Develop a shopping plan before you go out and make sure that you stick to it. This applies to food as much as clothes or other goods.
It is hard to find a family that has not been affected by the recession. If you have benefited from a reduction in mortgage costs, you may have suffered a pay cut or even lost your job. Whilst the vast majority have only been affected marginally, those that have lost jobs have been affected greatly. With unemployment set to increase yet further, insecurity of future income means that you must focus carefully on what you spend.
So, what are some top tips to help you control or change your spending habits.
1. Never make an impulse buy. Whatever it is, it will still be there tomorrow. Take some time to reflect on what it is you are planning to buy and how much time you have to work to earn the money to buy it.
2. If you have debts, pay them off first before acquiring new goods. Not only will you save interest costs, you will improve your chances of survival should the worst happen.
3. Develop a shopping plan before you go out and make sure that you stick to it. This applies to food as much as clothes or other goods.
4. If you are going shopping, take cash. Leave your plastic behind and take only enough cash to buy what you need. That way you will not be tempted by impulse buys.
5. Even better, don`t go to the shops. Go for a walk or read a book. That way you can`t be tempted.
6. Use the internet to check prices and get the best deals. Everything from comparison websites to search engines make bargain hunting so much easier.
7. Set yourself a weekly allowance. Back to budgeting again but if you only have a set amount to spend then you will have to think carefully what you want to spend it on.
8. Make your own entertainment. Why go out to eat? Have friends around and make your fun at home. It is far cheaper and just as much fun!
9. If you are working then avoid those expensive canteen or take away lunches by making your own and taking it with you. Not only will this save money but it could be a lot healthier for you too!
10. Use charity shops and/or use hand me downs from friends or family. There is no stigma attached these days to sourcing second hand clothes so go and hunt in the local shops and see what you can find. You will be amazed at the quality and the prices and may even find a few money making ideas of your own!
Photo: cupcakes for clara