Saving

Smart Spending Tips

Devise and execute a spending-plan.

Stop use of all credit cards.

Close credit card accounts by returning charge cards to issuers along with a letter terminating charging privileges.

Do not take on new debts - including a "consolidation loan".

Pay yourself first. Set up a separate savings account once you get paid and immediately transfer a portion (start with 5% of your regular deposit amount) to the savings account. Attempt to forget about the account in order to prevent unnecessary withdrawals. Only access the funds upon emergency.

Collect and write notes on your cash purchase receipts. This will help you track spending and raise awareness of your spending habits.

Closely examine all expenses looking for ways to increase value or save money.

Sell items that are losing value.

Put all extra income towards paying off debts.

Maintain written account of all income and expenses, especially cash.

Review all insurance coverage for duplication, raise deductibles, etc.

Begin saving one dollar-a-day and all pocket change, everyday.

Review spending practices and habits, begin comparison shopping, etc.

Wait for sales. Comparison shopping can save you more than 50%.

Make two shopping trips. The first trip, compare prices, value, etc. Avoid carrying credit cards, too much cash or a chequebook on the shopping trips. The second trip is when you will actually make the purchase after having determined the best value.

Use coupons wherever possible and send in for rebates.

Take advantage of consignment shops, rebuilt, and used items.

Start doing things yourself and do not pay for something you can do yourself.

Have weekly meetings on how to improve spending habits with family members.

Make getting out of debt a family activity.