Simply Junior

The excesses of today’s world has permeated the entire nation, and more often has overruled good judgment and common sense. We see this in the example of how people simply love to spend, even for things that are wholly unnecessary and pointless. Shopping has become an entertaining pastime, eating out at the most posh restaurants has become a lifestyle, and generally spending way more than one can afford is prevalent in our society. With the economy going in shambles, we certainly should never allow ourselves to let our spending habits go out of control and in the end drown in debt. Tough times call for tough measures, and one of the ways to stop ourselves is by committing to manage our money, save for the future and to control impulses by self-discipline..

A large income doesn’t always guarantee that a person has quite a lot of money put away for his or her savings. Sometimes it’s actually worse, because it’s not how much money you generate, rather how much you put away. Self-discipline is the key to successful savings, as t is training yourself to follow a behavior and overcome the impulse to do the very opposite. One relevant example is controlling one’s impulse on an expensive shopping spree to “treat yourself”, in order to save the money for something more important or putting it away for a huge addition to the savings account. Self-discipline is self-control.

Now we can see how Self-discipline is essential, if not the most important, aspect when it comes to successful savings and financial management. Here are tips to remember:

Self-disicpline is not selling yourself short. It is simply an attitude you adopts to do the right thing and overcome impulses that delude them into doing things that you normally wouldn’t. It gives a kind of power and freedom, and helps them get their decisions right. Self-discipline, at its core is “one’s ability of putting off one gratification for the chance to get a different kind of gratification at a later time”. Think of the money you would squandered away just to get that instant “high” from shopping and getting a brand new luxury item, and how that money could have been put away for something incredibly important. Savings are a must. Your future’s standard of living depends on it. Working on your self-discipline will greatly help you to see the light in managing your money, controlling your spending and building your wealth. Save as much as you can. When in doubt about whether to spend or save, don’t. Simply save. Self-discipline leads you to become a better person. And makes you wealthy for it too! Revel in the fact that the rewards of your perseverance will gratify you. Because in the end, you get your money, achieve financial stability and imprint a valuable lesson for you. Think positive. Don’t think that you’re “punishing” yourself by curbing your spending habits and saving money. Try to develop a healthy attitude toward living frugally and being content with what you currently have. Other people actually commend and appreciate those who try their best in disciplining themselves, it makes for a good example to everyone.

You have the power to change your attitude in life, and it’s never too late! Get started on re-focusing and deal with what is most important. Saving money has never been this crucial as before, and you can manage your finances by being aware that you can put the greatest effort in they way you control your spending and how best to save money.

It’s getting near the time of year again where thousands upon thousands of consumers will be flocking to retail stores for holiday gift items or to find those once a year sales we just can’t seem to resist. Here are a few tips to help you spend within your means and avoid the post holiday spending blues.

If you haven’t started saving for your purchases start now.

Build a list of people to buy for and stick to it.

Set predetermined spending amounts that are within your budget.

Avoid charging on credit at all costs; if something needs to be purchased on plastic make sure you can pay off the full amount within 30 days.

Avoid impulse buying, shop around; the chances are you will find the same product cheaper elsewhere.

If you are purchasing something online check the shipping charges carefully.

Start preparing for next year now. Calculate what it took for you to have a successful shopping experience this year. Use the knowledge gained from this years experience to be prepared for next year. You might even be able to start sooner.

Plan a route. Knowing where you are going and how you are going to navigate your day ahead of time can help you avoid long traffic lines, or long lines at stores. Starting earlier in the day usually helps avoid the last minute rushes.

Hi-Tech products usually don’t come cheap around the holidays. Chances are the same product you paid full retail price for will be much cheaper to purchase a few months after the holidays. Perhaps waiting will pay off.

Finally, take a deep breath, relax and pace yourself. Overly rushing can lead to poor purchasing choices that can cost you in the long run. Check a stores return/exchange program before you make your purchases.

Article written by Rick Munster.

Now, more than ever it is important to keep track of our spending. We are looking at a few months of hard times and if we are going to survive we need some strategies. Strategies that are not only easy to implement now but also sustainable over the long run. What follows is an amazing strategy that can change the way you look at money as well as spending and give you the edge you need to stay on track during otherwise trying times.

The first strategy we are going to look at is called “Test of Time.” A simple concept that has been used many times during periods of economic struggle, when making ends meet meant surviving. It is a simple idea really; it has to do with combating the impulse buying that so many of us do. That’s one of the things that makes eBay so popular is people selling things they don’t use or need anymore. Something they bought on an impulse that maybe really doesn’t fit into their life it just seemed like a neat idea at the time.

Or maybe someone else had one and you decided you wanted one too. Or you read about in your favourite magazine, or saw it on TV. Whatever the case, you bought it on an impulse. You just went out, found it in the store, and bought it. So what is the “TEST OF TIME” anyway?

It starts with a little digging. Look into product reviews, search for the product ratings. Find a nice picture, to put in your wallet or on the fridge. Then put it out of your mind. Chances are you can wait a day or two before you absolutely have to have it. See if you can rent or borrow one. In any case, wait at least a week before you buy, borrow, or rent it.

If you still think it is a great idea, determine the latest possible moment that you absolutely need it and leave your purchase until then. If you only need it for a day or two, try to rent it first. Why lay out all that money for a one time use?

If after a few days or a week if you haven’t thought about it for a while, do you really need it? Be honest, if you can go on day after day and not give it a second thought do you need it that bad. Now, if you still feel you need it, just before you buy, maybe even right in the store, or sitting at the web site, convince someone else you need it. Whether it is your spouse or partner, a good friend or family member, you need to convince them that you just can’t do without it.

Listen to what you are saying, if you can convince them and yourself that you truly need it, that it is not just a one-time thing, that it is worth the cost, and that you are willing to give up something else you may want of equal value to buy it. Then go ahead and buy it, it has withstood the test of time and you still need it as much as you ever did.

Doing this will help you to avoid making impulse purchases that are often the biggest expense in our lives. It is not going to be easy, we are an immediate gratification society so changing the way we think about buying won’t happen overnight. But if you stick with it and use this strategy, particularly for the bigger purchases in your life, you might be surprised at how much money you will save.

Spending money wisely is one of the biggest things we all worry about. We are told not to spend more money than we earn. If you earn $ 2,000 a month you shouldn’t be spending $ 2,500 during that month. But it is easier said than done, we might pass by a shop and start buying things on impulse e.g. shoes (for ladies) and other clothing. Spending money is tricky especially if you want to make every dollar or pound or Euro to work for you. Using money is even harder if you are in another country during your holiday, volunteer/ intern abroad trip, gap year. During this period you won’t be getting extra income and the one you get won’t be able to meet your needs. To avoid calling home to ask for money to be sent to you or using too much of your credit card, money should be spent wisely. Spending money wisely will reduce the credit card debt you will incur when you are abroad. It’s harder saving money while abroad because you don’t know where to get the best deals and the locals see you as a cash cow to be taken advantage of. Here are tips that will help you to save money and make the most of your volunteer/ intern abroad and gap years:

Before you leave

Make the most of your money before you leave, book in advance in order to get the best flight ticket. Buying your airline ticket early allows you to get the best deals to your volunteer/ intern destination. Paying for the ticket in advance allows you to save a few hundred dollars or Euros. Booking for hotels and hostel in advance helps in saving money. As in some you might be able to take advantage of the low rates during the off season. Research for the best deals that are available from the internet. Travel insurance is very important and should be taken seriously. If you are to buy it from a travel agent they will sell you policies which are expensive. Or they will send you to firms which are not at cost. Shop around and look for the most cost effective plan for yourself. That is if you will be travelling once or you will travelling in many times during the year. With different options you will be able to choose wisely which the best is for you.

Bank accounts

Using credit cards overseas is very useful and effective. But there are many hidden costs and charges that they don’t tell you when you are applying for them. First of is the transaction fees they charge are different than what they charge you while you are at home. Then secondly there are currency conversion rates which in some banks are about 2 or 3 %. Use debit cards as opposed to credit cards while you are abroad. This is because credit cards start charging you interest from the time you have withdrawn cash. Due to these costs, when you use the ATMs, withdraw large amounts and do it once in a while. If you are going to stay in the host country for a period of 6 to 12 months it’s advisable to open a local bank account. Opening a local bank account is better as you won’t have to worry about ATM fees, Currency conversion and huge interest rates. After your volunteer / intern abroad program is over, you can withdraw all your cash and change it back to your currency at the banks.

Communication Costs

When you arrive at your host country, buy a cheap local phone which will help you communicate with your friends and family. Due to the advent of the internet we can cut down our communication costs drastically. Facebook makes it easy to send messages either through wall profiles or directly at their inboxes. With this you can save money rather than sending direct text messages or sms. Skype has an extensive network all over the world. With Skype you can make free online calls from Skype to Skype. Using other companies like Yahoo, MSN messenger also provides free calls on their services. These services drastically reduce your communication costs when you want to communicate with friends and family.

Group travelling

You will be able to get group discounts if you travel as a group. You can start saving money as soon as you leave your home country. Some airlines offer group discounts and you will get better rates rather than travelling alone. Also hotels and hostels offer group discounts. Going with a group of friends enables all of you to get more value for your money. Apart from it being more fun it will also be cheaper.

Locals

The natives of the country are a huge resource of information. Although some might use your for cash, there are those who are good and will advice you on the best places where you will get value for your money. They will take you to the cheaper shops, restaurants and hotels. In some case you will be able to save money if you stay with them. The local people as your friends will help you navigate the cities and give you the best budget deals. Use public transport to move around, like buses and trains as opposed to using taxis and chattered cars.

Tourist areas

Tourist areas are known to be the most expensive areas. You should avoid such areas as they will reduce your budget drastically. The prices for everything in these areas are normally inflated. Buying goods and services in these areas is not a good idea as you won’t be able to sustain your stay. Exchanging money at the airports is a bad idea as the exchange rates there are unfavorable to you.

Most people think that saving money is hard, and cutting down on their spending will have a negative impact on their lifestyle. In reality some simple changes to the way you live can save you pounds and give you a better standard of health and wellness too. As you change the way you spend, you’ll change the way you think.

Firstly, cutting out your bad habits can lead to a major saving. Cigarettes and alcohol are two of the most heavily-taxed products and many people spend a huge amount on them every year without realising. Twenty or thirty pounds every Saturday night really does add up, and cutting back will lead to immediate savings; you’ll be amazed at the money in your wallet! It’s not only good for your pocket; we all know that smoking is bad for you, and wine is only good in moderation.

The second culprit of over-spending is the impulse buy. Spend a day in town and you can come home without any money and nothing to show for it. Next time you find yourself gazing lovingly at a new pair of shoes, stop and ask yourself if you really need them. A good strategy is to give yourself a cooling-off period of a couple of weeks. If you still want them after that time then buy them. Most buying impulses will fade however, and your money can be put towards something else.

As for books and dvds, that’s what libraries and rental shops are for. If you can’t find the title you want, ask for it to be ordered. Most people only read a book once, and you can borrow them for free.

The weekly food shop is another dangerous time when money can escape. Do you do a big shop, but get to midweek and wonder what’s for dinner? If so, you’re probably not that organised. Always make a list and take it with you; plan each meal and make sure the food is dated long enough to last until you’re ready to eat it. If you plan well and only buy what you need you’ll save both time and money.

Don’t always buy branded goods either; own-brand foods can be just as nice and are a lot cheaper. Staples like cereals and tinned foods really don’t vary that much and you can buy large amounts for pennies. Most (if not all) supermarkets send out money-off vouchers from time to time; take advantage of the special offers on things you can use gradually like cleaning products. Don’t buy 3 for 2′s when you only need 1!

Finally, be sure to shop around for the best deals on things like car and home insurance. Every year these take a big chunk out of your earnings and you might find that prices vary hugely from company to company. Always ask for a few different quotes and don’t be lured in by special offers when you have to sign up for a long or expensive contract. Don’t rely on comparison websites; talking directly to the company can give you the latest prices for your personal situation.

When you do find yourself with cash to spare, the most important thing is to put it away. If it’s out of your hands you can’t spend it, and a savings account with money growing can be used on something fun like a holiday. There’s no better incentive to save than to save for something special!