? No matter how little or how much money you have, spending it wisely is a good idea; it enables you to get the most bang for your buck. Follow these tips to reduce expenditures in key areas and adopt a safer overall approach to shopping.

Spending Basics

Organize your purchases by category (food, clothing, entertainment, etc.). Categories with the highest monthly amounts (or monthly amounts you consider surprisingly high) may be good targets for saving money.

Make a preliminary trip before you go on your real shopping trip. Note the prices of several alternatives at one or more stores. Return home without buying anything and decide which products to buy on your second, "real" expedition. The more focused you are and the less time you spend in the store, the less you'll spend.
If you are motivated to treat each purchase as an important decision, you will make better decisions.
Do not accept free samples or try something on just for fun. Even if you don't plan on purchasing it, the experience can convince you to make a decision now instead of considering it carefully in advance.

Don't browse store windows or shop for fun. If you're only buying something because you find the act of shopping fun, you'll likely end up spending too much on stuff you don't need. [2] X Research source
Don't make purchasing decisions when your judgment is impaired. Alcohol, other drugs, or sleep deprivation [3] X Research source can harm your ability to make sensible decisions. Even shopping while hungry or listening to loud can be a bad idea if you don't stick to your shopping list.

Do not take advice from store employees. If you need a question answered, politely listen to their response but ignore any advice on purchasing decisions. If they won't leave you alone, leave the store and return later to make your decision.

Don't bring more cash with you than you need. If you don't have the extra money, you can't spend it. [5] X Research source Similarly, withdraw your weekly budget from an ATM once a week rather than filling up your wallet whenever you run out.

Don't buy something on the basis of an advertisement. Whether on television or the product's packaging, treat ads with skepticism [6] X Research source . They are designed to encourage you to spend money and will not provide an accurate portrayal of your options.
Don't purchase something just because it's reduced price. [7] X Research source Coupons and sales are great for products you were already planning to buy; purchasing something you don't need just because it's 50% off does not save money!
Be aware of pricing tricks. Translate that "$1.99" price into "$2". Judge the price of an item on its own merits, not because it's a "better deal" than another option by the same company. (By making the "worse deal" atrocious value, someone can trick you into paying more for add-ons you don't need).
Don't automatically buy the mid priced product within a category. Marketers know that if they want you to buy a high-priced product instead of a low-priced product, they can influence your decision by adding an outrageously expensive product to make the high-priced product intermediate in price and look reasonable in comparison.

Only use a coupon or take advantage of a discount for an item you absolutely need or decided to buy before the discount occurred. The attraction of a cheaper price is an easy way to get customers to buy something they don't need.
Buy products only useful at particular times of year during the offseason. A winter coat should be cheap during summer weather.

Don't be fooled by lower monthly payments. Calculate the total amount you'll spend (monthly payments x number of months until fully paid) to find out what the cheapest option is.
If you're taking out a loan, calculate how much total interest you'll have to pay.

Step 10 Give yourself occasional, inexpensive treats.

Set aside a very limited amount of money in your budget for these treats. The goal is to give yourself a small reward to keep your spirits up and prevent a giant splurge later.
If your usual methods of treating yourself are expensive, find cheaper alternatives. Take a bubble bath at home instead of going to the spa, or borrow a movie from the library instead of going to the theater.

Spending on Clothing

Step 1 Only purchase what you actually need.

Clearing out your closet is not an excuse to buy replacements. The goal is to find out what types of clothing you have enough of, and which you actually need more of.

Step 2 Know when to spend more for quality.

Remember that price doesn't guarantee quality. Research what the longest lasting brands are rather than assume the most expensive option is best.
Similarly, wait until the item you need goes on sale when possible. Remember not to use sales an excuse to purchase items you don't require.

Thrift stores in more affluent neighborhoods usually receive higher-quality donations.

Step 4 If you can't find it in a thrift store, buy cheap, generic brands.

Spending on Food and Beverages

Step 1 Compile a weekly menu and shopping list.

This will not only prevent you from making impulse buys at the grocery store, but also prevent wasting money due to food waste, a major expenditure for many people. [9] X Research source If you find yourself throwing away food, reduce the size of your planned meals.

Step 2 Learn tips for saving money on food

Pack a lunch at home instead and bring it with you to work or class.
Fill a water bottle using your tap at home instead of buying expensive bottled water.
Similarly, if you drink coffee frequently, buy a cheap French press and save money by preparing it at home.

Saving Cash Wisely

Establish an emergency fund.
Avoid unnecessary fees.
Meal plan your meals for the week

Will I use this item regularly? Make sure you'll drink all that milk before it goes bad, or that you have enough summer months left to wear that skirt more than a couple times.
Do I lack something that serves the same purpose? Beware specialized products whose role can be performed by basic items you already have. [13] X Research source You probably don't need ultra-specialized kitchen equipment, or a special workout outfit when sweatpants and a T-shirt will work just as well. [14] X Research source
Will this item change my life for the better? This is a tricky question, but purchases that encourage "bad habits" or cause you to neglect important parts of your life should be avoided.
Will I miss this item if I don't buy it?
Will this item make me happy?

Community Q&A

When comparing two cars, calculate how much more you'll spend in gas money if you buy the less efficient (lower MPG) model. [15] X Research source Thanks Helpful 0 Not Helpful 0
Avoid dry-clean only clothing. Check the tags before you purchase any clothing. You don't want to repeatedly spend money on dry cleaning. [16] X Research source Thanks Helpful 0 Not Helpful 0
Following a budget will be much easier if the entire household is committed. Thanks Helpful 6 Not Helpful 1

Tips from our Readers

Do your research before buying something new: is it worth spending the money? What's the best value you can find? Resist automatically going for the cheapest item you can find, though, since cheap stuff is usually low-quality, meaning you'll likely have to spend more money replacing it in the long run.
You can still enjoy a nice meal out while saving money. For instance, instead of paying for a drink, stick to water or hot tea and lemon, since it's typically free. Skip the appetizer, or split your food with a friend, since restaurant portions tend to be pretty big anyway.
Be cautious about who you loan money to, and try not to loan what you can't afford to lose. If friends or relatives ask you if they could borrow some money, try to keep track of what you've loaned them, and maybe come up with a payment plan with them if it's a large sum.

↑ Trent Larsen, CFP®. Certified Financial Planner. Expert Interview. 22 July 2020.
↑ http://mywifequitherjob.com/how-to-build-wealth-by-spending-money-wisely/
↑ http://www.sltrib.com/sltrib/money/56846293-79/sleep-shopping-deprivation-foods.html.csp
↑ http://www.moneycrashers.com/psychology-of-money-saving-spending-habits/
↑ http://money.howstuffworks.com/personal-finance/budgeting/10-tips-for-staying-on-budget.htm#page=2
↑ http://pbskids.org/itsmylife/money/spendingsmarts/article8.html
↑ http://money.msn.com/how-to-budget/6-habits-that-will-make-you-broke.aspx
↑ http://www.moneycrashers.com/importance-splurging-avoid-frugal-fatigue-splurges/
↑ http://www.lifehack.org/articles/money/7-ways-spend-money-wisely.html
↑ http://www.csmonitor.com/Business/Saving-Money/2012/0510/23-ways-to-save-money-on-clothes
↑ http://financialplan.about.com/od/savingmoney/a/newcarmistakes.htm

About This Article

If you want to spend money wisely, create a budget to track how much money you spend on each category, such as food, clothing, entertainment, and living expenses. Then, try to plan each purchase in advance so you know how much money you will be spending and will be able to avoid impulse purchases. When you do spend money, pay in cash to prevent overspending or interest charges for unpaid credit card balances. Whenever possible, wait for a sale to purchase big-ticket items, like a new laptop, at a discount. For tips on spending less for food and clothing and starting a savings fund, scroll down! Did this summary help you? Yes No

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How to Spend Money Wisely: 12 Hacks To Improve Your Habits

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“What’s the first thing that comes to mind when thinking of how you can improve your financial situation?”

Many people would say “spend less money.”

One way to do this is by buying something used. In fact, a study found that Americans buy 10% more new items than they did in 2008 because we have so many promotional offers available. Not only should you be trying to save some money on your purchases, but also cut all kinds of other expenses from your lifestyle and keep them at a minimum.

Usually, people spend more money than they need.

This can lead them to have less money saved or be able to afford the things they want.

However, with a few simple changes in your spending habits, you will be able to make more of what you earn and feel more satisfied.

In today’s world, it is easy to be overwhelmed by the amount of information available on how you should spend your money.

With more and more people struggling with their finances, I would like to share a few hacks that have helped me spend money wisely and simplify my life.

Also, I am going to include some simple money saving tips on how to spend less money! Do not get duped into buying things you did not plan on purchasing or spending more money than you needed to.

How to Spend Money Wisely

As you can see shortly, there are many ways to spend money wisely. Whether it be through saving, investing, or taking care of your health; with this article as a guide, you won’t have to worry about your money any longer.

This is meant to inspire people on how they can better manage their finances and live more efficiently, while still being able to get the things that they want.

Spending money wisely is a way of life, but it can be tough to know where exactly you should start.

Luckily for you, we will break down ten hacks for you to follow so that your money does not go to waste.

1. Pay Yourself First

You are probably wondering, why is saving money about how to spend money.

The first thing you should do to spend money wisely is to pay yourself first.

This could be saving for the future with an emergency fund, which can be used in case of emergencies or downturns in your financial situation. This can be done by contributing to a high-interest savings account and saving up to $1,000 or more for emergencies.

Or choose one of our money saving challenges to match your financial goals.

2. Take Care of You

You need to take care of your health, as that will improve the quality and longevity of your life.

Making wise choices on choosing quality food and healthcare may cost more money upfront, but in the long run, it will save you money on huge medical expenses.

You spend your money wisely by taking care of your health. Money spent on a gym membership, healthy food, and other medical expenses can save you even more money in the long run.

Many people love the idea of time freedom for this reason.

3. Invest in Your Future

One way to spend money wisely is by investing in your future. This might be done through a 401(k) or Roth IRA, which lets you invest pre-tax dollars and then withdraw them tax-free once you retire.

This can be a great way to save on taxes, but the money needs to stay invested for at least five years before you’re able to withdraw it without a penalty.

4. Choose Experiences

We live in a society that prizes material purchases and spending. Remember to prioritize experiences by getting outside. Not just for your health, but also on the mental and emotional levels, as well as the personal and even family levels.

Also, a plethora of benefits to spending money on experiences, not all materialism related.

Try to spend less on electronics and materialistic items that fill your home and more on experiences like travel or going out with friends.

This is a great way to spend time with your family and friends instead of buying things for them.

Related Reading: Overcome Gift Regret: Experience Gift Ideas That Do Not Go To Waste

5. Set Goals

Many of us, regardless of financial status, know that if we want to live on the right path without having our finances stress us out, then there are good habits to be followed.

Think about how much money you want to make in the next five years or ten years and make up how to get there.

Now, you need to line up your spending to make that happen.

Not sure how to set goals? Start here with making smart financial goals .

The next hack is to make a budget and stick to it, which will help you spend your money wisely by only spending what you have available in each category.

A budgeting strategy helps you develop better financial skills. These strategies are practiced in order to help prevent overspending and create a set spending plan for you.

Create a budget that includes all your expenses and then each time you get paid, put a little bit of your paycheck into each category.

7. Evaluate Your Spending

Oftentimes, we find ourselves buying items that are not necessary and just a waste of money. This hack is to evaluate what you’re spending your money on and think about whether or not you want to continue this habit.

For every purchase ask yourself if the item is worth it and what will happen if you don’t buy it.

By completing a no spend challenge , you will be amazed at the things you find out are not worth spending the money on.

8. Likeminded People

Next, you should try to spend less time with people who are going to make you feel bad about yourself.

This is a hard one but just think of the good things that will happen when you stop hanging out with people who make you feel bad.

If you are constantly around people you need to learn how to not spend money, then you will be battling upstream battle. Look for those who have the same mindset and are determined to spend money wisely.

9. Spend on Quality Over Quantity

The best way to buy quality items is to spend more money on them. Buying cheaper items has its risks, but over time it will lead to dissatisfaction with the product and waste of money.

If possible try to spend money on things that will last a long time and not just stuff like food or rent.

This concept of quality of quantity is not difficult to understand. For example, instead of owning 10 pairs of jeans that you think you need, you spend money on the two pairs of quality jeans that you love.

Because items are so cheap to pick up, it is easy to quickly fill our homes with quantity and excess stuff (plus we are spending more in the process). Instead, spend a little more and buy less of what you truly need or want.

10. Eat at Home

One way to save money is by cooking more at home and not going out to eat. You can also cut down on the amount of food you purchase, which will help you save a ton of money in the long run.

Instead of buying food that will go bad quickly or ruin your health, buy more expensive food. This way you are spending less money on the product but it is going to last longer and be better for you.

By spending money wisely, you must learn how to spend less money on food.

11. Use Tax-Advantaged Accounts

Specifically, I am talking about FSA or HSA, or dependent care FSA. This is when you set aside money each year for these purposes. Money goes into these accounts tax-free, so you are lowering your taxable income.

On how to spend FSA money, you must have the proper documentation on your plan. The same is true for how to spend HSA money.

The limits change each year on how much you can contribute to each of these plans, but the maximum you can spend tax-free is over $20,000 for a family.

This is a great trick to spend money wisely and lower the amount you owe in taxes. Just make sure to spend the amounts in the FSA each year!

12. Spend on things that add happiness to life

Personally, I have a hard time spending money. Period. This is something I am working on as we progress through our financial journey. Now, I look to spend money on ways that will improve our life or bring smiles to our faces.

Spend on things that add happiness to your life.

For example, if you’re happy with the new shoes you’ve just bought, then it’s worth spending money on them! If you love to travel, spend on travel. If you like reading fiction novels, spend on fiction novels.

Spend your money on things you enjoy and make the most of the disposable income you have.

How to Spend Money to Make Money

One of the best ways to make money is to give back. However, it takes some money to make money, which is typically frustrating to those who constantly want to make more money per year.

By selling a product or service, you are supplying them with your knowledge, advice, and understanding. Another way is through investments. Investing, while not always profitable, has companies that adhere to companies of all kinds.

One of the best ways to spend money wisely is to invest in ways to make money.

There are plenty of ways to make money and start your own business.

Here is a great book to open you up to the idea of starting your own business and the freedom with money it can bring.

Here are great ways to make money on the side:

Sell printables and make passive income!
Become a virtual assistant and make your own schedule.
Learn to get weekly paychecks when investing in the stock market .
Earn money with freelance writing on the side.
Walk dogs with Rover and get paid cash.
Drive for any of these companies and make money – Instacart , DoorDash , or Postmates .
Start a bookkeeping business on your terms.
Sell Earn easy money with flipping items Find great success with this Flea Market Flipper training.
Have kids? Then, teach them to make money with Flea Market Flippers for Kids .

It is possible to make more money on your business than you make more money in your current job or career.

How to Spend Less Money

Many of us spend too much on material items that are not actively used. This creates a situation where we have to make more purchases in order to get the same level of happiness.

The first step towards becoming frugal is deciding what you want out of your possessions, and then only buying those things which will provide you with this goal.

Here are 32 easy ways to do that!

Shop at Discount Stores: You don’t have to go all out with your shopping if you’re looking for a way to save some money. There are plenty of stores that offer great deals and you can still find some really cute clothes.
Find Online Deals : You can find deals online for just about anything. This is a great way to get the deals that you might not know about. There are so many websites out there dedicated to helping you find the best deals and coupons.
Save Money on Your Cell Phone Bill: Just because the cell phone companies want to charge an arm and a leg for service doesn’t mean you have to. There are plenty of options out there where you can find great deals on your cell phone bill without having to break the bank.
Call and Cancel Unnecessary Services: Do you really need to subscribe to cable? How about getting rid of your gym membership because you know that all the exercise won’t do anything for your weight. The truth is you don’t need a lot of these things that are costing you money. Also, try a free service like Trim or Billshark .
Buy Generic Items: Do your shopping at the grocery store and buy generic items instead of brand names for most of your purchases.
Buy in Bulk: Buy items like toilet paper, cleaning supplies, and other things in bulk to save on the cost of each individual item. This is more so for families who can buy food in bulk.
Start Couponing: This is a great way to save money. I know it’s not the most enticing offer, but if you’re looking to save money then coupons can be your best friend. You can go online and find coupons for items that are on sale at your favorite store or you can get them in the Sunday paper.
Use Public Transportation: This is a great way to save on gas and wear and tear on your car.
Get Rid of the Car: If you live in an urban area, it might be worth getting rid of the car and using public transportation or just walking instead. Or become a single-car family.
Carpooling: One of the biggest hacks that many people are unaware of is carpooling- which can save up to $1,000 per year.
Rent Things: Whether it is a video, movie, or power tools to complete a project, renting will save you money.
Use Less Electricity: Turning off lights and other electronics when they are not in use can really help!
Eat Spaghetti : Eating pasta saves money and reduces your grocery bill.
Use the Library: If you like to read, the library might be another alternative to buying books.
Borrow Books: Borrowing books from the library or your friends is a great way to read for free!
Use Online Promo Codes: Using promo codes or coupon codes on all of your online purchases will make a huge difference. Here is a great place to find promo codes and get money back on your purchases.
Eat Out Less Often: Eating out less can save money!
Eat Less Meat: Eating less meat will save on your grocery bill! There are so many wonderful delish meals made with beans!
Buy Used: If you must buy something but don’t want to spend much, consider buying used versions of the items you need. Buying used products will save money and help the environment.
Share with Friends: Sharing your belongings, like clothes or toys, can save you money.
Ask for Help: When someone offers to help you do something it’s only polite to take them up on it.
Find Used Clothing: Buying clothing used can save you a lot of money and help the environment!
Downsize Your Hobby: It’s important to live within your means. If you have an expensive hobby it may be time to scale back on the expense or find a cheaper one.
Need vs Want: Try not to spend money on things that are “needed” but not “wanted.”
Avoid Impulse Spending: Try to plan before you buy anything- think about what you need, the price of items, and if it is worth buying.
Plan Free Activities: Plan outings with friends and family, rather than going to the movies or restaurants alone.
Plan For Expensive Times: Give your friends a heads up before you go out on an expensive outing so they know it’s coming. They may be able to help cover the cost or provide a cheaper alternative. This will help everyone’s budget.
Do Your Research: Research all of your options before you make any purchase- this will allow you to get the best bang for your buck and find the best deals.
Bartering : If you must buy something, but you don’t want to spend much money on it-consider bartering with someone or buying used items instead of new ones (e.g., clothes, furniture).
Know-How You Spend Money: Keep a budget to track your spending and be aware of how much money you have left at the end of the day or week so you can plan accordingly.
Negotiate on Price: If you plan to buy something, don’t tell the retailer how much money you have until after they give their price- this can help save money and time by eliminating any final price negotiations.
Think Before You Spend: Put some thought into your purchases before you make them- this will help you make sure you really want to spend money.

How Much Money Should you Spend?

There is a lot of conflicting information on how much money should be allocated to needs vs. wants, but this takes into account what percentage of take-home pay should be spent on necessities.

Here is the Cents Plan Formula we Use at Money Bliss:

50% to Basic Expenses
20% to Savings
10% to Giving
20% to Fun Spending

So, the average person should spend 50% of their take-home pay towards needs. That means you must spend your money wisely.

Keep a list of what you spend and how much it cost.

You should have some idea of how much money you are able to spend on what. This will help you decide whether it is worth buying a thing or not before purchasing it.

Use the list to see where you can make adjustments, for example spending more time with your family or finding fun things to do with no money .

Ready to Start Spending Money Wisely?

Spending money wisely can seem complicated at times.

The key to using money wisely is understanding how you spend your cash . Spending tends to happen automatically, which can lead people down the path of overspending and debt if not monitored closely.

The affordability of happiness and satisfaction depends intensely on the money we have.

The activities we could do, and expenses we could cut out, can be often atrocious and insufficient for our expectations.

Extreme dissatisfaction and the whole time earning less than we would desire, we may feel that we need to know how to spend money wisely.

The vital hacks elaborated in this post will help to understand caring for a budget, and changing our habits to spend more wisely.

When spending money wisely, people should be aware of their habits so they can change them in order to save more and spend less on things that do not bring happiness or benefit the person’s life.

If you want to save money, spend it on something that will make your life better or more enjoyable.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Top Tips for Spending and Managing Money Wisely

You don't have to be a personal finance expert to be good with money. Anyone can take steps to develop good money habits and achieve greater financial flexibility and freedom! It all starts with understanding how to spend money wisely and how to manage your money effectively.

What Does it Mean to Spend and Manage Your Money Wisely?

Spending wisely is more than just keeping track of your bills and having a good credit report. Spending your money wisely is a way of life! Spending less than your income while continuing to pay your bills on time and in full allows you to save for future needs. Aligning your spending habits with what matters most to you will help you reach your biggest money goals.

Helpful Tips for You

Are you ready to get started on your journey to saving money and spending money wisely? Here are some helpful tips to consider:

Track your spending—every dollar! Before you can manage your money wisely, you need to understand where your money goes each month. That's why tracking your spending is so important! Save your receipts and write each purchase in a notebook. You can also use a digital tool like Money Management to track and categorize your spending. Money Management will give you a very clear picture of your spending habits, which you can use to create an accurate monthly budget .
Look for expenses to adjust, reduce or eliminate As you evaluate your spending habits, identify room for change. Some questions you may want to ask yourself include:
Do your purchasing habits match your priorities and financial goals?
Which categories could you trim to save more money?

You can save money by listing your expenses in order of importance from "must-haves" like living expenses to "nice-to-haves" like new shoes and clothes.

Give your money a purpose After you pay bills, if you don't have specific goals for your leftover income, you might end up spending the funds you have leftover at the end of the month rather than saving them. But by giving your money a dedicated purpose, you can use it to help you live the life you want to live! What goals do you have for your money? It could be boosting your emergency fund, upgrading your car, paying for a child's education, taking a dream vacation or even donating to the causes you care about. Once you have enough money saved to start putting it towards certain goals, open separate savings accounts and name them for each goal. These savings accounts will help you establish a plan for your extra money, including any additional income you receive through raises, bonuses or your tax refund.
Stay flexible Learning to develop a financially savvy plan to spend and manage money wisely takes practice. When you're first getting started, you'll probably need to adjust your budget and spending habits so that you can meet your goals. Stay flexible and try to make money management part of your daily routine—it's worth it!

For more tips on the road to financial independence and how to spend money wisely, view our Spend & Mange Wisely Brochure here .

How We at Wright-Patt Credit Union Can Help

At WPCU, we want to help you succeed in your journey to spending wisely and give you the tools you need to spend money wisely. We have a variety of helpful tools to make the process easier, including budgeting worksheets and spreadsheets , spending tips and interactive learning modules for spending and managing your money.

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Managing Your Debt

10 Simple Ways To Manage Your Money Better

Being good with money is about more than just making ends meet. Don't worry that you're not a math whiz; great math skills aren't really necessary - you just need to know basic addition and subtraction.

Life is much easier when you have good financial skills . How you spend your money impacts your credit score and the amount of debt you end up carrying. If you’re struggling with money management issues such a living paycheck to paycheck despite making more than enough money, then here are some tips to improve your financial habits.

When you’re faced with a spending decision, especially a large purchase decision, don’t just assume you can afford something. Confirm that you can actually afford it and that you haven’t already committed those funds to another expense.

That means using your budget and the balance in your checking and savings accounts to decide whether you can afford a purchase. Remember that just because the money is there doesn't mean you can make the purchase. You have also to consider the bills and expenses you'll have to pay before your next payday.

How To Manage Your Money Better

Have a budget : Many people don’t budget because they don’t want to go through what they think will be a boring process of listing out expenses, adding up numbers, and making sure everything lines up. If you’re bad with money, you don’t have room for excuses with budgeting. If all it takes to get your spending on track is a few hours working a budget each month, why wouldn’t you do it? Instead of focusing on the process of creating a budget, focus on the value that budgeting will bring to your life.
Use the budget: Your budget is useless if you make it then let it collect dust in a folder tucked away in your bookshelf or file cabinet. Refer to it often throughout the month to help guide your spending decisions. Update it as you pay bills and spend on other monthly expenses. At any given time during the month, you should have an idea of how much money you’re able to spend, considering any expenses you have left to pay.
Give yourself a limit for unbudgeted spending : A critical part of your budget is the net income or the amount of money left after you subtract your expenses from your income. If you have any money left over, you can use it for fun and entertainment, but only up to a certain amount. You can’t go crazy with this money, especially if it’s not a lot and it has to last the entire month. Before you make any big purchases, make sure it won’t interfere with anything else you have planned.
Track your spending: Small purchases here and there add up quickly, and before you know it, you’ve overspent your budget. Start tracking your spending to discover places where you may be unknowingly overspending. Save your receipts and write your purchases in a spending journal, categorizing them so you can identify areas where you have a hard time keeping your spending in check.
Don’t commit to any new recurring monthly bills : Just because your income and credit qualify you for a certain loan, doesn’t mean you should take it. Many people naively think the bank wouldn’t approve them for a credit card or loan they can’t afford. The bank only knows your income, as you’ve reported, and the debt obligations included on your credit report , not any other obligations that could prevent you from making your payments on time. It’s up to you to decide whether a monthly payment is affordable based on your income and other monthly obligations.
Make sure you’re paying the best prices : You can make the most of your money comparison shopping, ensuring that you’re paying the lowest prices for products and services. Look for discounts, coupons, and cheaper alternatives whenever you can.
Save up for big purchases : The ability to delay gratification will go a long way in helping you be better with money. When you put off large purchases, rather than sacrificing more important essentials or putting the purchase on a credit card, you give yourself time to evaluate whether the purchase is necessary and even more time to compare prices. By saving up rather than using credit, you avoid paying interest on the purchase. And if you save rather than skipping bills or obligations, well, you don’t have to deal with the many consequences of missing those bills .
Limit your credit card purchases : Credit cards are a bad spender's worst enemy. When you run out of cash, you simply turn to your credit cards without considering whether you can afford to pay the balance. Resist the urge to use your credit cards for purchases you can’t afford, especially on items you don’t really need.
Contribute to savings regularly : Depositing money into a savings account each month can help you build healthy financial habits. You can even set it up so the money is automatically transferred from your checking account to your savings account. That way, you don’t have to remember to make the transfer.
Being good with money takes practice : In the beginning, you may not be used to planning ahead and putting off purchases until you can afford them. The more you make these habits part of your daily life, the easier it is to manage your money, and the better off your finances will be.

Frequently Asked Questions (FAQs)

Why is money management important.

Without money management, personal finances are a bit of a mystery. This can lead to overspending and living paycheck-to-paycheck. Money management can help you have a better handle on your income and spending so you can make decisions that improve your financial status.

How do you improve money management?

You can improve your money management by regularly evaluating what you're doing with money and making changes that make sense for you. For example, if you don't have a budget, you could start by developing one. If you have a budget, you could track your spending and see how it lines up with your budget. Once you have an idea of your income and spending, you could choose to increase your savings, pay off debt, or start investing based on your financial goals.

Consumer Financial Protection Bureau. " Budgeting: How to Create a Budget and Stick With It ."

Consumer.gov. " Making a Budget ."

FiftyThirtyTwenty.com. " Income + Financial Stability in America ."

Consumer Financial Protection Bureau. " Spending Tracker ."

Consumer Financial Protection Bureau. " Bill Calendar: Know What You Owe and When It's Due ."

WSFS Bank. " 5 Ways to Save for a Big Purchase ."

Discover. " Six Tips On How To Stay Out of Debt ."

Consumer Financial Protection Bureau. " Looking for An Easy Way to Save Money? Make It Automatic ."

All Articles

Spending Money Wisely

Author: Financial Success | Image: Financial Success

Figure out your budget

Making a budget can seem like a time-consuming thing to do, but it is one of the most important steps in order to ensure that you are financially organized. Creating a budget is going to allow you to track your spending, so you know exactly what you are spending your money on, and from there, you are going to be able to become more successful when it comes to achieving your financial goals. The 3 keys to creating a successful budget are tracking your spending, paying off major bills first, and then creating a spending plan.

There are many easy ways to start creating your budget, including

An Excel Spreadsheet
CashCourse Budget Wizard
Mint: Personal Finance & Money (In the App Store)
Template on the Office of Student Financial Success website

What creating a budget is going to do is help you see if you are overspending (spending>income) or if you are underspending (spending<income). If you figure out that you are overspending, then you need to decide to either reduce your spending or find an additional source of income to ensure that you are not going over budget.

Decide what is a need and what is a want

Deciding between a need and a want is an extremely important task when it comes to saving money, especially as a college student where the money is often limited. It can be very hard to decide between the two, especially when something like the new iPhone comes out or one of your friends asks you to go out to eat. However, figuring out what is a need or a want is the key to spending money wisely and sticking to your budget.

What are examples of Needs?

Housing, Mortgage Payments, and Utilities
Loan Payments
University Fees
Transportation
Food (Groceries)

What are examples of Wants?

Sources of Entertainment
Memberships
Brand New Clothes
Dining Out/Drinking at the bars
New Electronics

The needs and wants may differ between people depending on certain aspects of their life. While cutting out wants is important to maintaining a successful budget, it does not mean that you should cut out all the wants completely. One thing that is recommended when it comes to keeping track of needs and wants is to use the 50/30/20 rule. This means that 50% of your income should be devoted to paying for needs, 30% of your income can go to buying your wants, and the last 20% should be added to your savings.

Plug the leaks in your spending

Small spendings can add up and end up having a huge impact on the success of your budget and can often lead to you thinking, “where did all of my money go.” Stopping these leaks in your spending will ensure that you meet the goals that you set in your budget and that you are spending your money wisely.

Some of the ways to plug these spending leaks include

Carry around a reusable water bottle to cut out needless spending on things to drink
When going shopping, make a list and stick to it—no impulse buying.
Carry cash instead of credit cards to ensure that you are only spending what you can afford
Get rid of subscriptions that you don’t use anymore or are just unnecessary.
Pack snacks from home to avoid higher prices at vending machines or gas stations
Use subscriptions to streaming services such as Netflix or Hulu instead of paying for cable.

Limiting the amount of impulse buying and needless spending is going to help you stick to your budget and meet your goals. It will also allow you to have a better understanding of where your money is going and not leave you with that “where did all that money go” feeling. From plugging these leaks, you are going to end up spending less money and be able to save more.

Financial Wellness

5 Smart Ways To Make Wise Spending Decisions As Financially Savvy Travelers – Episode 150

Wise spending for financially savvy travelers.

Knowledge is power. The more knowledgeable I’ve become, the more I can make informed financial decisions that benefit me as a traveler. In my book, We Are Financially Savvy Travelers , we talk about how improving your knowledge base is an important component of financially savvy travel. That can look like learning from blog posts and articles, enrolling in courses, listening to travel podcasts or trial-and-error. Today, we’re peeling back another layer of financially savvy travel. Often overshadowed by the appeal of spending less, learn about the differences between wise spending and spending less and valuable ways to spend money wisely as financially savvy travelers.

[7:14] The difference between wise spending and spending less
[10:35] Ways to spend your money wisely as financially savvy travelers
[13:45] Good deal vs great deal
[21:09] Shortlist of best travel newsletters

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Danielle Desir Corbett: Knowledge is power. The more knowledgeable I've become, the more I'm able to make informed financial decisions that benefit me as a traveler. In my book, We Are Financially Savvy Travelers, we talk about how improving your knowledge base is an important component to financially savvy travel. That can look like learning from reading a book, reading articles, taking courses, listening to travel podcasts, or from trial and error. In this episode, we're peeling back another layer of Financially Savvy Travel. We're going to be covering two important pieces. The differences between wise spending and spending less. And I'll be sharing with you five ways to spend money wisely as financially savvy travelers. If you're new here, hi, I'm Danielle Desir-Corbett, a financially savvy traveler. I've been talking about financially savvy travel online since 2015. Yeah, that's like eight years at the time of this recording. I believe that you can be well traveled, you can pay off your debt, and also build wealth. And adopting a financially savvy travel mindset has helped me to travel to over 27 countries. And I'm just getting started. If this is your first episode, then go ahead and follow the podcast because you'll get new episodes automatically sent to your phone the minute I hit publish. There are over 170 episodes available for you to listen to, which has been five years in the making. And many of you have been with me since the very beginning, and I so appreciate that. If you're keeping track, I launched a show in 2018. Before we jump into today's episode, I wanted to take a moment to shout out our sponsor. I really appreciate Aura for partnering with me on this three-part series. And also, thank you to you all, my dear Financi Savvy Traveler listeners, for tuning in and giving Aura a try with their 14-day free trial. We all know that protecting our digital assets is an absolute must. But let's face it, managing separate password managers, VPNs, credit and transaction monitoring, and even spam call protection from various providers can be a real headache, not to mention pricey. That's where Aura comes in. Aura is your all-in-one digital protection solution where you can get premium high-value protection for one reasonable price. Whether you're an individual, a couple, or a family, Aura has you covered. Our family relies on Aura to shield us from theft and financial fraud. But that's not all. Aura goes the extra mile with child safety features helping us monitor content, block dangerous websites, and prevent cyberbullying as our kids grow up. So here's your chance to simplify your online safety while saving big. Try Aura today with a 14-day free trial when you use the link in our show notes or visit Aura.com slash savvy. A big thank you to Aura for teaming up with us on this episode. Welcome to the Thought Card, a podcast about traveling money, where planning, saving and creativity leads to affording travel, building wealth and paying off debt. We are the Financi Savvy Travelers. Alrighty, why spending is about making thoughtful and intentional money decisions, aligning our spending habits with our priorities. Here's a couple of reasons why making informed financial decisions is really important for us. Number one, we're able to allocate our hard earned funds strategically. We are trying to get the most value out of every single dollar that we spend. But I also think that there is an important piece of advocation here as well, meaning that we are advocating also for ourselves. When we know certain things, how things move in the travel industry, we can peep when something is off and we could speak up and we could advocate for ourselves. Another aspect when it comes to making informed financial decisions is unlocking these savings opportunities, right? Part one, we do want to get the most value, but sometimes because we are aware of what's possible, we're able to tap into those savings and actually end up spending less, which to many of us is amazing and great, right? But on a more practical and honestly, just a more realistic view of making informed decisions, it helps us to extend our travel funds. We can go further. We can travel longer. So I always say that travel and money go hand in hand. You need money to travel, regardless if you're spending minimally. At some point, you're going to have to spend money. And when you are coming to the table as an informed traveler who is going to be making informed financial decisions, you have so much going for you. Again, you have this strategy, you're looking at value, you may be looking at savings, and it just, again, fuels your ability to travel, which is very, very powerful. Now, what I often see out there in the world because we've talked about this in previous episodes that a lot of times people lump us into this budget travel category. But let me clarify something very important. Why is spending in the travel space is often overlooked or shadowed by this concept of spending less money? And we hear it all the time. We hear travel more and spend less. But I believe financially savvy travel is all about the subtle nuances. Why spending and spending less are related, but they differ in a couple of ways. So let's break it down. Why spending involves making thoughtful and strategic decisions with your money, right? It's about prioritizing your values, getting the most out of your purchases, and this alignment where you're aligning your spending with your financial goals. On the other side, spending less means reducing the amount of money you spend. While spending less can be part of wise spending, it might involve cutting back without considering the value or impact. When you are solely focusing on spending less, you might be sacrificing quality, you might be sacrificing convenience, or you may be skipping out on experiences altogether just to minimize costs. So again, these subtle nuances, which is again, why I wrote the book, We Are Financially Savvy Travelers, it's why I spent so much time really thinking about what makes us so distinct and unique and why I typically have this reaction when someone says that you're a budget traveler, I usually react poorly to that. And I was trying to unpack why I was feeling that way and what makes us different. And like I said, writing this book really was just eye-opening for me to have this critical look. And again, there are just these nuances, these very subtle nuances. And again, as Financially Savvy Travelers, it feels natural. Like I know for me, I'm always looking at value. I'm looking at my goals and my priorities, and I'm thinking about mindfulness and alignment. but it's never really been said out loud. And there is a distinction. There is a true distinction between, okay, I want to get the best value out of this, but I want to also do the things I really want to do. And I understand that money plays a role in that, but I want to spend on the things that are important to me versus those experiences where I just, I'm like, I am not going to do that. Like, I'm just trying to be, do the minimal or bare minimum. I'm focusing on spending less. So all that to say that there are subtle differences, and financially savvy travelers, they do think about spending less, but there's also this piece of wise spending element, this thoughtfulness, this strategy piece, the value-based spending again, getting the most out of our purchases, and this alignment. Alignment is this recurring theme that we've been seeing in this series, and also mindfulness as well. Again, I hope that clarifies the differences and nuances, the subtle differences between the two. And let's move on to the five different ways that you can be a more informed traveler. So the first thing that comes to mind is knowing the rules of engagement. There are lots of things when you sit down and think about whether it's at the airport or credit card travel hacking or airline or hotels, like all of these subcategories in travel have different rules of engagement. And when you know what you are entitled to, you are able to make better, more informed decisions because you know the rules. For example, what happens if you purchase the flight and you need to cancel within 24 hours? Well, if you're based in the US and you're doing your thing, you can cancel your flight within 24 hours, no penalties, you'll get your money back, no issues, regardless of your plane ticket. It's just one of those protections that we have. But if you don't know that exists, you may end up missing that 24 hour window and you may now be getting airline credit or just completely wasting that funds because your airline maybe doesn't have a program where you can get credit back. right? Or let's say you end up missing or canceling a flight and you get credit back and you don't realize that your credit from your airline company has an expiration date. And then you miss the expiration date, time has passed, and now you just really truly lost out of money. So these are just like simple examples of just airlines alone. Knowing these rules of engagement can really put you in a powerful, knowledgeable position. So knowing the rules is really important. And it may be, I know, sometimes challenging, especially if you don't have a lot of experience traveling to like know every little thing, but it's something that you acquire over time. And I'm sure, like, for example, listening to this podcast, you may have picked up things over time, right? So we kind of continue to put little nuggets into our file cabinets in our brains, right? We put little nuggets in there, and when we need it, we pull it out. We're like, oh, yes, I remember that. Or, oh, yes, let me look into that. Or how does this work again? Am I positioning myself well? All those things happen when you know the rules of engagement. Something else to note here is that rules change. Things change. Especially if you're in the points and miles space. Things change all the time. Airlines change all the time. So just be aware that know the rules of engagement, but also understand that things change. And we're going to be keeping up to the times to make sure that, again, we stay knowledgeable and we stay up to date with what's going on. Now the second way that you can make more informed decisions is to know the differences between a good deal and a great deal. And to do this, you really have to get comfortable and start tracking and comparing prices. And what's important here is to compare apples to apples. So for example, let's say you're planning a trip to New York City and you're thinking about a four star hotel and you're comparing these two different prices, but one hotel is four star and the other hotel is two star. So in this situation, you're actually comparing apples to oranges because they're not even in the same hotel class. So that's something to be mindful of and aware of when you are comparing, especially when you're paying like hotels. Again, because some hotels may have more perks and things built into the price. Again, we won't go too deep into it, but you get what I'm saying. Another thing that's really important when it comes to the differences between a good deal and a great deal is establishing a price baseline. I won't go too much into detail here because I break it all down and also stress the importance and how to calculate everything in We Are Financially Savvy Travelers. But to just give you a very quick gist, it's really understanding and knowing when something is on sale. And for you to know that something's on sale, you have to know the regular price. You have to have seen the regular price with your own eyes for you to know and say, okay, now is the best time to hop on this because I've seen it at multiple price points and this is the best. price. Again, in order to do that, you need to be tracking, you need to be comparing, and you need to be on it. So for example, I love Bermuda. Bermuda is top three destinations I've been to in the world so far. And I've spent the last year and a half tracking my Bermuda flights. and it wasn't until recently that flights have come down. So flights have been anywhere from 500, 600 plus thousand of dollars and I was like no. So I've been just kind of keeping an eye on prices and recently it's come down to 300, and 50 plus dollars. So because I've established this baseline, I know when something's on sale. I know when Bermuda is on sale. So I'm going to go and jump on this Bermuda flight because I've been tracking it for so long. And again, I am knowledgeable and aware of what's good and what's great. A lot of times there will be promotions and marketing out there that tells you that this is the best travel deal ever. But really though, is it? I beg to differ. And the only reason I can say that is, again, because I know the difference. I know what a good deal is. I know what a great deal is. I know what prices are. And I can tell if something is truly at a discount versus just a marketing ploy. All right, so that's number two is knowing the differences between good deals and great deals. Now, number three on the list of, again, making informed and wise spending decisions is doing your research and planning ahead. When you plan ahead and do your research, you undoubtedly are aware. You are gonna know things like the currency at the destination that you're traveling to, the tipping culture, which actually financially impacts you a lot, okay? In the US, we tip anywhere from 15, 17 plus percent that adds up compared to somewhere like Iceland where tipping is not required, it makes a big difference, okay? So things like, again, currency, tipping culture, even how much it costs to go to a destination. So on my website, thoughtcard.com, I intentionally create trip costs budget breakdown so that all of my listeners, all of my readers can know exactly how much I spent as this financially savvy mid-budget traveler. So when you know, on average, how much food costs or how much a trip costs in general, you can now start to put pieces together, have a more accurate savings goal for yourself. And again, it puts you in this more informed, knowledgeable headspace. So research and planning ahead, definitely on the list of things to do. Alrighty, moving on to number four is tracking your travel spending. And again, we talk about this in my book again, but one of the important things when it comes to tracking your spending on the road is to do a trip debrief. And in this trip debrief, you're going to look at all the things you spent your money on and you're going to be asking yourself, okay, where did I spend money? What do I want to change? It's really an analysis and taking stock and saying, okay, what did I do really well here? Did I stay on budget? Did I go over budget? And what do I want to change? And a lot of times when we're looking at our expenses after a trip, we're looking at what do I have to adjust? What do I have to reduce or eliminate completely? And again, in the book, I have a really good example about a trip I went on and I spent excessively on an item that I would never do at home. And I thought that was a really good example of, okay, if you don't take a step back when you come back from a vacation and really look at your money spending, you won't realize where you could have saved or where you were going overboard or where maybe you were a little bit wasteful or maybe something didn't pan out and you would change that for the future. So there's a lot of nuggets and gems that come from a trip debrief and I break it all down in the book. So again, I encourage you to grab the book because you'll get all the deets in there. But tracking your travel spending is very powerful and will definitely definitely make you a more knowledgeable traveler. And this definitely couples in with your travel style, right? Because again, if you know your travel style and you look at your spending and you're like, whoa, I did not even spend any money on the things I care about. And I spent all this money on things I didn't care about. You're going to start to move and adjust differently for next time. Right. So there's a lot of learning lessons just right there by simply just tracking your travel spending. All right, so the last tip I have for you when it comes to making informed financial decisions is to keep up with travel news. I kind of teased it in the first one, but keeping up with travel news is so important. That can look like signing up for newsletters for the brands that you want to keep in touch with, And, you know, all these news will come out and you could know about the latest hotel mergers, the latest airline acquisitions. You can really pick up on tips and tricks. You can learn things like lucrative partnerships, like the Delta and Airbnb partnership, where you can earn points and miles. by just going to a special link and you can get Delta points on your Airbnb stays, right, for example. So there's lots of ways for you to kind of stay in the know. Of course, listening to this podcast is one of them, but I wanted to share with you a couple of newsletters that I trust and I'm subscribed to and have been for many, many, many, many, many years. So the Points guy, I love them for maximizing travel rewards and they give lots of updates and travel news and industry news in the industry. So they're really great for staying in the know. Also another one of my favorites is Thrifty Traveler, of course, for all things cheap flights. They also do a great job with travel news, travel updates, and also travel rewards as well. The Airline Observer by Brian Summers is great for airline business news and analysis. And another newsletter by Hotel Addict is great for hotel news, reviews, and also trends. So overall, I hope you enjoyed this episode and it gave you lots of food for thought with plenty of examples of how you can make more informed decisions as financially savvy travelers and different ways it can look like. So I want to stress again, know the rules of engagement or try to at least try to at least understand and know what you're getting yourself into. Know the difference between a good deal and a great deal by tracking and comparing prices. Research and plan ahead for your trips, especially if you're going internationally. Track your travel spending, break things down when you come back home, look at your spending, look at your receipts, Look at your bank statements because there's lots of clues about your money and your spending habits right there that you can analyze and make decisions moving forward, whether you want to adjust, reduce, or eliminate some categories completely. And then lastly, keep up to date with travel news. There's lots of incredible newsletters and even travel podcasts. So in episode 121, I shared a few of the travel podcasts that I love, and trust and recommend anyone who would listen, but there's a blog post. So if you go over to thoughtcard.com slash travel podcast, again, that's two words, travel podcasts. I keep this blog post updated. on the daily and we have now 31 must follow travel podcasts that you must follow because they're so good. And again, I want to make sure everyone is aware of just the amount of incredible travel audio content there is out there. and they're really great for keeping you updated. All right? So if you're loving this series, you know what to do. Go grab my new book, We Are Financially Savvy Travelers. It's chock full of insights to help you become more money mindful without compromising your other money goals. Because let's face it, travel is a money goal and we got other goals to accomplish. Am I right? I am right. We Are Financially Savvy Travelers is available on Amazon, Barnes & Noble, Apple, and also your local library. Ask your local library to order the book. They will. And that's also just a great way to have the book in way more hands. So order the book on your local library. Get it in the hands of your local community. Let me know what you think about the book. I love to hear from you. All right, financial savvy travelers, that is all for this episode. I will catch you in the next one. Bye.

About Our Sponsor – Aura

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Wise Spending vs Spending Less

Table of Contents

1. Know the Rules of Engagement

2. differentiate between good deals and great deals, 3. research and plan ahead, 4. track your travel spending, 5. stay up-to-date with travel news.

In the frugal travel space, we often hear the advice to “travel more and spend less.” While this mantra holds some truth, it’s important to recognize the subtle nuances between the two.

Wise Spending: Spending money wisely involves making thoughtful and strategic choices with your money. It goes beyond simply cutting back on expenses but prioritizing value, getting the most out of your purchases, and aligning your spending with your financial goals. When you practice spending wisely, you consider the long-term impact of your financial decisions and ensure they align with your priorities.

Spending Less: On the other hand, spending less means reducing the amount of money you spend. While spending less can be a part of wise spending, it often involves cutting back without necessarily considering the value or impact. When you focus solely on spending less, you may sacrifice quality and convenience or skip experiences altogether to minimize costs.

While spending less can help you save money in the short term, wise spending considers the bigger picture. By making informed financial decisions, allocate your funds strategically, get the most value out of your purchases, and unlock savings opportunities. Spending wisely also allows you to extend your travel funds, enabling you to travel further and longer.

Tired of reading? Listen to this podcast episode on YouTube.

5 Ways To Spend Money Wisely As Financially Savvy Traveler

Maximize your travel budget like a pro with these five smart strategies for making wise spending decisions.

Familiarize yourself with the rules and policies of airlines, hotels, and other travel providers. Understanding your rights and entitlements will empower you to make better decisions and advocate for yourself when necessary.

When you know what you are entitled to, you are able to make better, more informed decisions because you know the rules. Danielle Desir Corbett

Track and compare prices to establish a baseline for what constitutes a good deal. This will help you recognize when something is truly on sale and worth investing in.

Take the time to research your destination, including currency, tipping culture, and average costs. I have an entire section of my site dedicated to trip cost breakdowns . Planning ahead allows you to budget accurately and make intentional money decisions about where to allocate your funds.

Listen to this podcast episode on Spotify.

Record your expenses and conduct a trip cost debrief when you return home. Analyze your spending habits and identify areas where you can adjust, reduce, or eliminate expenses for future trips.

If you don’t take a step back when you come back from a vacation and really look at your spending, you won’t realize where you could have saved or where maybe you were a little bit wasteful.” Danielle Desir Corbett

Subscribe to newsletters and follow trusted travel sources to stay informed about industry news, promotions, and travel rewards. Keeping up with travel news will help you make informed decisions and take advantage of opportunities to save money.

Some of my favorite trusted sources for up-to-date travel news are newsletters that provide valuable insights and updates on various aspects of the travel industry. Here are a few of my favorite travel newsletters.

The Points Guy : This newsletter is perfect for those looking to maximize their travel rewards. It offers tips, strategies for earning and redeeming points, travel updates, and industry news. Whether you’re interested in airline miles, hotel points, or credit card rewards, The Points Guy has you covered.

Thrifty Traveler : If you’re searching for cheap flights , Thrifty Traveler is the newsletter for you. It provides regular updates on flight deals and offers tips on how to find the best prices for your next trip. Whether you’re planning a domestic getaway or an international adventure, Thrifty Traveler can help you save money on airfare.

Listen to this podcast episode where I interview the founder of Thrifty Traveler, Jared Kamrowski .

The Airline Observer by Brian Sumers: The Airline Observer is a must-read for those interested in airline business news and analysis. This newsletter dives deep into the inner workings of the airline industry, providing insights into mergers, acquisitions, and other industry developments. Stay informed about the latest trends and changes in the airline world with this informative travel newsletter.

Hotel Addict : If you’re a hotel enthusiast or simply want to stay updated on the latest hotel news, reviews, and trends, Hotel Addict is the perfect newsletter. It covers everything from new hotel openings to renovations, as well as insider tips and recommendations for finding the best accommodations for your travels. Stay in the know about the latest developments in the hotel industry with Hotel Addict.

Whether you’re looking to maximize your travel rewards, find cheap flights, stay updated on airline business news, or stay in the know about the hotel industry, these newsletters have you covered.

Next, I encourage you to continue binging the series:

What People Get Wrong About Financially Savvy Travel – Episode 148

How Money Mindfulness Can Help You Travel More Next Year – Episode 149

If you’ve enjoyed my take, you’ll love my new book, We Are Financially Savvy Travelers . It’s chock full of insights to help you become more financially mindful and travel more without compromising your money goals.

Available on Amazon , Barnes & Noble , Apple Books , and your local library. Yes, ask your local library to order the book!

Also, check out my other travel books!

How to Spend Money Wisely & Avoid Financial Stress

27 November 2021
Sarah Sharkey
Budgeting , Creating A Budget

Are you ready to learn how to spend your money wisely?

How you manage your money impacts every aspect of your life. If you don’t manage your money well, it can lead to lack and financial stress.

Contrarily, having a strong direction on your spending patterns can set you up for a financial future with less stress.

Let’s take a closer look at how to spend your money wisely.

The importance of spending money wisely

Money can create options in your life. The best part is that you get to decide exactly what you put your money toward.

With a solid financial foundation, you can take steps toward the future you’ve always dreamed of. But without smart spending habits, it can be challenging to achieve the goals that really matter to you .

For example, you may want to pursue a career change that excites you, but without some savings on hand, it can be incredibly scary to take that leap. That’s when wise spending habits can offer a helping hand.

With the right habits, you can build a strong financial foundation that lasts.

No matter what excites you in life, wise spending habits can help you make those dreams a reality.

10 steps to manage money wisely

Spending money wisely may not come naturally to everyone. The good news is that everyone can learn how to build smart money habits.

With the right money habits and tools in play, you can easily build a brighter financial future. Here are 10 steps to start spending more wisely.

1. Start with a budget

A budget is the first step to spending money wisely. Although no budget is exactly the same, you can build a budget that suits your goals and lifestyle.

As you create your budget, consider all of the things you want to make room for. Some of the most obvious include funds for your housing, transportation, and food. But beyond that, you should include things in your budget that you truly value.

For example, you might decide to create a budget category for your beloved furry friends. Additionally, you should consider including sinking funds for big-ticket purchases on your horizon.

Need some ideas for your budgeting categories? Here’s a list of over 90.

2. Consider using cash

If you struggle to keep your spending on the right path, then using cash might be the solution. A cash system forces you to see where your money is going in a way that swiping your credit or debit card never can.

The cash envelope budgeting system involves placing the funds you intend to spend in each budget category in a physical envelope. When the envelope is empty, you’ll have to wait until the next paycheck to refill it.

The system can take some time to get used to. But it might just be the way you halt overspending in its tracks.

If you’re not keen on carrying cash, but want to still use this system, you can check out the Qube money app. This app allows you to create digital cash envelopes that function the same way cash envelopes would.

3. Track your spending

Tracking your spending is a key part of ensuring you are spending money where you want to. The action helps you keep an eye on your spending to see where you stand.

You can choose to track your spending manually or use a spreadsheet . Luckily, there is an easier option available in one of the many money apps out there.

One great choice is Mint . The budgeting app can track your spending in the categories you create. With that easy tool, you can see where your spending stands at any moment.

4. Take advantage of automation

Automating your finances is another way to ensure that your money goes to the right place without having to think about it.

You can also automate your bill payments so that they are paid on time. This helps you maintain good account standing, which can impact your credit. It also makes sure that your bills are paid before you spend money on less important things.

Automation can also help you with saving money. It can be all too easy to skip the habit when the temptation to overspend strikes. That’s when automation can come to the rescue.

Take some time to automate things like your savings goals. For example, you might decide to transfer $50 of each paycheck into a savings account as you save up for a big purchase. With savings on autopilot, you’ll have fewer funds available in your checking account to overspend.

5. Separate your funds

When your money is unorganized, it’s easy to spend unwisely. That’s when separating your funds can help. By keeping your funds for different expenses separate, you can easily manage your spending.

You can see where all of your funds are at and when it’s time to spend, you have designated accounts to spend from. Simply open different bank accounts for each of your major spending and saving categories.

6. Reduce your biggest expenses

Spending more money than necessary on expenses is unwise. You’re not only leaving money on the table , but it can hinder your financial goals . That’s why taking time to reduce your expenses is a part of spending money wisely.

Of course, it might be easy to cut out impulse buys or things you know aren’t important to you. For example, you might switch up your toiletries brands to save a few dollars. But most room for savings is in your biggest expenses—namely, your food, housing, and transportation costs.

According to a report from the Bureau of Labor Statistics , the average American spent $20,091 on housing for the year. What if you could find a way to save on housing costs? A few ways to achieve that might include downsizing or renting out extra space in your home.

In terms of transportation, you might decide to downgrade from a luxury vehicle to a more affordable but reliable choice. Or you may choose to cook at home more to avoid racking up a major food bill for the month.

Look for savings in your biggest expenses. You might be surprised by how much you could save with an open mind.

7. Save for short-term goals

If you want to have money to spend wisely in your future, you have to start saving. So after the basics of budgeting are taken care of, start looking at the financial horizon. What money goals should you be saving for?

A huge first step might be building an emergency fund that holds at least a few months of expenses. With this important financial tool , you can handle so many of the unexpected moments that life throws your way.

Other savings goals might be saving up for that vacation you’ve been craving. Or building up a down payment for your first home . Whatever savings goals are in your future, choose to put your funds towards these goals instead of spending money on immediate purchases that you don’t value.

8. Start investing for long-term goals

Short-term goals are important. But it is easy to overlook long-term goals.

Since you are reading this, you are probably ready to make investing for long-term goals a priority. One big long-term goal that everyone should be saving for is retirement . If you start saving for this major milestone now, you’ll have a less stressful experience leading up to the big day.

9. Tread carefully with credit cards

Did you know that the average American household holds $5,315 in credit card debt ?

High-interest debt can cost you thousands— and your financial security. Whenever possible, avoid overspending on your credit card. That means only buying what you can afford to pay for each month.

Using your credit card responsibly involves making on-time payments and keeping your balance as low as possible. Responsible users should see their credit score rise, which can lead to affordable financing options for major purchases.

With that, responsible usage is important. But if you aren’t sure that you are ready to manage credit cards responsibly, then you might want to avoid this double-edged financial tool.

10. Be kind to yourself

As you begin the journey of spending wisely to set up a bright financial future, don’t forget to be kind to yourself along the way. It can take time to adjust your spending habits to fit into a new budget. Remember that it is okay to make mistakes!

If you make a purchase that you regret, don’t be upset. Instead, learn from the experience and keep it in mind next time you want to stray from your new spending goals.

The bottom line: Manage money wisely

Knowing how to spend money wisely can open the door to a brighter financial future. Although it may take some time to implement your new habits, smart spending habits can lead to a financial picture with less stress involved.

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11 Quick Tips For Spending Your Money More Wisely

Do you ever find yourself wondering how you can spend your money more wisely?

Money is a sensitive subject for a lot of people, they work, they earn and they spend – rinse and repeat.

But rarely do people put much thought into how they could spend their money in a wiser manner so that they maximize the benefit of every dollar spent.

The goal of this article is to give you 11 quick tips on how you can spend your money just a little more wisely

So let’s jump right into it.

Spend Money on Self Improvement

One way to spend your money more wisely is to spend it on things that support self improvement.

This could include things like buying and reading books, taking online courses, learning a new language, taking music lessons or trying out a new sport.

I never look at spending money on self improvement as “spending money”, as I look at it more of an investment in my future self.

While these investments may not always result in monetary gains such as a higher salary, they can result in a happier you.

Research shows that we’re happier when we’re learning and improving at something.

Think about a time you did something for the first time that you’ve been working really hard on, isn’t that a great feeling?

As people get older, they tend to stop learning and looking for ways to self improve as much as they used too, but this shouldn’t be the case!

Spending money on self improvement is one of the best things you can spend your money on in my opinion, and again, your return on investment doesn’t have to be from a financial viewpoint.

You return on investment could just be a happier you, and from my perspective, that’s even better.

I’d recommend budgeting a portion of your income every month towards self improvement. It doesn’t have to be a lot, but even $25-$50 Quick Note #1

Invest a Portion of Your Income Every Month

Another great way to spend your money more wisely is to invest it.

Similar to self improvement, money you “spend” on investments is more so an investment in your future life as opposed to an expense.

I’d recommend saving 10%-15% of your pre-tax income for retirement. So if you make $40,000 a year, you should be investing at least $4,000 a year for retirement.

If you don’t have a retirement account open yet, I’d recommend opening one up with Wealthsimple for the reasons I explain in my article here, that’s who I invest my money with and it’s so easy.

I just select my risk level, deposit my money and move on. It costs no money to open and fund your account and the entire sign up process, it’s really simple.

If you don’t have that much extra money to invest every month, that’s completely okay, but every one can afford to invest a little, even if you are living paycheck to paycheck.

Thanks to compound interest, you’d be very surprised at how much a little bit of money can accumulate into over the course of a few decades.

For example, let’s say you are 30 years old and you invest $200 a month into a retirement fund until you retire at age 65.

Assuming a 10% average return over that 35-year period, do you know how much you’d have at retirement?

$759,327.61!!

Despite your total contributions only equalling $84,000 [$2,400/year x 35 years], you’ll be retiring with over three quarters of a million dollars.

Not bad hey!

Disclaimer: This 10% return on investment is by no means guaranteed. This number is based on what I think is possible over a 35-year period.

So please people, invest a portion of your income every month. From a long term perspective, this is the best way to spend your money.

And again, it doesn’t have to be a lot. $200 a month is 10% of a $24,000 a year salary. I know you can do this.

Not only is investing your money a wise move financially, but you’ll actually probably be happier too in knowing that your financial future is looking bright.

Maximize Happiness Units With Every Dollar You Spend

In order to spend your money as wisely as possible, try and maximize your happiness units with every dollar you spend.

If you are wondering WTF is this guy talking about, I apologize.

But basically all I mean is that you should try and avoid spending money on things that don’t add much happiness to your life.

For example, if you love to travel more than anything in the world, then spend your money on travel.

If you absolutely love reading fiction novels, then spend some of your money on fiction novels.

We don’t have to complicate this.

I love to play hockey so I spend a lot of my disposable income on ice time registration fees. I also love to do Crossfit, and I spend close to $200 a month to do it.

Why? Because even though I may be paying a lot of money to do these things, if I don’t spend it on things that make me happy, then I’ll just end up spending money on random things that don’t add any value to my life – which is never a good idea.

So be proactive with your spending and spend your money in a way that makes you happy.

No one is here to tell you what makes you happy, all I’m saying is don’t feel bad about spending money (even over spending) on things that add true value to your life.

Of course, you need to spend money on life’s basic essentials like food and shelter, but after the necessities, start looking at ways you can spend your money in a manner that maximizes your happiness.

For example, instead of buying the new $800 iPhone, think about how much happiness your current phone brings you, and then think about what else you could do with that $800.

In other words, determine the trade-off you’re making when you make big purchases and ask yourself “am I maximizing my happiness with this purchase?”

If you are, then great, pull the trigger and buy whatever it is you’re considering.

But if not, and you think this money is better spent somewhere else, than you might want to reconsider.

Buy Things on Second Hand Marketplaces

Another great way to spend your money more wisely is to buy things through online second hand marketplaces.

You would be shocked at what you can find on these platforms.

Some common second hand marketplace platforms include:

Facebook Marketplace
Kijiji (Canada)

The great thing about buying things on second hand marketplaces is that while you can often find amazing deals, you also don’t pay sales tax.

While most things on these marketplaces will be in fact, second hand, this doesn’t mean that they’re automatically any lesser of a product.

For example, I love golfing and I get all my golf clubs second hand on places like Facebook Marketplace and Ebay. While my handicap would indicate otherwise, these clubs are as good as new, yet they sell for a fraction of the price.

I’ve included an image here below of two golf clubs I got this year, a Taylor Made Driver and an Odyssey Putter, I got them on Ebay for roughly $155 each, they were essentially in mint condition and only been used a few times.

If I were to buy them new, it would have cost me close to $800.

So always look for things on second hand marketplaces before buying them brand new.

Common things people buy on these platforms are sports equipment, consumer electronics, furniture, jewelry and of course clothes.

Obviously you can’t buy everything second hand, sometimes it’s just more convenient (and sanitary) to buy things at a retail store, but if you are buying something over $50 in value, I’d always suggest at least looking on a few marketplaces first.

You’ll be surprised at what you find, as the old saying goes, “one man’s trash is another man’s treasure.”

Spend Money on Health and Wellness

A great way to spend your money more wisely is to spend it on your health and wellness.

Now, health and wellness can mean a lot of different things and I’m not a doctor, a psychologist, a counselor, a health and wellness coach or anything like that, so I don’t want to overstep here – but all I will say is that when I spend my money on things that improve my overall mood and general feeling of healthiness, I never regret it.

Whether it’s exercise, nutrition, meditation, yoga or whatever, it really doesn’t matter. Spending money to improve your overall state of wellness is rarely a bad idea.

Similar to self improvement, health and wellness is an ongoing choice people make on a daily basis. It’s not a one off event, it’s a lifestyle.

Because of this, I always recommend making room for your health and wellness choices within your budget – we’ll talk about budgets soon.

Spend A Little More For Higher Quality Items

In my opinion, spending a little extra money on higher quality items is a wise money move.

I know most of this article is about how to spend less for more, but I actually think buying quality things in the long run will save you money.

With that said, this doesn’t apply to everything. For example, buying a $200,000 Mercedes G-Wagon, although a high quality car, probably won’t save you money in the long run.

But buying quality, durable clothes that will last you a few years, now that’s money well spent!

I love a good deal more than anyone, but when it comes to clothes for example, I am Lululemon all the way.

The shirts don’t shrink, the pants don’t wrinkle and the boxers fit perfectly.

Am I paying more than a typical pair of pants cost? Yes, most definitely, but I’ve been wearing the same pair of Lululemon ABC pants for years now.

Because they’re great quality, I don’t have to get new ones every few months, so in the long run, I really feel like I’m saving money, plus I feel good about what I’m wearing.

Again, I don’t always pick quality over price, if I’m buying a whiteboard for my kitchen – Dollarama I go. Golf balls for the summer – Walmart (fore left!!).

But I truly do think you’re better off spending a little extra money on higher quality items in some cases.

Some Items I Don’t Mind Paying More For:

Sports equipment
Coffee Makers
Furniture

And remember to look on second hand marketplaces for quality items too, that way you get a high quality item for a cheap price, win win!

Budget Your Spending

Budgeting has been discussed throughout this article a few times already, so I thought it would be a good idea to include it as a stand alone tip.

While it may be boring, creating and following a budget is a crucial part of being a responsible spender.

Budgeting your money helps give every dollar you earn a job, and I think that is so important when trying to spend your money more wisely.

If you haven’t already, I’d strongly recommend building your budget in something like Excel or Google Sheets.

I’ve included an image below of the budget I created for myself.

As you can see, I don’t complicate this at all.

Besides taxes (which are automatically deducted), the first thing I budget for is my investments. Then based on what I have left over after my taxes have been paid and I’ve paid myself (investing), then I live off what’s left.

As you can see, I have a free cash flow section, that is my unbudgeted spending I give myself every month.

This is for things like gas, food, eating out, movies, beer, travel, etc. So it’s not all work, no fun!

What I love about this budget is that it gives me the ability to spend money in a guilt free manner.

I actually have a separate chequings account that I transfer my free cash flow to every month. That way I know whatever I have in that account is my money to spend as I please. My goal is for that amount to always be increasing

So not only will creating a budget help you better save and invest your money, but it will also give you more freedom to spend your money without feeling any remorse.

Another win-win situation!

Buy Used Vehicles

Buying used vehicles as opposed to brand new ones is a wise way to spend your money.

As I mentioned earlier in this article, just because something is used, that doesn’t mean it is damaged.

The average car payment in America today is $568 per month. $568 per month – you read that right. Isn’t that just insane?!

Unfortunately, most people treat a car payment like a house payment, they think it’s just a part of being an adult.

But it really doesn’t have to be that way, there are more used cars for sale these days than dealerships know what to do with.

Not to mention all the used car websites available like Cargurus and AutoTraders .

Or my personal favourite, and where I got this beauty below. Facebook Marketplace.

For $2,500 I might add

With that said, I’m just generally not really that into cars. Outside of taking me from point A to point B, they don’t add much value to my life.

If on the other hand, you really love cars (trucks, whatever), who knows maybe that $568 a month is worth it to you.

I’m not here to judge, just something to think about.

Remember, try and spend your money in a way that maximizes your happiness. I personally would much rather spend that near $600 a month on a few extra vacations each year.

Listen, I have no problem driving a 2008 Nissan Pathfinder if that means two more trips somewhere sunny every year.

But again, different strokes for different folks, most of you probably think I’m insane for spending $200 a month on a gym membership.

In any event, here are a few things you should know when buying a used car .

Pay for Things in Cash

Paying for things in cash as opposed to credit is a great way to spend your money more wisely.

Spending money with cash is a much more painful experience than just swiping your card, which in the short term, might seem like something you’d want to avoid (pain = bad), but in the long run, it’ll save you from over spending.

Think about your own spending habits now, would it be easier to hand over $150 in cash to a cashier, or to just swipe your credit card?

Duh, swiping the card.

But again, while this experience can be a very convenient one, it can cause people to live a life they can’t afford.

Banks and credit card companies make money off your debt, so they’ll basically approve credit to anyone and their dog, avoid this trap!

Most of us highly overestimate our ability to pay back high credit card balances. Quick Note #2

So why not just buy things with cash? and if not actual physical cash, use your debit card. While it’s not as painful as paying for things in cash, it’s better than using a credit card.

Want to know another reason why spending money with cash is a wise decision? Due to the experience being more “painful”, we tend to savour and appreciate whatever it is we buy just a little bit more.

Avni Shah (a Duke University grad student) talks about this theory in a Forbes article from 2016 titled Paying Cash Is Painful, And Makes You Value Your Purchase More .

So not only will you appreciate your purchases more when you buy things with cash, but you’ll also be more financially responsible with your money and be less likely to live outside your financial means.

Buy Things On Sale

Not this tip is a pretty obvious one, but I can’t not include it. People who are great at spending their money wisely often buy things on sale as opposed to paying full retail price.

While a 10%-15% discount on a one time purchase might not be a lot of money standing alone, over the course of 20-30 years, you’ll end up saving thousands of dollars.

But here’s the thing, you don’t always have to wait for things to go on sale, there are proactive ways you can go about consistently buying things at a discounted price.

For example, if you shop online a lot, I’d highly recommend installing the Honey extension onto your browser.

I will leave a video here below on what Honey is and how you can install it, but in short, Honey basically scours the internet to find you discounts and coupon codes for anything you have in your online cart.

Another proactive approach to buying things on sale is to look for the clearance or discount section on a retailer’s website.

For example, on Lululemon’s website here they have a “We Made Too Much” section, the deals you can get here are pretty great, but oftentimes they’re only offered on the website and not in store.

So always look online before buying something in store, you’ll often find better prices.

Another quick tip for doing this is to subscribe to your favourite stores email newsletter. This way you’ll get notified when things go on sale. And trust me, they’ll notify you to death.

As mentioned earlier, buying things on sale won’t change your life overnight, but over the course of your lifetime, it can make a significant financial impact.

Be Generous with Your Money

Last but not least, generosity. Being generous with your money is something you’ll rarely, if ever, regret.

Similar to tips like spending money on health and wellness and self improvement, being generous with your money is more of a lifestyle then a one off event.

So whether it’s donating money to a local charity, getting your family members Christmas gifts or picking up a round of beers for your friends, it’s always a good idea to spend money on other people as opposed to just yourself.

As I talked about earlier in this article, it’s important to try and maximise your happiness with every dollar you spend, and I think financial generosity can play a big role in that quest.

Phillipe Tobler (a neuroeconomics professor) talks about this topic in a Times article titled Being Generous Really Does Make You Happier.

He says that “ research has indicated that spending money on others can be as effective at lowering blood pressure as medication or exercise.”

Additionally, he goes on to say that giving a way a little bit of money will give us those same warm fuzzy feelings that you’d get when giving away a lot of money.

So what does that tell you? You don’t have to become the next Bill Gates with your philanthropy. Even commiting $10-$20 a month towards generosity will have a huge impact on your happiness.

Tobler goes on to claim that being generous is actually the primary route to boosting one’s happiness.

So not only is being generous with your money a great way to help other people, but it’ll also have a huge impact on your own overall happiness and well being.

Yet another win-win situation!

Spending money more wisely doesn’t have to be complicated, but it is something you’ll have to work at.

The bottom line is that you want to spend your money on things that add value to your life, while at the same time not over spending for things that don’t.

My first suggestion would be to make a budget and set up an investment account. That’s a solid foundation to start from.

From there, you need to pay for your basic living necessities, and then with whatever you have left over, spend it wisely (maximize happiness).

Not only will spending money more wisely put you in a better position financially, but if you follow some of these tips I discussed above, it should also improve your overall well-being.

Dare I say…Win Win!

Noel is the founder and main contributor for his blog - Noel's passion for personal finance has helped him amass over 600k readers to his Financial Geek blog.

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Students are often asked to write an essay on Money Management in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Money Management

Understanding money management.

Money management is about how you handle your cash. It’s like a game plan for spending, saving, and making sure you have enough for important things. You keep track of what you earn and make smart choices on what to buy.

Saving Money

Saving means putting money aside for later. Each time you get money, you should save a part of it. This can help you buy big things in the future or have money in case of emergencies.

Spending Wisely

When you spend, think about what you need versus what you want. Needs are things like food and clothes, while wants are extras. Always try to spend less money than you have.

Making a Budget

A budget is a plan for your money. You write down how much money you get and then plan how to spend it. Sticking to a budget helps you not run out of money.

Investing is using your money to try and make more money. It can be risky, so learn and start small. It’s a way to grow your savings over time.

250 Words Essay on Money Management

What is money management.

Money management means taking care of your money. It’s like knowing how to use your pocket money wisely. You plan how to spend it, save some, and make sure you have enough for things you need.

Saving is putting money aside for later. Imagine you want a new toy or a book. If you save a little bit of your money every time you get some, soon you will have enough to buy what you want. It’s like filling a piggy bank; drop by drop, it gets full.

When you spend money, think about what you’re buying. Ask yourself if you really need it or if it’s just something you want because it looks cool. Sometimes, waiting before buying something helps you decide if it’s important.

A budget is a plan for your money. You write down how much money you get and then list the things you need to spend money on, like food, school supplies, and clothes. If you plan it right, you can also save some money.

Why It Matters

Handling money well is a big part of life. When you learn about it while you’re young, you get better at making good choices with money when you’re older. It means you won’t run out of money when you need it, and you can even help others. Plus, you’ll feel proud that you can take care of your money all by yourself.

500 Words Essay on Money Management

Money management means taking care of your money. It’s like being the boss of your own cash. You decide what to do with it: spend it now, save for something big later, or even put some away for times when you might need it urgently. It’s important because it helps you make sure you always have enough money for the things you need and want.

Creating a Budget

Think of a budget as a spending plan. It tells you how much money you have, where it needs to go, and what you can spend without running out. To make a budget, list all the money you get, like allowance or birthday cash. Then, write down what you need to spend money on, like school lunches or saving for a new bike. What’s left is your spending money. Remember, a good budget helps you not spend more than you have.

Saving is like planting a seed that grows into a money tree over time. When you save, you set money aside for later. You might save for a game, a trip, or just to have some extra cash when you need it. A good tip is to decide on a certain amount to save each time you get money. This way, saving becomes a regular habit, just like brushing your teeth.

Smart Spending

Smart spending doesn’t mean you never buy fun things. It means thinking carefully before you buy. Ask yourself: Do I really need this? Will I use it a lot? Could I find it cheaper somewhere else? Sometimes, waiting a bit before you buy can help you decide if it’s really worth it.

Understanding Needs vs. Wants

Needs are things you must have to live, like food, a home, and clothes. Wants are extra things that are nice to have but you could live without, like toys and video games. Good money management means taking care of needs first and then seeing if there’s money left for wants.

Dealing with Emergencies

Emergencies are like unexpected storms that can shake up your money plans. It could be a broken bike or a lost school book. This is why you have savings. If you’ve saved up, you can handle these surprises without getting stressed.

Making Money Grow

You can make your money grow by investing, but this can be tricky. It’s like giving your money a job where it can earn more money for you. Talk to a grown-up and learn about things like bank accounts that earn interest. This means the bank pays you a little bit for keeping your money there.

Sharing and Giving

Money isn’t just for spending on ourselves. Sharing with others can make us feel good. You might give some money to help people in need or support a cause you care about. This is a part of money management, too, because it’s about deciding how to use your money to make a difference.

Managing money is a big responsibility, but it’s also a powerful skill. When you learn to manage your money well, you’re in control. You can reach your goals, handle emergencies, and even help others. Start practicing these money management tips, and you’ll be on your way to being a money management pro!

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

Essay on Money And Happiness
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Happy studying!

How To Spend Money Wisely Essay Example

Pages: 6 (1392 words)
Published: July 21, 2016
Type: Essay

Do you hate it when you really need money, but your wallet is empty? No matter how little or how much money you have, spending it wisely is a good idea. But how do you spend money wisely? People actually tend to overspend in a few specific areas. So,following the steps below will improve your overall pocketbook health. First, come up with a budget. Financial experts suggest you track your spending for a few months so that you start work on your budget knowing where your money is going. If you are bad about saving receipts for cash purchases, keep a notebook with you, to write down all cash purchases as you make them.

Additionally, make a list of your monthly expenses, using your bills and the information you gather. Review this list

to determine where you can reduce expenses and by how much. Therefore, avoid impulse buying. Before making any purchase, ask yourself a few simple questions, and be honest with your answers. Only move on to the next question if you can answer yes to the current one. If you cannot get all the way through the questions, it is probably an impulse buy and you should pass it up. You should think about the things in your life that you tend to spend the most money on.

has been more than a year since you purchased your cell or home phone service, cable or satellite package, internet service, or car, home, or health insurance, shop around and make sure you are still getting the best deal. Moreover, Research large purchases before buying.

Never purchase anything that costs more than $200 without conducting some research first. The more expensive the item, the more research you will want to conduct. Your research should compare brands, prices, and quality so that you can determine which product is the best for you and your budget. Some reputable places to start your research include. Money doesn’t grow on trees. So, we must work hard to find money Managing your money wisely is one of the most important ways to gain a level of financial stability and independence.

Regardless of your income level, there are intelligent and manageable ways to spend money, and there are many ways that can leave you behind the eight ball and unable to pay the bills. If you’ve never had lessons on money management or have simply forgotten them over time, here are a few very simple steps you can take to put you and your bank account on the right track to financial stability and comfort for you and your family. 1. Don’t Spend it All It seems pretty simple, but spending less than you earn is an essential first step to stabilizing your situation and having something left over at the end of the month.

The easiest way to track this is on a monthly basis. Chances are you already know how much money you earn in a

month. Now get all your monthly bills you have to pay every month and add those up. After that, figure out how much money you spend on groceries, entertainment, and other day-to-day expenses throughout the month. Once you have it all added up, you’ll know if you’re saving money at the end of the month or ending up with a deficit. If you have a deficit at the end of the month, you are probably buying those extra items on a credit card with interest rates that will make you owe more money in the long run.

Stay away from a situation like that by being sure you spend less than you make every month. 2. Don’t Waste Money Having fun is important and everyone deserves to spend a little bit on entertainment and recreation every once in a while, but there are places in almost every budget where you can cut back without decreasing your quality of life. Take an honest look at what you spend your money on and find those things that are essential (mortgage, medical bills, insurance, rent, car insurance, etc. ). After that the most important thing is food.

That’s a little more complicated, because you have to buy food, but you probably don’t have to buy all the food you’re buying. See where you can cut out on junk food and other things you don’t need. Cook at home more often and eat out less. Use generic brand name products rather than popular brand names. All of this will save you money in the long run. If there are other places in your entertainment budget that you

can cut costs, do it. 3. Start Saving Early Once you’re able to put away some extra money at the end of the month, don’t spend it all at once on something. Instead, invest it in the future of your family and your own retirement.

If you put your money into a high yield savings account now it will end up paying off by a lot in the long run. How To Spend Your Money Wisely It is always important and necessary for you to understand your personal finances. Whether you like it or not, being able to learn more about your money makes you more confident in the decisions that you make in the future. When you understand these tips, your financial situation will improve. Build a budget based on your monthly income and costs. A budget is a tool to help you plan, prioritize, and manage your income and expenses.

Review your budget often and update it when you are experiencing a change in income and expenses. The key to building an effective budget is knowing exactly how much money your family earns every month. Everything you spend money on should be accounted for. Never spend more money than you have available. Take the time to record your expenses. Making a list of expenditures can help you to visualize where all of the money goes. Don't overlook expenses that don't occur monthly but are paid quarterly or twice a year. Add surprise expenses to your list, such as emergency or repair costs.

You should also include leisure and entertainment expenses on your list. Doing all of this will ensure that

you have an accurate portrayal of your expenses. Once you have established a detailed record of your household cash flow, you can create a feasible budget. Eliminate things from your budget that are not necessary. You can keep a lot of money in your pocket if you stop buying your coffee at a coffee shop or buying your lunch. Upgrades and improvements to your house can save money on your utility bills. Consider getting new appliances, like efficient washing machines or dishwashers, that use less water.

When it comes to delivering hot water, tank heaters are less efficient than on-demand or inline heaters. You should have the pipes in your home checked in order to find any leaks that may be costing you extra on your water bill. You may want to think about upgrading appliances with energy smart ones. Appliances that have circuitry that regulates their energy use save a lot of money over time. You should also unplug unused electrical devices when they are not in use. In the long run, things with the indicator lights can use quite a bit of electricity.

Another project that you can undertake is to increase insulation. You can do this by improving your walls, ceiling, and roof. You will find that your home will be able to store more heat, which can save money. This might take a lot of time, but the money saved is worth it. Although some of these suggestions may bring with them significant investments, it is still certain that they will be of worth in the long run. The money you spent on the initial invest will quickly be

returned to you in the form of lower bills. Over time, you will have a lot more money and financial freedom.

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So,following the steps below will improve your overall pocketbook health. First, come up with a budget. Financial experts suggest you track your spending for a few months so that you start work on your budget knowing where your money is going. If you are bad about saving receipts for cash purchases, keep a notebook with you, to write down all cash purchases as you make them.Additionally, make a list of your monthly expenses, using your bills and the information you gather.

Review this list to determine where you can reduce expenses and by how much. Therefore, avoid impulse buying. Before making any purchase, ask yourself a few simple questions, and be honest with your answers. Only move on to the next question if you can answer yes to the current one. If you cannot get all the way through the questions, it is probably an impulse buy and you should pass it up. You should think about the things in your life that you tend to spend the most money on.

Most of these areas are outlined below, with suggestions as to how you can cut down on spending in them. Besides. shop around regularly for utilities and insurance. Many service providers count on customers sticking with the services simply because it is easier than shopping for another one regularly. If it has been more than a year since you purchased your cell or home phone service, cable or satellite package, internet service, or car, home, or health insurance, shop around and make sure you are still getting the best deal. Moreover, Research large purchases before buying.

Money doesn’t grow on trees. So, we must work hard to find money Managing your money wisely is one of the most important ways to gain a level of financial stability and independence.Regardless of your income level, there are intelligent and manageable ways to spend money, and there are many ways that can leave you behind the eight ball and unable to pay the bills. If you’ve never had lessons on money management or have simply forgotten them over time, here are a few very simple steps you can take to put you and your bank account on the right track to financial stability and comfort for you and your family. 1. Don’t Spend it All It seems pretty simple, but spending less than you earn is an essential first step to stabilizing your situation and having something left over at the end of the month.

The easiest way to track this is on a monthly basis. Chances are you already know how much money you earn in a month. Now get all your monthly bills you have to pay every month and add those up. After that, figure out how much money you spend on groceries, entertainment, and other day-to-day expenses throughout the month. Once you have it all added up, you’ll know if you’re saving money at the end of the month or ending up with a deficit. If you have a deficit at the end of the month, you are probably buying those extra items on a credit card with interest rates that will make you owe more money in the long run.

All of this will save you money in the long run. If there are other places in your entertainment budget that you can cut costs, do it. 3. Start Saving Early Once you’re able to put away some extra money at the end of the month, don’t spend it all at once on something. Instead, invest it in the future of your family and your own retirement.If you put your money into a high yield savings account now it will end up paying off by a lot in the long run.

How To Spend Your Money Wisely It is always important and necessary for you to understand your personal finances. Whether you like it or not, being able to learn more about your money makes you more confident in the decisions that you make in the future. When you understand these tips, your financial situation will improve. Build a budget based on your monthly income and costs. A budget is a tool to help you plan, prioritize, and manage your income and expenses.Review your budget often and update it when you are experiencing a change in income and expenses.

The key to building an effective budget is knowing exactly how much money your family earns every month. Everything you spend money on should be accounted for. Never spend more money than you have available. Take the time to record your expenses. Making a list of expenditures can help you to visualize where all of the money goes.

Don't overlook expenses that don't occur monthly but are paid quarterly or twice a year. Add surprise expenses to your list, such as emergency or repair costs.You should also include leisure and entertainment expenses on your list. Doing all of this will ensure that you have an accurate portrayal of your expenses.

Once you have established a detailed record of your household cash flow, you can create a feasible budget. Eliminate things from your budget that are not necessary. You can keep a lot of money in your pocket if you stop buying your coffee at a coffee shop or buying your lunch. Upgrades and improvements to your house can save money on your utility bills.

Consider getting new appliances, like efficient washing machines or dishwashers, that use less water.When it comes to delivering hot water, tank heaters are less efficient than on-demand or inline heaters. You should have the pipes in your home checked in order to find any leaks that may be costing you extra on your water bill. You may want to think about upgrading appliances with energy smart ones.

Appliances that have circuitry that regulates their energy use save a lot of money over time. You should also unplug unused electrical devices when they are not in use. In the long run, things with the indicator lights can use quite a bit of electricity.Another project that you can undertake is to increase insulation. You can do this by improving your walls, ceiling, and roof.

You will find that your home will be able to store more heat, which can save money. This might take a lot of time, but the money saved is worth it. Although some of these suggestions may bring with them significant investments, it is still certain that they will be of worth in the long run. The money you spent on the initial invest will quickly be returned to you in the form of lower bills.

Over time, you will have a lot more money and financial freedom.

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How I Spent My Pocket Money (Essay Sample)

Table of Contents

Introduction

If you had your own pocket money, how would you spend it?

This essay focuses on how to spend money, and how to do so wisely. In this piece, we share a person’s experience of being taught to spend money wisely and what he would buy when he was given a regular allowance.

Writing an essay on what you would spend your money on? We can help. Go to EssayBasics.com to learn more about our essay writing services . We can help you express yourself by pairing you with a writer who has some experience in your chosen topic.

How I Spend My Money essay

One of the most exciting events in a young one’s life is when their parents give them an allowance. No matter the amount, an allowance gives us the opportunity to spend on small things that make us happy as a child.

The joy that an allowance brings is more than just the amount itself. It’s really rooted in the experience one gets in choosing how to spend it. First, there’s the anticipation of receiving an allowance. Next, there’s the excitement of thinking about all the things you’ve been wanting to get for yourself. Third, there’s the delight of actually receiving the allowance. Finally, there’s the sheer thrill of choosing what to buy and taking it home.

How and when an allowance is given, and how much is gifted to the child, depends on the guardians’ principles. There are those who provide an allowance for children to buy basic needs. But there are some who might give a little extra to give the child an opportunity to learn how to handle money well.

It must be said that not all children are privileged to have an allowance to spend on themselves. If they come from a poor family, the guardians may not have any extra finances to give. They may save up for this just once in a while.

I am very blessed that my parents gave me an allowance on a regular basis. My allowance has really taught me financial stewardship at a very young age. They also allowed me to make decisions regarding my finances, even if I made mistakes.

Saving Money at a Young Age

While my allowance isn’t a fixed amount, I have since learned that the first thing I should do is set aside a portion of it for savings. I get a third of whatever amount I get and earmark it for saving.

To make sure that I won’t be tempted to use it, my mom helped me open a bank account where I deposit the money. They opened a time deposit account, which means I cannot just withdraw from it anytime. Whenever I hesitated to go to the bank, my dad would remind me that my small deposits would turn into one big bulk of cash that could someday be used for a rainy day, or for strategic investments.

How I Spend Money with Whatever is Left

With what’s left of my allowance, I usually buy books. These are mainly documentary magazines, which I read during my leisure time. It is actually one of my hobbies. I have made it a personal tradition to always purchase a documentary magazine each time I get my regular allowance. I particularly enjoy news magazines and feature magazines. I am a lover of general knowledge. I love knowing about everything, how and why things are the way they are – whether about nature, politics, science, or geography. It is always a first on my list of hobbies.

The other bit of my regular allowance goes towards the purchase of snacks. I love yogurt and ice cream. The refrigerator at home always has a shelf specifically reserved for my yogurts.

The remainder of my allowance goes towards others. These include my family and friends. I try to buy them something nice as a way of thanking them for taking good care of me.

I also go out of the way to purchase some gifts for my siblings as well as my parents. I want to gift them with simple things, even if they were the ones who gave me my allowance. Doing this for them gives me so much satisfaction since I love making them happy. After all, what is life without happy family and friends?

Regular allowances taught me how to make wise spending decisions. I know how to handle and spend my cash, whatever amount it might be. Therefore, I am confident that when I start handling larger amounts of money in the future, I won’t be as overwhelmed. I will make it a point to remember the financial lessons I’ve learned as a child. I hope to also be able to teach others who to use their money wisely.

Short Essay About What You Would Spend Your Money On

Did you grow up being taught about the value of saving money? If you were like me, your mom and dad probably gave you a regular allowance. They also probably gave you free rein to use your money in whatever way.

Growing up, I deposited regular amounts into my savings account the moment my allowance was handed to me. I did not want to be tempted to splurge on all the food I was craving for while holding all of my money. Personally, apart from fast food, I enjoyed treating myself to books. In fact, I made it a regular tradition to purchase a book every time I got my allowance.

I remember being taught how to make a personal budget out of my allowance. Exactly how much money was given to me didn’t matter as much as the main principle they passed on: save money. They didn’t care if I used the rest of my allowance on junk food or other types of impulse buying. All that mattered to them was whether or not I set aside a portion to put in a savings account. And so I did.

How To Write An Essay About Money

There are so many ways to write a piece about finances. It depends on the lens you are viewing the topic from. Are you an adult looking back at your childhood and remembering important lessons learned? Are you a financial expert looking to give some advice on how to maximize your cash? Are you a student wanting to teach people how to set aside an amount in case of an emergency? Are you a parent who discovered creative hacks in your finances to make ends meet? Find your angle and work it.

How To Spend Money Wisely As A Teenager

When you are young and still living under your guardians’ roof, thinking about contingencies or other things you may be needing to buy before your next allowance comes may not come naturally to you. It is so important to learn how to handle your personal finances even at that age because that sets the direction of your spending in the future. When you start getting a monthly income, the weight of the responsibility is even greater as you start to live independently. Even as a teenager, learn to set financial goals and think of the long game. Even if you have to put money inside a piggy bank to avoid temptation, do so. Track your expenses and make adjustments according to your level of contentment. Learn the art of investing from an expert. Finally, don’t shop ’till you drop. It’s a trap.

Home » Teens

Spending for Teens

Learn how to spend your money wisely to budget, save, and still afford all the fun things you want.

Teen life is expensive. There’s shopping with friends, mini-golf with the cute new neighbor (who’s only a friend), and snacks after school.

Before you know it, it all adds up! And if there’s one thing you know by now is that your parents aren’t made of money. If you had a penny for every time you’ve heard that one, spending wouldn’t be an issue! But it doesn’t have to be.

We’re not saying that it’s all gonna be OK, even if you splurge all your allowance on bubble tea. That’s not how it works. But if you figure out a way to stay organized and creative about how you spend, you’ll be able to stretch your dollars.

We’ll show you some useful tips and share some good ideas on how you can make your money last longer without spending all your Friday nights at home. And if you make smart spending a habit, you could end up pretty wealthy one day. But guess what? You’ll probably still tell your own kids that you’re not made of money.

Why Teens Need to Budget

Most people don’t like the word budget. As soon as they hear it, they cringe. In our book, though, that’s the quickest way to end up broke before the end of the week.

The sooner you learn how to budget your money, the better choices you’ll make in your financial life. Why? Because a budget helps you realize that some things are more important to you than others.

Let’s say your parents go out of town for the weekend and leave you with $100. But you need to make that money last for a few days. You’re probably not gonna run and spend it at the mall, right? That would be silly when you have great clothes in your closet.

A smarter way to spend that money would be on food and transportation. You’d probably also want to set some aside in case of an emergency.

That’s it! You just learned how to budget. It’s all about deciding what matters most to you and how much you want to spend on those things. As you can see, budgeting isn’t that difficult. The tough part, TBH, is sticking to the plan.

How to Develop Smart Spending Habits

The road to financial success can feel long. And there are a lot of detours along the way. But there are also lots of hacks to make it easier. These are a few of our favorite tips to help you learn how to manage your money while you’re still young.

Set Meaningful Goals

The most important part of budgeting is figuring out what’s important to you. Once you’ve decided what matters most, it’s easy to choose how much you’ll spend on things.

For example, if you want to buy a car by the time you’re 16 (and your parents are OK with that), you need to start saving. So, next time your friend wants to hit the bowling alley, you may decide to pass. It’s not that you don’t wanna hang. It’s that those $50 could get you that much closer to your new wheels.

Make Compromises

Having a budget doesn’t mean that you’ll pass on all the fun. It just means that you have to get creative.

Instead of meeting your friends at the pizza shop and then hitting the movie theater, you might wanna invite them over to your place. You can grab some frozen pizzas at the grocery store and stream a movie on Netflix. It’s just as fun and way cheaper.

Reward Yourself

It might seem contradictory, but focusing too much on your budget can also backfire. At times, it can start to feel like a chore. And nobody likes that feeling.

To keep yourself motivated, try rewarding yourself now and then. You can even plan ahead of time and work it into your budget, so you have something to look forward to. Need some ideas on how to treat yourself without breaking the bank? Check these out:

Have a picnic at the park. Get some yummy snacks and meet up with your friends for some fun lawn games.
Buy yourself a special treat. Decide how much you want to spend ahead of time and challenge yourself to find something awesome without going over budget.
Get a disposable camera and have a photo shoot with your pals.
Hit the thrift store and find some cool vintage records to play at home.
Get a new phone case. It’s a great way to feel like you have a new phone, for a fraction of the cost.

Experiment with Different Budgeting Methods

The great thing about being a teen is that you still don’t have many financial obligations. This freedom means that you can try different budgeting techniques and find the one that works for you. Once you’ve found a method that inspires you, it’s easier to feel excited about budgeting.

Some of the most popular budgeting systems include:

Pay Yourself First : If you have a clear savings goal, this is a good one for you. It literally means you put money in your savings account before anything else. Then, you decide how you’ll spend the rest of your money.
Zero-Based Budgeting : This one’s best for big spenders. If you plan how you’ll use every dollar in your account, you’ll be less tempted to spend on unimportant things. The great thing about this one is that you can include anything in your budget. As long as you plan ahead of time.
50/30/20 Rule : This strategy breaks your money up by percentages. The rule is that 50% of your income should cover your needs, 30% is for your wants, and 20% is for savings. Stick to the percentages and you’ll manage your money wisely.

This tip isn’t an excuse to spend more time on your phone. It’s using technology to keep track of your spending habits. There are lots of budgeting apps out there that help you do this.

Once you’ve monitored your spending for a couple of months, you can better understand where you’re slacking and where you’re doing well. This monitoring helps you adjust your budget and keep a close eye on the places where you need more discipline.

When you know how hard it is to earn money, you immediately become smarter about how you spend it. And these days, there are tons of ways for teens to make money .

With your parents’ permission, you can look for a summer or a part-time job near home. Many businesses hire teenagers and are willing to work around your schedule.

If that’s not an option, you can also find gigs or start your own business. Take a look at these ideas:

Sell crafts or used clothes online
Manage the social media account for a local business
Babysit your younger family members
Referee kids’ sports leagues
Mow your neighbor’s lawn

The Role Your Parents Play in Spending Your Own Money

If you have questions about how to spend your money, you can always ask your parents. They may be able to help out or point you in the right direction. But, at the end of the day, you’re the one who’s responsible for your money.

The great news is that everybody messes up sometimes — even adults. If you blow your budget in one day, you have to learn from your mistakes. It’s part of learning how to spend responsibly.

Spending Lingo

Learning some basic terms will help you in your financial journey. These are some important words to understand if you want to get good at budgeting and smart about spending:

Fixed Expenses : These are costs that don’t change from one month to the next. For example, your car payment or rent.
Variable Expenses : Costs that aren’t always the same. Like your gas or your groceries.
Opportunity Cost : What you give up when you choose something else. Buying something is always a trade off, because you could’ve used the money for something else. That next best choice is your opportunity cost.
Financial Planning : Creating a plan for how you’ll spend and invest your money.

Best Books About Spending for Teens

Staying on top of your money is a great habit. With these books in your home library, you’ll learn more tips and become better at managing your money. If you want more book recommendations, check out our complete list of money books for teens .

Most Entertaining

The author of I Want More Pizza understands that one slice is never enough! In this easy-to-read book, you’ll get great lessons on how to budget your money and a solid understanding of how money works.

Not Just For Girls

Clever Girl Finance is more than just a book. It’s a whole platform that includes an excellent Insta account and fun TikTok videos packed with practical advice to manage your money and grow your wealth.

Comprehensive Money Guide

Go beyond budgeting basics with Smart Spending: The Teen’s Guide to Cash, Credit, and Life’s Costs . As the title suggests, it covers more than just managing money. This handy guide also talks about credit and what it costs to live life as an adult.

Learning how to manage your money now can save you many headaches as an adult. You should feel pretty proud of yourself for wanting to make good decisions and spend your money wisely. If you keep up the good habits, this could be the start of an extraordinary financial journey!

1) Set a Saving Goal

A goal is the start of everything. What you’d like to achieve in the future determines how you want to live your life today. This rationale also applies to money. Many people have set their purchasing goals but often ignored the importance of saving goals.

‘I am going to save $20,000 in two years’ is better than ‘I am going to save some money this year.’ A good saving goal needs to be specific with amounts during a certain time period as well as within your reach. It can therefore act as clear guidance for you to save a certain amount periodically. So, to start spending money wisely, you need to have a detailed saving goal to motivate your saving behavior.

2) Keep Track of Your Spending

A VERY important thing to do daily, or weekly if you’re busy. You don’t realize how much you have spent until you receive monthly bank statements. And it can be a (sad) surprise.

Use an APP to keep track of every spending or take rough note of big purchases weekly. You will then develop an overall idea of how much you would normally spend in a week, better referencing for your saving plans. It is also an important preparation for 5) Rate Your Purchased Items, and 7) Categorize Your Spending.

3) Estimate Rough Spending on Necessities

A simple estimation helps inform you about the lowest amount of spending generated each month. Necessities include weekly groceries, health insurance fees, tuition loans, etc. Keep this estimation in mind to become sensitive with over-spending days and weeks.

4) Set a Monthly/Quarterly Budget

We just mentioned the lowest amount of spending on necessities, while a budget is about setting the highest spending amount. Set a budget in order to be mindful of over-spending or impulsive purchasing actions.

5) Rate Your Purchased Items

Rating your purchased items (excluding necessities) might sound strange and unnecessary, but I guarantee it’s worth a minute to quickly re-evaluate your purchase list. For example, if you decided to buy a new green bag out of impulsiveness and found out it doesn’t go with any of your clothing pieces. You might rate your purchase decision a score of 2 (out of 5), indicating that it was a bad decision and reminding you to wait the next time for consideration rather than buying something immediately.

6) Create a Wish List

Put items you want into a wish list. The purpose of a wish list is to hold off your impulsive spending desires. Write an item on the list, wait for a week, and go back again to see if you still want it that much. I ended up removing lots of the items from the wish list after holding off my desires for a while.

7) Categorize Your Spending

Categorizing your spending prepares you well for 8) Analysis, and it’s informative to be aware of how much money you’ve spent on each category. If you’ve over-spent on the Entertainment category this month, then it’s better to cut down some unnecessary hangouts with friends during the next.

8) Do Quarterly/Yearly Analysis and Review

An overall analysis for your quarterly/yearly spending is necessary. During time for review, you need to keep track of the progress towards your saving goals, make adjustments, and calculate the money spent on each category to examine everything holistically.

Spend Your Money Wisely

minutes read

Table of Contents

So, what are finances? Simply put, they are the management of money and financial decisions for a person or family.

The spending of money should be done thoughtfully, aligning with your financial goals and daily needs. Everyone spends money differently, but the key is to do it wisely.

Let's look at some time tested tips to put you on a path to become a wise spender. It can help you save for future goals, such as buying a house or starting a business, and ensure that you have enough money for your daily needs. Managing your finances wisely is the cornerstone of a secure future. This article aims to guide you on how to spend money wisely and also focuses on money management techniques that can benefit everyone.

Here are some tips for spending money wisely. These tips are also essential for effective personal finance management:

Select a State

Create a budget

One of the most important steps in spending money wisely is to create a budget. A budget is a tool that helps you manage finances effectively and it will help you track your income and expenses and ensure that you are not spending more than you can afford. Managing money effectively starts with a well-planned budget. A well-planned budget helps you control the money spent and ensures you live within your means. ‍

The 50/30/20 Rule: A Unique Method for Budgeting

What is the 50/30/20 rule.

The 50/30/20 rule is a simple yet effective method for budgeting. It suggests that you allocate:

50% of your income to necessities like rent and food
30% to discretionary expenses like entertainment
20% to savings and investments

How to Implement the 50/30/20 Rule

Calculate Your After-Tax Income: This is the amount you have left after taxes and other deductions.
Categorise Your Expenses: List down all your expenses and categorise them into 'Necessities,' 'Discretionary,' and 'Savings.'
Allocate Funds: Use the percentages from the 50/30/20 rule to allocate funds to each category.

This method simplifies the budgeting process and ensures that you're saving enough while still enjoying life.

‍ Prioritise your spending

Once you have a budget, it's important to prioritize your spending also it becomes easier to manage finance in a structured way. For example, you should focus on spending money on essential items, such as food and housing, before spending money on non-essential items, such as entertainment or luxury items. Whether you spend or spent, prioritising is crucial for financial well-being. Prioritising your spending helps you manage money more effectively. ‍

Avoid impulse purchases

It's easy to get caught up in the moment and make impulse purchases, but it's important to resist the urge to buy things that you don't need. Instead, take the time to think about whether or not you really need something before making a purchase. We built Hubble Spending Money account just for this. You can keep money for your discretionary needs here and get the most out of it. Resisting the urge to make impulse purchases is crucial; otherwise, you might waste money on things you don't actually need. ‍

Take advantage of sales and discounts

One of the best ways to save money when shopping is to take advantage of sales and discounts. They are also great money saving tips. Paying full price because you are impatient is not a good flex to have. Keep an eye out for deals and promotions, and use coupons and promo codes whenever possible.

Live below your means

‍ It's important to remember that you don't have to keep up with the Joneses. Living below your means can help you save money and ensure that you have enough money for your future goals. ‍

Invest your money

‍ Consider putting some of your money into investments, such as stocks, bonds, or real estate. Investing your money can help it grow over time and provide you with a secure financial future. By investing wisely, you can make your money work for you over time. Investing allows you to grow financially and secure your future. If you're new to investing, seeking professional financial advice is recommended.

Remember to be mindful of your spending and always think about your long-term financial goals before making a purchase.

Additional Tools to Help You Spend Wisely

Budgeting apps.

There are several budgeting apps like YNAB (You Need A Budget), Mint, and PocketGuard that can help you track your expenses and set up budgets.

Financial Calculators

Online financial calculators can help you understand how much you need to save for retirement, emergencies, or big purchases.

eBooks and Courses

There are numerous eBooks and online courses that offer in-depth knowledge of personal finance. Websites like Coursera and Udemy have courses that range from beginner to expert levels. And you can always get helpful information on YouTube!

Managing your finances wisely is not just about cutting costs; it's about making informed decisions that align with your financial goals. Whether you're a budgeting novice or a seasoned saver, the tips and tools discussed in this article can help you take control of your financial future. The first step to financial freedom is awareness. So, take that step today. Being careful with money is not just about cutting costs; it's about making informed decisions. So, take the first step today and get money smart.

Remember, effective finance management is the key to long-term financial freedom.

Note: For more finance advice, consider consulting a financial advisor.

Key Takeaways

Creating a budget is the cornerstone of wise spending.
Prioritise your expenses to align with your financial goals.
Avoid impulse purchases by having a clear shopping list.
Take advantage of sales but don't compromise on quality.
The 50/30/20 rule is a unique method for easy budgeting.
Utilise additional tools like budgeting apps and financial calculators for better money management.

How to Manage Your Money as a Student

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8 tips for spending time wisely, the idea behind the expression "time is money.".

Posted April 6, 2020

Free for commercial use No attribution required

Time and money are arguably life’s most valuable resources. One of the great laws of economics is that time equals money. What really matters is to spend it wisely. In fact, you can spend no money but your time as a gift, such as time spent with family.

The phrase "time is money" is usually credited to Benjamin Franklin, who used it in an essay ( Advice to a Young Tradesman , 1748). It means time is a valuable resource. He encouraged people to treat time like money. However, most people think about time and money in vastly different ways.

1. Time is our most scarce resource. Time is the ultimate scarce resource, yet we act as if we have unlimited time. Poor or rich, we all have 24 hours a day, 7 days a week. Thus, each of us faces the choice of how to spend our time. In a world of scarcity, choosing one thing means not being able to do something else.

2. The price of convenience. In economics, price is a much broader concept. Price includes not only the monetary cost of purchasing a product but also the time associated with buying that product. For example, overnight delivery, and convenience stores all charge premiums because of the inherent value we place on our time.

3. The value of time varies from person to person. Time is relatively scarce for people with higher incomes, partly because their time is more valuable. So, to have lots of time, rich people hire other people to do their, say, household chores. On the other hand, a nonworking person may spend more time on household chores.

4. The value of time in good economic times. The value of time is higher during good economic times. Evidence shows that people tend not to take care of themselves in boom times (Ruhm, 2007). For example, a 1 percent decrease in the unemployment rate corresponds to an additional 3,900 deaths in the United States in a given year. People tend to drink too much, eat out often, exercise less, and skip medical check-ups because of work-related time commitments. So people work more and do less of the things that are good for them. On the other hand, in bad economic times health-enhancing activities such as exercise and social interactions increase.

5. Price of delay. People are not equally patient. Some like the present, others like the future. A myopic person ranks immediate pleasure much higher than valuable delayed rewards. For example, social media is immediately available, and it is the cheapest way of avoiding boredom . In contrast, reading and conversation are demanding in terms of effort and motivation .

6. Cultural attitude toward time. Attitudes toward time and its value differ across cultures (Levine, 1997). For example, being late for an appointment, or taking a long time to get down to business, is the accepted norm in most Middle Eastern and some Asian counties. People in bigger cities walk faster than their counterparts in smaller cities. And while in a grocery store, they spent less time chatting with clerks and other shoppers.

7. Time cannot be stored. One of the reasons we give little thought about how we use our limited resources is that we cannot save time. Time moves on whether we choose to spend it or not. You can’t bottle time and exchange it for an object or event. However, when people are made aware of their mortality they wonder if they did make the most of their lives.

8. Buying time to promote happiness . What you do with your time also matters for your day-to-day moods. You can improve your happiness by putting your money where you spend most of your time (Whillans et al., 2017). For example, buying a new pillow or a nice bed could help you to get a good night’s rest. You can also outsource “disliked” tasks. This can allow you to maximize the time you get to do the things you love (e.g., cooking) and minimize the time you have to spend doing what you hate (e.g., gift-wrapping, housecleaning).

In sum, time is anything but free. As a nonrenewable resource, time is quite expensive. Some people fail to realize that time is scarce, hence oblivious about its opportunity cost. They do their best to think of their time as unlimited, and unlimited goods have little value. Knowing that time is finite encourages us to ask how we are using our time. Do we want to spend these precious moments on social media or spend that time learning something new? Skills and knowledge take time so the more time you spend on them, the more you improve.

Levine, R. V. (2020). Time and culture. In R. Biswas-Diener & E. Diener (Eds), Noba textbook series: Psychology. Champaign, IL: DEF publishers.

Ruhm CJ. (2007) A healthy economy can break your heart. Demography. Nov;44(4):829-48.

Whillans, A. V., Weidman, A. C., & Dunn, E. W. (2016). Valuing time over money is associated with greater happiness. Social Psychological and Personality Science, 7(3), 213-222.

Shahram Heshmat, Ph.D., is an associate professor emeritus of health economics of addiction at the University of Illinois at Springfield.

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There’s a lot of money floating around Miami. Here’s what to do there if very little of it is yours.

You’ll find a selection of whimsical art at the Wynwood Walls museum.

Big Cities, Small Budget is a series of occasional stories highlighting budget-friendly ways to visit popular destinations across the United States.

We cruised past colossal cruise ships docked at the Port of Miami, and then motored around pretty Biscayne Bay, past Watson Island, the Venetian Islands, and Fisher Island (with one of the wealthiest ZIP codes in America). “That’s Jackie Chan’s house,” our guide said. “There’s Ricky Martin’s house.” And Puff Daddy’s $35 million home on Star Island. Jennifer Lopez’s former house. David and Victoria Beckham’s penthouse condo. Tom Cruise’s condo. And the $80 million home of Robert Pera, founder and CEO of wireless equipment maker Ubiquiti Networks and the owner of the Memphis Grizzlies. We were on the 1½-hour Millionaire’s Row™ Sightseeing Cruise by Island Queen Cruises & Tours , checking out how the other half lives. There’s a lot of money floating around Miami.

The Magic City, known for its beautiful beaches, lively nightlife, and upscale, see-and-be-seen vibe has always been a magnet for the rich and famous, and one of the most exclusive tropical destinations in the world. (It’s also one of the most visited cities in America.) It can be wildly expensive to visit and vacation here — or not. Here are some suggestions on spending wisely in this sizzling seaside city.

The Art Deco District has the largest concentration of Art Deco architecture in the country. Stop at the Art Deco Welcome Center and pick up the free Miami Beach Architectural Guide, which lists more than 50 points of interest.

Time it right

The Greater Miami Convention & Visitors Bureau hosts five Miami Temptations Programs with citywide savings on dining, spas, hotel stays, cultural activities, and outdoor experiences, including the Miami Arts, Culture & Heritage Months (December-January), Miami Attraction & Museum Months (April–May), Miami Spa Months (July-August), Miami Spice Restaurant Months (August-September), and Miami-Dade Farmers Month (November).

Stay in style

The are plenty of splurgy places to stay in Miami, and low budget motels and hostels, but we like the contemporary Kimpton Palomar South Beach boutique hotel for its value. We’re fans of Kimpton properties in general, and this one did not disappoint. The rooms are comfy, with small sitting areas, and sleek marble baths. The location is decent — within walking distance of Lincoln Road shops and restaurants, and about a 10- to 15-minute walk to the beaches and boardwalk. The hotel also offers a free beach shuttle. There’s a rooftop pool, bar, and lounging area, free Wi-Fi, and loaner bikes and scooters. Coffee and tea are free, along with Kimpton’s popular complimentary wine social hour (best happy hour in Miami!). We found early winter, midweek rates for under $200 a night.

Wynwood Walls, an indoor-outdoor street art museum, showcases more than 50 large-scale works by some of the world’s best-known street artists.

Trolleys & tours

Getting around Miami, like most big cities, can be a pain; the city is spread out and traffic can be a nightmare. Let someone else do the driving. The Miami trolleys are free and include South Beach, Middle Beach, and North Beach; the Collins Express trolley, connects North and South Beach and rolls through the Art Deco District. The free downtown Miami trolleys connect major sights, destinations, and neighborhoods throughout the downtown area.

If you’re on a tight budget, skip the guided walking and bus tours; it’s easy to see most of Miami on your own, including the popular Art Deco District, with the largest concentration of Art Deco architecture in the country. Stop at the Art Deco Welcome Center and pick up the free Miami Beach Architectural Guide, which lists more than 50 points of interest.

The free GPSmyCity app is a great resource, and includes four, self-guided walking tours in Miami: Miami Downtown with seven sights, Art Deco District with 15 sights, Little Havana Food with 10 sights, and South Beach with eight sights.

Good ‘hoods

Little Havana: It’s not what it used to be. That’s what we heard from the locals, but still we found it a fun place to visit. It’s colorful and historic, filled with rum bars, coffee “ventanitas” (little windows), fruit markets, and cigar shops. Walk Calle Ocho; visit Domino Park and stop by the longstanding Ball & Chain restaurant to hear live music and see traditional dancing.

The beaches in Miami are free. Walk the Miami Beach boardwalk, a scenic pathway that stretches seven miles from South Beach (South Pointe Park) to the Surfside border, with many beach access points and parks along the way.

Don’t miss a visit to Wynwood, a vibrant neighborhood filled with colorful street art, funky shops, craft breweries, and cheap eats. Wynwood Walls , an indoor-outdoor street art museum, is worth the price of admission ($12). The museum, often credited with revitalizing this warehouse district, showcases more than 50 large-scale works by some of the world’s best-known street artists.

Happy hours

Florida may be the land of early bird specials, but Miami is king and queen of happy hours. They are offered everywhere and can be a great bargain, especially combined with food specials. The drinks are a little weak, but the views are unmatched at Monty’s Sunset on South Beach, offered Mon.-Fri., 5-8 p.m., with $7 margaritas and mojitos, and $4.50-$5.50 beers. Beaker & Gray is a popular restaurant in Wynwood known for both its food and craft cocktails; their Thursday through Sunday happy hour includes $8 drink specials and discounted bar bites, like shrimp salad ($9) and lo mein ($7). Head to Tacombi Miami Beach for 2-for-1 tacos and $9 margaritas, 4- 7 p.m., Monday through Friday. The waterfront Rusty Pelican has nice views, $5 beers, $9 cocktails, and half-off food like oysters, tempura calamari, crab cakes, and more, offered 4-6:30 p.m., Monday through Friday. A local favorite — and one of our favorite happy hours — is at Lost Boy Dry Goods , a local haunt with an eclectic Colorado cowboy bar meets English pub vibe. The drinks are stiff and half-price, Monday through Friday, 4-7 p.m. Order their Sloppy Jose Cuban picadillo on a potato roll ($10) to soak up the alcohol.

Museum hopping

Miami has a thriving arts and culture scene, with a variety of museums and public art installations. Check out the Institute of Contemporary Art , with free admission, showcasing the works of local and international artists. The museum is in the Design District; walk around the upscale neighborhood to view several large-scale sculptures and murals. The Perez Art Museum Miami ($18) has an impressive collection of modern 20th- and 21st-century art, a sculpture garden, and views of Biscayne Bay. The Bass ($15) is as colorful and flashy as its location on South Beach, with a renowned collection of contemporary art and rotating exhibits. Some museums also offer free days.

In addition, there are more than 1,000 works of public art located throughout Miami-Dade County; get a listing and location map here . For more information, visit the Greater Miami Convention and Visitors Bureau .

Diane Bair and Pamela Wright can be reached at [email protected]

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What Sentencing Could Look Like if Trump Is Found Guilty

A black-and-white photo of Donald Trump, standing behind a metal barricade.

By Norman L. Eisen

Mr. Eisen is the author of “Trying Trump: A Guide to His First Election Interference Criminal Trial.”

For all the attention to and debate over the unfolding trial of Donald Trump in Manhattan, there has been surprisingly little of it paid to a key element: its possible outcome and, specifically, the prospect that a former and potentially future president could be sentenced to prison time.

The case — brought by Alvin Bragg, the Manhattan district attorney, against Mr. Trump — represents the first time in our nation’s history that a former president is a defendant in a criminal trial. As such, it has generated lots of debate about the case’s legal strength and integrity, as well as its potential impact on Mr. Trump’s efforts to win back the White House.

A review of thousands of cases in New York that charged the same felony suggests something striking: If Mr. Trump is found guilty, incarceration is an actual possibility. It’s not certain, of course, but it is plausible.

Jury selection has begun, and it’s not too soon to talk about what the possibility of a sentence, including a prison sentence, would look like for Mr. Trump, for the election and for the country — including what would happen if he is re-elected.

The case focuses on alleged interference in the 2016 election, which consisted of a hush-money payment Michael Cohen, the former president’s fixer at the time, made in 2016 to a porn star, Stormy Daniels, who said she had an affair with Mr. Trump. Mr. Bragg is arguing that the cover-up cheated voters of the chance to fully assess Mr. Trump’s candidacy.

This may be the first criminal trial of a former president in American history, but if convicted, Mr. Trump’s fate is likely to be determined by the same core factors that guide the sentencing of every criminal defendant in New York State Court.

Comparable cases. The first factor is the base line against which judges measure all sentences: how other defendants have been treated for similar offenses. My research encompassed almost 10,000 cases of felony falsifying business records that have been prosecuted across the state of New York since 2015. Over a similar period, the Manhattan D.A. has charged over 400 of these cases . In roughly the first year of Mr. Bragg’s tenure, his team alone filed 166 felony counts for falsifying business records against 34 people or companies.

Contrary to claims that there will be no sentence of incarceration for falsifying business records, when a felony conviction involves serious misconduct, defendants can be sentenced to some prison time. My analysis of the most recent data indicates that approximately one in 10 cases in which the most serious charge at arraignment is falsifying business records in the first degree and in which the court ultimately imposes a sentence, results in a term of imprisonment.

To be clear, these cases generally differ from Mr. Trump’s case in one important respect: They typically involve additional charges besides just falsifying records. That clearly complicates what we might expect if Mr. Trump is convicted.

Nevertheless, there are many previous cases involving falsifying business records along with other charges where the conduct was less serious than is alleged against Mr. Trump and prison time was imposed. For instance, Richard Luthmann was accused of attempting to deceive voters — in his case, impersonating New York political figures on social media in an attempt to influence campaigns. He pleaded guilty to three counts of falsifying business records in the first degree (as well as to other charges). He received a sentence of incarceration on the felony falsification counts (although the sentence was not solely attributable to the plea).

A defendant in another case was accused of stealing in excess of $50,000 from her employer and, like in this case, falsifying one or more invoices as part of the scheme. She was indicted on a single grand larceny charge and ultimately pleaded guilty to one felony count of business record falsification for a false invoice of just under $10,000. She received 364 days in prison.

To be sure, for a typical first-time offender charged only with run-of-the-mill business record falsification, a prison sentence would be unlikely. On the other hand, Mr. Trump is being prosecuted for 34 counts of conduct that might have changed the course of American history.

Seriousness of the crime. Mr. Bragg alleges that Mr. Trump concealed critical information from voters (paying hush money to suppress an extramarital relationship) that could have harmed his campaign, particularly if it came to light after the revelation of another scandal — the “Access Hollywood” tape . If proved, that could be seen not just as unfortunate personal judgment but also, as Justice Juan Merchan has described it, an attempt “to unlawfully influence the 2016 presidential election.”

History and character. To date, Mr. Trump has been unrepentant about the events alleged in this case. There is every reason to believe that will not change even if he is convicted, and lack of remorse is a negative at sentencing. Justice Merchan’s evaluation of Mr. Trump’s history and character may also be informed by the other judgments against him, including Justice Arthur Engoron’s ruling that Mr. Trump engaged in repeated and persistent business fraud, a jury finding that he sexually abused and defamed E. Jean Carroll and a related defamation verdict by a second jury.

Justice Merchan may also weigh the fact that Mr. Trump has been repeatedly held in contempt , warned , fined and gagged by state and federal judges. That includes for statements he made that exposed witnesses, individuals in the judicial system and their families to danger. More recently, Mr. Trump made personal attacks on Justice Merchan’s daughter, resulting in an extension of the gag order in the case. He now stands accused of violating it again by commenting on witnesses.

What this all suggests is that a term of imprisonment for Mr. Trump, while far from certain for a former president, is not off the table. If he receives a sentence of incarceration, perhaps the likeliest term is six months, although he could face up to four years, particularly if Mr. Trump chooses to testify, as he said he intends to do , and the judge believes he lied on the stand . Probation is also available, as are more flexible approaches like a sentence of spending every weekend in jail for a year.

We will probably know what the judge will do within 30 to 60 days of the end of the trial, which could run into mid-June. If there is a conviction, that would mean a late summer or early fall sentencing.

Justice Merchan would have to wrestle in the middle of an election year with the potential impact of sentencing a former president and current candidate.

If Mr. Trump is sentenced to a period of incarceration, the reaction of the American public will probably be as polarized as our divided electorate itself. Yet as some polls suggest — with the caveat that we should always be cautious of polls early in the race posing hypothetical questions — many key swing state voters said they would not vote for a felon.

If Mr. Trump is convicted and then loses the presidential election, he will probably be granted bail, pending an appeal, which will take about a year. That means if any appeals are unsuccessful, he will most likely have to serve any sentence starting sometime next year. He will be sequestered with his Secret Service protection; if it is less than a year, probably in Rikers Island. His protective detail will probably be his main company, since Mr. Trump will surely be isolated from other inmates for his safety.

If Mr. Trump wins the presidential election, he can’t pardon himself because it is a state case. He will be likely to order the Justice Department to challenge his sentence, and department opinions have concluded that a sitting president could not be imprisoned, since that would prevent the president from fulfilling the constitutional duties of the office. The courts have never had to address the question, but they could well agree with the Justice Department.

So if Mr. Trump is convicted and sentenced to a period of incarceration, its ultimate significance is probably this: When the American people go to the polls in November, they will be voting on whether Mr. Trump should be held accountable for his original election interference.

What questions do you have about Trump’s Manhattan criminal trial so far?

Please submit them below. Our trial experts will respond to a selection of readers in a future piece.

Norman L. Eisen investigated the 2016 voter deception allegations as counsel for the first impeachment and trial of Donald Trump and is the author of “Trying Trump: A Guide to His First Election Interference Criminal Trial.”

The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips . And here’s our email: [email protected] .

Follow the New York Times Opinion section on Facebook , Instagram , TikTok , WhatsApp , X and Threads .

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No, you shouldn’t just buy whatever Brother printer is cheapest

Printers aren’t the most exciting tech products in the world. I get it. Most of us don’t use them all that often and just need the cheapest one that’ll get the job done.

Spend wisely

Watch your carbon footprint, how to choose a printer, ai-content and fake reviews, which printer best for you.

That’s the point a recent tongue-in-cheek article from The Verge made, declaring in a buying guide that “the best printer is still whatever random Brother laser printer that’s on sale.” The subtext: Printers have stagnated, and anyone trying to convince you otherwise is fishing for clicks on Google. But if you’ve ever purchased a car that wasn’t a Toyota Corolla, maybe you’d agree that “the best for most people” isn’t always the best for you .

Brother is certainly one of the best printer brands , but I disagree with the idea that no discernment is needed when it comes to printers. Like all products that could potentially cost you a lot of money, it’s worth investigating the differences between the models and brands to figure out which fits your needs best.

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For starters, a printer that looks like a bargain could end up costing more than an expensive model. You work hard for your money and want to get the best value for your dollar, and a little research can make a substantial difference in long-term costs.

While printers have been around for decades, technology keeps advancing. You can save money and improve reliability while getting better quality with less waste if you choose wisely.

For example, some inkjet printers require cartridges that quickly run out, leading to high ink costs. While that sounds like a good reason to get that Brother laser printer, take a look at Epson’s cost-saving EcoTank 2800 . You can measure the ink costs of this tank printer in tenths of a cent per page.

For comparison, the quick and reliable Brother DCPL2550DW monochrome laser printer costs about three to four cents in toner for each page you print. You’ll run out of toner after about 1,200 pages, which would take less than a year if you print five pages each weekday.

That means a randomly selected Brother laser printer won’t offer the best value if you print frequently or at a high volume.

Printer manufacturers have been working to make their products more eco-friendly. For example, HP’s new Color LaserJet Pro MFP 4301dw requires 27% less energy and uses toner cartridges and packaging with 78% less plastic.

That helps, but if you order the wrong product and decide to return before the 30-day grace period, the carbon footprint for any printer skyrockets. Most delivery vehicles release greenhouse gases and return shipping doubles the damage to the atmosphere.

There are companies that specialize in processing returns for retailers, but it’s difficult to make this an efficient and eco-friendly process. Many products still have value, but not enough to balance the cost of refurbishing, cleaning, and replacing missing parts.

A recent Fortune article about e-commerce said 9.5 billion pounds of product returns ended up in a landfill in 2022. Packaging and shipping materials often get trashed or recycled, even for refurbished products.

That means the environment could pay a high price for a poorly researched printer purchase. We should really put more thought into every purchase — not less.

When you shop for a new printer, there are many factors to consider, including your budget, what you print, how often you print, whether you also need a scanner and a fax, how much room you have for a printer, and more.

A modern printer is a complicated piece of hardware that incorporates various technologies. Every new printer requires a balance of design choices, and each decision the manufacturer makes affects which printer will be best for your needs .

That’s why HP, Canon, Epson, and Brother offer more than one type of printer and multiple models. Monochrome laser printers are great for the office since they’re typically fast and durable, while being relatively inexpensive.

If you like to print pictures or need color documents, an inkjet might be a better choice. Even an inexpensive inkjet like Brother’s compact MFC-J1205W INKvestment printer can blend ink to create better photo prints. It’s all about what you want — and the cheapest Brother laser printer won’t always suffice.

Tech outlets know you love to read about hands-on experiences with printers so you can make wise purchasing decisions. The Verge’s real complaint in the article wasn’t really about printer reviews and comparisons, but rather AI-generated content and SEO content farms.

That’s why the majority of the article was written by ChatGPT, as declared in the content. It’s a great piece of stunt journalism, but the answer to generative AI and mindless SEO content is real reviews written by people who’ve actually spent time with the product.

Because in the end, a fake review won’t help you find a great printer . Even real Amazon reviews are unreliable since consumers might focus on some issue unrelated to your need or get sidetracked by a shipping issue. While the manufacturer’s promotional material is usually factual, it will have at least some bias. That means you have to look elsewhere for a recommendation you can trust.

That’s the job of a tech reviewer who puts printers through rigorous testing and spends time looking for flaws. When you come to Digital Trends and spend a few minutes reading, you’ll have more confidence that you’re buying the right printer.

So, which printer is actually best for you? Our printer buyer’s guide is a great place to start since it can help you narrow in on the right type of printer for your needs.

If your budget is tight, you should check out our list of the best cheap printers available . I prefer tank printers for long-term savings, but the list includes low-cost ink cartridge printers that work well when you don’t print often.

We also have a guide dedicated to high-quality inkjet printers that minimize ink costs . You might pay a little more upfront, but the savings in the first year or two will put you ahead overall.

If you don’t mind spending more to get a fast, high-quality office printer, the best color laser printers have great quality for reports, flyers, color copies, and more without creating a bottleneck in productivity.

As much as possible, these buying guides are informed by actual hands-on time with printers, which is what hopefully makes them useful in making those tough buying decisions. That’s something AI can never do.

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I knew when AMD announced the Ryzen 9 7945HX3D that it would be a great gaming laptop CPU. It was even more clear when AMD announced it would release first in the Asus ROG Strix Scar 17, which is one of the fastest gaming laptops you can buy. I've tested it, and it lives up to AMD's hype. But I still don't think you should buy it yet. Let me explain.

Between reviewing desktop CPUs like the Ryzen 7 7800X3D and the Asus ROG Strix Scar 17 itself (read our Asus Scar 17 review for more), this new chip didn't hold any surprises. It's AMD's fastest laptop CPU, bolstered by the company's remarkable 3D V-Cache to boost gaming performance. It's a known quantity.

Asus has finally given its hotly anticipated ROG Ally a price and release date (you can read my full thoughts on the device in our Asus ROG Ally review). The flagship model, the one I reviewed, arrives on June 13 for $700. But a cheaper model is on the way for only $600 later in the year.

It rarely pays to be an early adopter, so you might be tempted to wait for the cheaper model. I wouldn't hold out for it, though. The base model comes with the Ryzen Z1 processor, not the Z1 Extreme, and it's looking far less powerful.

Computers don't typically get cheaper -- especially not when they have an Apple logo plastered on them. But it's true, the new M2 Mac mini is $100 cheaper than the M1 Mac mini. It's certainly the most affordable way in a long while to get into the Mac ecosystem. Add in the extra performance that the M2 brings over the M1, and you have a winning formula, right?

In theory, yes. But there are a few considerations to take into account about the base configuration of the M2 Mac mini that should at least make you think twice about what kind of a computer you really need.

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How To Spend Money Wisely Essay Example
How I Spend My Money Essay
How to Spend Money Wisely Essay
11 Tips to Spend Money Wisely
Write an essay about how do you spend money ?
How To Spend Money Wisely Essay

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How to Spend Money
MASTERING MONEY
Day 24
If You Want To Make Money, Start Spending Money (Why you should tipping)
How to spend Salary effectively: Money Management
Saving you money: Easy methods to save you cash

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How to Spend Money Wisely (with Pictures)
Create a budget. Track your spending and income to get an accurate picture of your financial situation. Save receipts or write down your purchases in a notebook as you make them. Review your bills each month and add those expenses to your budget. Organize your purchases by category (food, clothing, entertainment, etc.).
How to Spend Money Wisely: 12 Hacks To Improve Your Habits
Many people love the idea of time freedom for this reason. 3. Invest in Your Future. One way to spend money wisely is by investing in your future. This might be done through a 401 (k) or Roth IRA, which lets you invest pre-tax dollars and then withdraw them tax-free once you retire.
Free Essay: How To Spend Money Wisely
1. Don't Spend it All. It seems pretty simple, but spending less than you earn is an essential first step to stabilizing your situation and having something left over at the end of the month. The easiest way to track this is on a monthly basis. Chances are you already know how much money you earn in a month.
How to Spend Money Wisely: 7 Habits to Watch
Yes, it's ok to shop and buy nice things, but you want to make sure you can afford what you are buying, and it's not at the expense of your financial goals or obligations. 6. Shopping when you're upset or bored. A common bad money habit to watch is shopping when you're bored or upset.
11+ Tips For Spending Money Wisely To Grow Wealth and Security
3. Prioritize Needs Over Wants. Another essential tip for spending money wisely is prioritizing your needs over your wants. The idea stems from ancient Stoic philosophy, which emphasizes the importance of knowing what is absolutely necessary for a good life (needs) versus what is desirable (wants).
4 Key Tips For How To Spend and Manage Money Wisely
Here are some helpful tips to consider: Track your spending—every dollar! Before you can manage your money wisely, you need to understand where your money goes each month. That's why tracking your spending is so important! Save your receipts and write each purchase in a notebook. You can also use a digital tool like Money Management to track ...
10 Simple Ways To Manage Your Money Better
Use the budget: Your budget is useless if you make it then let it collect dust in a folder tucked away in your bookshelf or file cabinet. Refer to it often throughout the month to help guide your spending decisions. Update it as you pay bills and spend on other monthly expenses. At any given time during the month, you should have an idea of how ...
Spending Money Wisely
Plug the leaks in your spending. Small spendings can add up and end up having a huge impact on the success of your budget and can often lead to you thinking, "where did all of my money go.". Stopping these leaks in your spending will ensure that you meet the goals that you set in your budget and that you are spending your money wisely.
A Guide On How To Spend Money Wisely
Take stock of your spending habits. The first step toward making positive financial change is to sit down and take stock of your spending habits. If you have a feeling that you're overspending each month, there is probably a very good chance that you are. Some signs that you're overspending can be neglecting your bills and opting to spend ...
5 Smart Ways To Make Wise Spending Decisions As Financially Savvy
5 Ways To Spend Money Wisely As Financially Savvy Traveler. Maximize your travel budget like a pro with these five smart strategies for making wise spending decisions. 1. Know the Rules of Engagement. Familiarize yourself with the rules and policies of airlines, hotels, and other travel providers.
How to Spend Money Wisely & Avoid Financial Stress
Here are 10 steps to start spending more wisely. 1. Start with a budget. A budget is the first step to spending money wisely. Although no budget is exactly the same, you can build a budget that suits your goals and lifestyle. As you create your budget, consider all of the things you want to make room for.
11 Quick Tips For Spending Your Money More Wisely
Another great way to spend your money more wisely is to invest it. Similar to self improvement, money you "spend" on investments is more so an investment in your future life as opposed to an expense. I'd recommend saving 10%-15% of your pre-tax income for retirement. So if you make $40,000 a year, you should be investing at least $4,000 a ...
Essay on Money Management
Each time you get money, you should save a part of it. This can help you buy big things in the future or have money in case of emergencies. Spending Wisely. When you spend, think about what you need versus what you want. Needs are things like food and clothes, while wants are extras. Always try to spend less money than you have. Making a Budget
How To Spend Money Wisely Essay Example
3. Start Saving Early Once you're able to put away some extra money at the end of the month, don't spend it all at once on something. Instead, invest it in the future of your family and your own retirement. If you put your money into a high yield savings account now it will end up paying off by a lot in the long run.
How To Spend Money Wisely Free Essay Example from StudyTiger
So, we must work hard to find money Managing your money wisely is one of the most important ways to gain a level of financial stability and independence.Regardless of your income level, there are intelligent and manageable ways to spend money, and there are many ways that can leave you behind the eight ball and unable to pay the bills.
How I Spent My Pocket Money, Essay Sample
It's really rooted in the experience one gets in choosing how to spend it. First, there's the anticipation of receiving an allowance. Next, there's the excitement of thinking about all the things you've been wanting to get for yourself. Third, there's the delight of actually receiving the allowance.
How to Smartly Spend Your Money as a Teen
The great thing about this one is that you can include anything in your budget. As long as you plan ahead of time. 50/30/20 Rule: This strategy breaks your money up by percentages. The rule is that 50% of your income should cover your needs, 30% is for your wants, and 20% is for savings. Stick to the percentages and you'll manage your money ...
How to Spend Money Wisely? 8 Things to Do.
6) Create a Wish List. Put items you want into a wish list. The purpose of a wish list is to hold off your impulsive spending desires. Write an item on the list, wait for a week, and go back again to see if you still want it that much. I ended up removing lots of the items from the wish list after holding off my desires for a while.
Part 2
In your essay, you should write about: the things you spend your money on where you buy these things how you save money while shopping. Impulsive buying is a widespread inappropriate shopping behaviour. We must manage our hard-earned money wisely so we will not overspend. Therefore, all Malaysian must have good financial planning. I usually ...
Spend Your Money Wisely
Create a budget. One of the most important steps in spending money wisely is to create a budget. A budget is a tool that helps you manage finances effectively and it will help you track your income and expenses and ensure that you are not spending more than you can afford. Managing money effectively starts with a well-planned budget.
How Students Can Manage Their Money: [Essay Example], 824 words
Get original essay. First and foremost, students can manage their money by creating a budget that includes everything. Students should list out the source of income, such as parents' allowance, part-time job, study loans or any grants. Then, they can map out the estimated expenses for a week or a month including expenses like food, travel ...
8 Tips for Spending Time Wisely
Poor or rich, we all have 24 hours a day, 7 days a week. Thus, each of us faces the choice of how to spend our time. In a world of scarcity, choosing one thing means not being able to do something ...
How to Spend Your Money Wisely
This is a topic that gathers a lot of interest because we all use money and we all need it. Money is a necessity no matter what anyone else says. One of the hardest things when it comes to money is deciding how to spend it wisely. I am sure that you are just like the majority of us who can sometimes make buying decisions that we regret later on.
How to visit Miami on a budget
Good 'hoods. The beaches in Miami are free. Walk the Miami Beach boardwalk, a scenic pathway that stretches seven miles from South Beach (South Pointe Park) to the Surfside border, with many ...
What Sentencing Could Look Like if Trump Is Found Guilty
Bragg is arguing that the cover-up cheated voters of the chance to fully assess Mr. Trump's candidacy. This may be the first criminal trial of a former president in American history, but if ...
No, you shouldn't just buy whatever Brother printer is cheapest
You can save money and improve reliability while getting better quality with less waste if you choose wisely. For example, some inkjet printers require cartridges that quickly run out, leading to ...

How to Spend Money Wisely

Spending Basics

Spending on Clothing

Spending on Food and Beverages

Saving Cash Wisely

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How to Spend Money Wisely: 12 Hacks To Improve Your Habits

How to Spend Money Wisely

1. Pay Yourself First

2. Take Care of You

3. Invest in Your Future

4. Choose Experiences

5. Set Goals

7. Evaluate Your Spending

8. Likeminded People

9. Spend on Quality Over Quantity

10. Eat at Home

11. Use Tax-Advantaged Accounts

12. Spend on things that add happiness to life

How to Spend Money to Make Money

How to Spend Less Money

How Much Money Should you Spend?

Ready to Start Spending Money Wisely?

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Top Tips for Spending and Managing Money Wisely

What Does it Mean to Spend and Manage Your Money Wisely?

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How We at Wright-Patt Credit Union Can Help

10 Simple Ways To Manage Your Money Better

How To Manage Your Money Better

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Spending Money Wisely

5 Smart Ways To Make Wise Spending Decisions As Financially Savvy Travelers – Episode 150

1. Know the Rules of Engagement

5 Ways To Spend Money Wisely As Financially Savvy Traveler

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How to Spend Money Wisely & Avoid Financial Stress

The importance of spending money wisely

10 steps to manage money wisely

1. Start with a budget

2. Consider using cash

3. Track your spending

4. Take advantage of automation

5. Separate your funds

6. Reduce your biggest expenses

7. Save for short-term goals

8. Start investing for long-term goals

9. Tread carefully with credit cards

10. Be kind to yourself

The bottom line: Manage money wisely

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11 Quick Tips For Spending Your Money More Wisely

Spend Money on Self Improvement

Invest a Portion of Your Income Every Month

Maximize Happiness Units With Every Dollar You Spend

Buy Things on Second Hand Marketplaces

Spend Money on Health and Wellness

Spend A Little More For Higher Quality Items

Budget Your Spending

Buy Used Vehicles

Pay for Things in Cash

Buy Things On Sale

Be Generous with Your Money

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