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Having the Right Attitude about Saving Money

When funds are tight and it’s time to start reigning in your spending, you may need to check your attitude about the practice of reducing your costs and saving money. This practice will require you to change your old habits, and these tend to die hard.

Spending is very easy when times are easy and plenty of money is available: you splurge on the $50 pair of jeans just because you want them, and decide to spend an extra $200 on that car detail service that may not be needed, but sure makes you feel better! Eating out, entertainment away from home, vacations and generous gifts all contribute to an inflated budget. Changing these habits in lean times may be difficult at first, but you can prevent it from becoming painful.

Even if you tend to eat out for lunch a few times a week on a value menu at the nearby fast food joint, these few dollars on a daily basis can amount to hundreds, even thousands on an annual basis. Wouldn’t you appreciate a nicer meal out once a week versus the same hum-drum on a daily basis?

Try making meals at home and taking them to work; not only will your diet become healthier, but you’ll score bonus points for staying at the office during lunch – and don’t forget – save a ton of money!

Impulse buying at the grocery, mall and even discount stores is always fun, but can also add up quickly. Think of it like this: with all of the impulse buys you are storing in your home, do you really have anything to show for it? These purchases are basically trading stuff for your hard-earned money that you could be saving for something much more important.

Start by establishing small goals that you can easily adhere to, such as not shopping for anything that is not a necessity for two weeks. Make a list for the grocery so you don’t come home with tons of junk food or too much healthy stuff that will go bad before you have a chance to eat it. Make your own lunch for a week, but treat yourself out on Friday with your co-workers.

Maintaining the mindset that small changes over time will lead to a long-term goal such as buying a house or paying off a credit card and make the process much more rewarding. Remember you are doing something good for yourself, and start getting creative in finding ways to treat yourself at home.

For example, you could buy a new color of nailpolish and skin care products to have your own ‘spa day’ at home. Stretch the time between your expensive hair appointments by a week or two to reduce your costs over time.

Start your own monthly budget, and track every penny you spend. You’ll find that with time your bank account will grow, and it will become gradually easier to avoid spending on unneeded expenses through impulse and spoil-you purchases.