9/26/2023 0 Comments Save money expertsBefore you cash them in for a reward, ask yourself if it's something you really need or will use. On average, people spend 36% more if they get free shipping.ĭon't be a points junkie: Shoppers often spend more just to get reward points. Don't fall for it-shop with purpose.īeware of "free": Buy-one-get-one and other freebie offers almost always lead you to spend more than planned. Get in and get out:About 40% of purchases are impulse buys, so stores are designed to keep you as long as possible, often by creating a pleasant atmosphere or by being tough to navigate (think Ikea, where the typical customer spends around three hours). Are there certain foods you always end up tossing? How much did you spend on stuff from all those catalogues? Prevent leaks when you shopĮxpert advice from Sheri Bridges, faculty director of the Center for Retail Innovation at Wake Forest University Related: Money Leaks and How to Plug Themĭo a trash-can autopsy: It may sound gross, but looking through your trash (and recycling) can tell you a lot about what you waste. Comb through your bank and credit card statements annually. You may be surprised at the places where you don't feel the pinch.Ĭonduct a "What was I thinking?" audit: A post-mortem is better than a budget, because you see how you actually spent your money-not how you wish you did. Go on a fiscal fast: Do your essential shopping, then try to go a week without spending any additional money (cash, credit, or debit). How to channel a penny-pincherĮxpert advice from Jeff Yeager, author of - How to Retire the Cheapskate Way. Avoid temptation: Divert more of your pay straight into savings. Sock it away, right away: People feel less guilt about spending their paycheck than they do their savings. Drop the one that gives you less pleasure. Know what you're missing: Rather than wonder whether your daily Starbucks is worth the splurge, compare it with another indulgence. Three ways to stop leaks at the source (You)Įxpert advice from George Loewenstein, professor of economics and psychology at Carnegie Mellon UniversityĪdmit your mistakes: You may hesitate to drop, say, a gym membership you never use because cutting it off acknowledges that you made a mistake - and that you're not getting back the money you've already lost. Three experts weigh in with their best advice to help you save hundreds - or even thousands - of dollars a year. I wish everyone understood the power of paying yourself first, then living on what's left.Plug those money leaks and put an end to those small money drains that add up. "That advice from my grandmother - to save something every time you get a paycheck - helped me become a great saver. Finally, before calling Big Mama back for the third time, I went up to HR and made sure I did just what she said. I called back and, before I could tell her about my day, she asked me again about making sure I saved a certain percentage of my pay. The first thing she asked was, 'Did you make sure that you have money from your paycheck set aside every time you get paid?' I called Big Mama to tell her about making the front page. "During my first week as a reporter for the Baltimore Evening Sun, I covered a major fire and ended up with a front-page byline. "The one piece of advice that has shaped my financial life came from my grandmother Big Mama," Singletary told GOBankingRates. That's what personal finance advisor and journalist Michelle Singletary recommends. When you get that paycheck, before you do anything else, set some aside for your savings account. DragonImages / Michelle Singletary: Pay Yourself First
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