Ten Ways to Become an Everyday Money-Smart Spender

The following is an excerpt from High School Money Book, copyright 2007, 2008 Don Silver and excerpt reprinted with permission.

When you spend, you expend (use up). You may be using up more than money. You’re using up the work (time and energy) required to earn the money.

Spending is more than the act of handing over dollar bills, a check, a debit card or a credit card. It’s also handing over a part of you. With this in mind, here are 10 great ways to become an everyday money-smart spender. All of these small items can add up big.

1. When in doubt about a purchase, don’t buy it.

2. Every day try to cut down on expenses in some way. Buy a soft drink or coffee every other day rather than every day (besides saving money, you’ll improve your health).

3. Reduce your entertainment costs. Instead of spending full price for every movie you see, for half of them go to a matinee, a bargain theatre or see them on rental DVDs. Trade in movie and game DVDs to get cash or credit against future purchases.

4. Eat at home or pack a meal for half the times you’d usually eat out.

5. Shop during sales.

6. Use coupons.

7. Check out books and music at your library.

8. Shop with a list in hand and stick to it.

9. Try to repair an item before buying a replacement.

10. Consider buying used rather than new items. The cost savings can be big, especially with cars.

Even small steps can add up to hundreds of thousands of dollars over your lifetime through the power of compound growth.

Comments

["Mo" Money]

Good post. All suggestions are useful. If we follow even just some we will be ahead. Thanks.

[Allen]

All good points. Most of things I have already been doing. The one thing I still have a hard time doing is buying a used car since I do not feel comfortable with owning somebody's car. This is something I am trying to overcome for my next vehicle.