Since I was pretty young, I have always been very aware of how I spent my money. I loved saving most of it, and watching the amount grow. Then I would go out and take a little of it and spend it on myself or gifts for loved ones. But it wasn't until I started taking my Economics course that I started understanding the importance of reading fine print or being cautious with regards to my money and what it went toward. Once you spend money, that amount is gone for good. I wanted to share some of my tips on staying on top of your money and getting the most out of it.
1.) Know how much you have: This is vital. Continuously check your amount so that you don't spend money you don't have. Before you buy something or many things, add up the total cost including sales tax before you buy. I often do this with iTunes. I make a list of the desired songs and their costs and only buy as many songs as my set amount allows.
2.) Set limits: Determine the estimated cost of a product before hand and then only bring that amount. For example, you may see that a coat you want is $35. Only bring between 30 and $40 to set aside. Bring extra money, however, for gas or bus rides, but only the estimated amount. Don't go more than $5 over the actual price if you can help it.
3.) Check for sales: Self-explanatory. Check to see if you can find sales or discounts online or after holiday shopping.
4.) Determine the importance: how badly do you want this product? If you want it terribly bad, consider telling a loved one in the possibility that they might get it for you as a gift. Or consider searching for sales.
5.) Consider all pros & cons: This is major. Decide what the benefits and consequences are when spending your money on something. Think about how badly you want the product, while keeping in mind the other thing(s) you could buy with that money instead. Choose the one you like better.
6.) Splurge conservatively: Sometimes it is perfectly okay to spend on yourself, and I encourage it. Doing this within moderation allows you to enjoy yourself and also teaches you self-control.
7.) Designate: Divide your money between things you need and want like savings for college, trips, or splurge money. Only spend on yourself and others from the splurge savings. By doing this, you are letting the more important things have more money added to them, instead of just refilling the amount you took out.
8.) Beware of credit: Credit cards can be great, but it is very easy to forget how much money you have and spend. When you spend more than you have, you go into debt. If this happens, stop spending on things that are not absolutely needed and put the rest of your money toward paying off the debt. When the debt is cleaned up, consider cutting down your leisure spending limit if possible.