It can be difficult to know what to do with your money. Typically, our first inclination is to spend it on all of the things that we think that we need. However, following these five spending tips instead will help you live a better and happier life.
1) Save 10 Percent Of Each Paycheck
The easiest way to improve your standard of living is to save as much as possible. While you should strive to save whatever you can each week, setting a goal of 10 percent of your net pay is sufficient. If you have to rely on fers disability retirement checks at some point in your life, having extra savings will make it easier to get by.
2) Always Pay In Cash
Paying with cash allows you to control your spending because you cannot buy anything unless you have the money already in your account. Also, you don’t have to pay interest when you pay in cash.
3) Negotiate Whenever Possible
Don’t assume that you cannot get a better deal than what is being advertised. For example, you may be able to get a further discount on a display model computer or your next car purchase. In some cases, you may be able to get a deal on produce that is more than a day old or meat that is going to expire in 24 hours.
4) Know When To Rent Instead Of Buy
Renting power tools instead of buying them can save you money if you are only going to use them once. If you are only going to wear a tuxedo to a prom or a wedding, you should rent the tux instead of buying it.
5) Know When To Buy Used Instead Of New
Not everything has to be bought from the store. Buying a used car allows you to pay less while avoiding depreciation on the asset. Purchasing a video game console from a friend a year after it comes out can save you as much as 50 percent off the retail price of the console.
Your spending habits can have an impact on your quality of life. If you spend your money too quickly, you could be in trouble if you lose your job or suffer from a disability. However, if you are frugal and always look for the best deal on the things that you need, you will always have money stashed away for a rainy day.
Latest posts by MadysonGrant (see all)
- Things We Never Do That Dentist Tell Us To Do Every time - July 19, 2013
- Five Tips For Getting Noticed In The Right Ways - July 12, 2013
- Six Tips for Fixing Your Credit with a Criminal Record - July 12, 2013