1. They don’t spend more than they make
A recent
Yahoo Finance study
found that “fewer than half of Americans are spending less than they
earn.” This problem is compounded by high credit card interest rates. If
you’re finding it difficult to stick to a budget, try switching to cash
as your currency. This will quickly stop the bleeding because once cash
is gone the spending has to stop.
2. They don’t wait until the end of the month to see how their money is doing
Credit card bills should be formalities, not surprises.
Expense tracking apps (or a pen and paper) help you stay on top of your money.
3. They don’t pay for subscriptions they aren’t using
Gym memberships, magazine subscriptions, and season tickets to your
favorite team’s games are great – if you actually use them. Spend some
time going through your credit card statement and cancel a few forgotten
subscriptions. Chances are, you won’t miss them.
4. They don’t overlook small expenses
Small expenses add up. Look for opportunities to reduce them. Relax
the air conditioning when you leave the house, turn off the lights in an
empty room, use a refillable water bottle instead of buying a new case
every week.
5. They don’t automatically spend “surprise money”
Tax returns and birthday money don’t have to be spent the day they’re received. Put some in savings, or use it to pay off debt.
6. They don’t use shopping to help them feel better
Shark Tank’s
Kevin O’Leary argues that “retail therapy” should be avoided altogether.
But come on now. We’re the species that invented sugarless candy –
surely we can redeem the post-break up shopping spree? Here’s an idea:
When heartbreak or frustration beckons you to the mall, think of one
item you actually need. Maybe it’s a new pair of work shoes or a
birthday gift for a friend. Set a “budget” for yourself and take only
the CASH for that item. Then, enjoy a little shopping.
7. They don’t gift shop at the last minute
It happens to the best of us. We remember a birthday or anniversary
with mere hours to spare. Then we’re off the nearest store in search of a
last-minute gift and in our panic, we buy something expensive to hide
the fact that we don’t have a card and the gift isn’t wrapped. Gifts are
given to express love and affection. Shopping a little sooner can help
you find a thoughtful, less expensive gift that shows how much you care.
8. They don’t eat out every meal
Try cooking your meals using groceries, you buy at a certain time length ,maybe monthly or weekly. Eat out only when needed or every once in a while. Also try finding cheap meals. Don't always urge to go to Serena hotel or meals that are bigger than your wallet. Even if it is a delivery.
9. They don’t waste leftovers
One of the easiest ways to make eating out more affordable is to simply save your leftovers. You can turn one meal into two.
10. They don’t let purchased food expire
Throwing away food is throwing away money. If you struggle with
stinky fridge syndrome, try making more frequent trips to the grocery
store. Buy exactly what you’ll need for the next 2 or 3 days, instead of
“stocking up” for the week or the month.
11. They don’t spend money without stopping to think
Have you ever examined an old purchase and wondered, “What was I
thinking?” Financially mature people ask the right question: “Do I
absolutely love this?” Skip this step, and you’ll find yourself in need
of a garage sale.
12. They don’t buy clothes they won’t wear regularly
Closet full of clothes yet “nothing to wear”? Save space and money by
searching for versatile pieces you can’t wait to show off.
13. They don’t buy something just because it’s a discount
An old episode of The Lucy Show poked fun at this common mistake.
Lucy chided her friend for buying a 50lb bag of dog food. Her friend
defended herself saying “that was half price.” To which Lucy hilariously
replied, “You don’t have a dog!” If you find yourself thinking “These
shoes are half off, and they’re not that bad,” take the money and buy a
pair of shoes you actually like. You’re more likely to get some use out
of them.
14. They don’t buy anything without asking the price
It’s an old trick. Selling stuff without ever mentioning the price
and it works, because we’re often too embarrassed to ask how much
something costs. We don’t want anyone thinking we’re poor, but we have
it backwards. Poor is what you’ll be if you don’t ask the hard
questions.
15. They don’t avoid expenses that save them trouble and money in the future
Getting the oil changed may be annoying, but it’s cheaper than a new
car. Getting your teeth cleaned may be uncomfortable, but would you
rather have a root canal? When you’re trying to cut back on spending,
trim from the fat, not the essentials.
16. They don’t buy into get rich quick schemes
When people really do strike proverbial gold, they probably don’t
tell the world about it in a “business opportunity” seminar. Financially
mature people know that wealth comes through hard work and good choices
over time.
17. They don’t forget to set financial goals
Without a clear goal and a doable plan, people tend to stay right
where they are. Good goals illuminate the path between where you are and
where you want to be.
18. They don’t let past mistakes keep them from improving
Peek at the statistics and you’ll quickly learn most of us aren’t
very good with money. With practice, patience, and persistence, you can
grow into financial maturity. You just have to get started. There’s an
old saying. If you want a big oak tree in your backyard, the best time
to plant it was 20 years ago. The second best time? Right now. Use these
tips to start imitating the financially mature. Because let’s face it.
Life’s more fun when there’s some money in the bank.
Fact...
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