I can’t even tell you how many times I go back and forth on purchases, it can be hard to know How to Know When to Save and When to Spend, especially on big purchases! Over the years I have thought through so many purchases, and I can say most I don’t regret! The ones I do regret were made in haste and without any research. (I have included links to some great products that I have bought on my own to make my journey easier. You can buy them too through my online sales links.)
Understanding money can be difficult at times. While saving money is important, it’s also just as important to understand and recognize there are times that it’s necessary to spend money, too. It can all sound a bit confusing…I totally get it. Most people do have a budget that they’ve set in terms of saving and spending money. Budgets are great and should have limitations set. Isn’t that the whole point of a budget? Knowing the amount of money you have coming in versus the amount of money you have going out and then finding a way to make everything balance. At times, it can present a few issues to overcome. Issues that are doable, not impossible. If you find that you are frugal by nature, it may just honestly be hard for you to know when to stop saving that money, and spend a little. And there’s nothing wrong with that. However, it is important to find that balance. If you are looking for ways to know when to save, and to know when to spend, here are a few suggestions to help get you started.
How to Know When to Save and When to Spend
Ask yourself why- Why are wanting to spend money on an item. Is it a need, or is it a want? If it is a need, then it’s time to give yourself that latitude to spend money on it. If it’s a want, then it doesn’t take precedent enough to be an idea to spend money on. Part of being able to save money is to not spend it on frivolous wants and items that you truly don’t have a purpose for. But when something is truly needed for yourself, your family and/or your home, then that is a cost that needs to be seriously considered.
Know What Kind of Shopper You Are- If you are an impulse shopper, then that means that you’re more than likely going to make purchases on the fly and make them quick and frequent. This type of shopping can be quite dangerous to your finances and your budget, making it extremely hard to stay on task. If you know that you can’t say “no”, then stay out of the stores and other places that tempt you. Your wallet will thank you and the bottom line of your finances will start to increase.
Have you done your research? Did you know it’s actually possible to save money and spend it, all at the same time? If you’ve had your eye on an item for a while, and you know that ultimately you are going to make that purchase, then it’s time to start doing your homework to get the very best price and deal on that item. Research online, and compare the prices of other stores in your area to see who has the best price point for the item you are wanting. Then, once you are certain that you’ve uncovered every option, and found every possible coupon that you can use for it, it’s time to make that purchase for the item. See, you saved money at the same time that you were spending money. But the difference is that you were smart about your purchase and you were educated on the best price to stay within your budget.
Be honest with yourself – This can be the hardest one. Being able, to be honest with your self about your spending money habits and find ways that you can improve on knowing how to better save money, and also be understanding when it’s okay to move forward with spending money. It’s not fun to be on a see-saw of emotions when it comes to your financial future. It is possible to not let your finances stress you out, you just need to be able to respect and understand your emotions and thoughts and how they intertwine with your spending habits.