how to save more money Archives

5 Questions Educated Consumers Ask Before Purchase

Dreaming of a movie theatre-like experience at home? Few people turned that dream into reality by purchasing 3D television that includes 3D glasses, lifelike images, vivid colors, and 3D effects. But majority of these owners (i.e., almost 80%) in United Kingdom, regret their purchase. The leading complaint is that there is not enough 3D content to make ownership of the device worthwhile.

Image Credits: pixabay.com (License: CC0 Public Domain)

To avoid making regrettable purchases like the example above, you must use the available resources to educate yourself on the consumer data and product information before buying something. The power of communication will help you make quicker and smarter consumer decisions. Ask yourself these questions before purchasing something:

1. DOES THIS PRODUCT COME WITH WARRANTY?

In case an unforeseen event happens and your item does not function anymore, do you have to fork your own savings for repair or return it to the manufacturer under the warranty terms? We all know that the latter is better especially if your purchase is a costly one (e.g., a washing machine or an Apple laptop). Invest in products with warranty and confidence in its manufacturer’s shoulders.

2. DO I HAVE ONE OF THIS?

Some people forget where they place a certain item and would go to the store just to purchase one – again. If this happens to you often, it is about time that you organize your space. Toss or donate the stuff you do not need anymore then, discover useful items that you already own.

3. CAN I JUST BORROW THE SAME ITEM FROM SOMEONE ELSE?

Say you live in a small flat with 1 bedroom and you needed to vacuum. If the product is as common as a vacuum cleaner then, opt for borrowing the vacuum cleaner of your neighbor or friend. Why bother if the item is not really necessary to your home anyway? Furthermore, you can assess whether buying a secondhand version of the product is a brilliant idea.

4. DO I HAVE TO USE THE MONEY I DO NOT HAVE FOR THIS ITEM?

Using the credit card for your purchases should be your last resort. No matter how great a deal may seem, it may still add up to your credit card interest. So, ask yourself if the item is really worth it.

5. CAN THE PRODUCT’S USEFULNESS LAST FOR 6 MONTHS OR MORE?

Be realistic while envisioning yourself and the product. If you are still using it for six months and more then…it is a good purchase. You do not want to waste too much money on something that you would use for a day (e.g., Halloween costume)!

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1 & 2

Lost? Here Are Sensible Money Tips From 3 Financial Experts

Tangled in a financial dilemma? Who will you ask for monetary advice or practical financial tips? If a professional is out of your reach, the next best thing is to read about their nuggets of wisdom.

This is why I collated the best financial advice from three experts. These experts are no other than Suze Orman, Cullen Roche, and Jeanne Kelly. Suze Orman is an American Financial Advisor, Author, Motivational Speaker, and Presenter. Cullen Roche is the Founder of a financial services firm called Orcam Financial Group, LLC. Lastly, Jeanne Kelly is a media acclaimed Credit Coach.

1. TAKE CHANCES

Suze Orman tells us that nobody achieved financial security by being frightened and weak. Being confident in one part of your life is contagious, as it will bring more opportunities to you. You won’t get there unless you try!

2. INVEST MORE IN YOU

Cullen Roche shares that the primary way to financial success is more than just saving. It is by investing more…in you. Since your primary source of income is the person you see in the mirror, a good way to maximize your wealth is to make yourself valuable to other people or other companies.

To be valuable and different from the rest, you must never stop learning. Education that improves your skills so you can adapt to the ever-changing economy. I personally recommend you to start with free Internet education from YouTube’s Khan Academy or Crash Course.

3. BAD CREDIT IS EASY TO AVOID

Jeanne Kelly claims that it is easier to maintain good credit by avoiding bad ones than to rebuild a new credit once it has been declined. She says that a quick way to avoid bad credit is by regularly reviewing the credit reports – at least two times a year. In merely 15 minutes, you can minimize the errors of your credit report and save more money!

4. EQUATION FOR YOUR INCOME

Lastly, Cullen Roche suggests for you to try the 50/30/20 budgeting rule. Spend 50% of your income to the basics or essentials such as rent, food, and utilities. 30% should go on your personal needs such as entertainment, vacation, and leisure. And the 20% left should be allocated to your savings.

Image Credits: 401(K) 2012 via Flickr with CC Attribution-ShareAlike License

Take in their knowledge only if it applies to your situation. Then, fuse the elements together and enrich your life.

Sources: 1 & 2

Fantastic Tricks To Help You Spend Less

Often you feel confident to change your shopaholic ways. Then, you find yourself stuck with your old and impulsive patterns. The good news is that, it is never too late to change. You can outsmart your mind by tricking it with these simple ways…

1. AVOID SHOPPING WHEN YOU ARE FEELING H-A-L-T

Four common emotions that lead you to overspend are hunger, anger, loneliness, and tiredness. You must not shop hungry in a grocery store because you would end up buying everything that satisfies your hunger. Same goes for other aspects of shopping, it is best not to shop angry, lonely, and tired.

2. HAVE A 7-DAY MENU PLAN

Are you one of those people that take long in deciding which meal to cook every night? Menu plans will not only save you time but it will also save you money. If you have a menu plan for your meals throughout the week then, you would only spend money on the items that you really need. More so, you will be able to manage your calorie intake to live a healthier lifestyle. Here is a sample 7-day meal menu plan by Anytime Fitness:

3. SELECT A CLEVER PASSWORD

For the shopping websites that require you to log-in before purchasing, I suggest to use clever passwords related to your long-term goals such as Need$4NewCar or $ave4HOLIDAY. This way, every time you type your password in, you will be reminded to think twice before spending it.

4. WALK OR CYCLE AROUND

Instead of spending money on petrol, walk or use your bicycle around the streets of Singapore. Running errands will not only serve as a good exercise, but it will also make you spend less.

5. NARROW YOUR EXPENSES

When it comes to spending less, do not try to be Jack-of-All-Trades. Instead, narrow your expenses by focusing on two categories that you spend more of such as dining out and groceries. Cut down these expenses by 20-30%. You will feel less overwhelmed and more motivated afterwards.

6. SHOP WITH HIGH-HEELED SHOES

A 2013 study showed that consumers who wore high-heeled shoes are more likely to spend less as they are more focused on maintaining their balance. The effect is the same when you shop after a relaxing yoga class.

Image Credits: Victor Tongdee via Flickr

Follow your 2015 New Year’s Resolution and do your best to spend less and save more for your future! 🙂

10 Tips To Eat Healthier And Save More Money

Healthy eating is an active choice to improve one’s lifestyle. It is not about total dietary restriction and remaining thin. Rather, it is about having more energy and feeling better about YOU!

If you find it difficult at first, fear not because you are not alone. Taking this healthier road one step at a time will surely go a long way. Once you embraced healthier eating, you cannot only be fitter but also richer. As you cut back the unnecessary, you can save more money for important things such as your child’s allowance. On that note, here are 10 Tips To Eat Healthier And Save More Money…

CONSUME LESS SUGAR AND STARCH

1. Reduce sugar in fruit juices by diluting it with water. Even if it does not contain added sugar such as the pure fruit juices, it is still good to practice this.

2. A bottle of Strawberry Jam at FairPrice retails for about S$3-9.80. You can save that and reduce guar consumption by using minimum amounts of jam or any spread. Apply it thinly and evenly.

GO FOR REDUCED FATS

3. Did you know that Marigold’s Non Fat Yoghurt is available for S$1.85 while Meiji’s Low Fat Yoghurt is only S$1/pc at FairPrice. Also, milk containing less fat are either the same price or even cheaper than the other types. The point is, you can choose reduced-fat varieties of milk and yoghurt without sacrificing the price.

4. If you are preparing meat, remove the visible fat and the skin off the chicken before you cook.

CONSUME LESS SODIUM

5. You can either reduce or not use salt at all when you are cooking. But, if you want to add more flavors, use iodized salt instead.

6. Want to save more on salt? Gradually reduce the salt you add in your cooking and buy food with lower sodium levels.

INCREASE FIBER INTAKE

7. Eat about 3-4 servings of fruits daily. Banana, orange, and guava are just some of the fruits rich in fiber.

8. It is a known fact that leafy greens are more affordable than lean meat. To eat healthier, eat smaller servings of meat with larger servings of vegetables.

OTHERS

9. Cook more homemade meals instead of buying take-away. For example, cook fish by steaming, grilling, or pan-frying it. Shy away from deep fried food.

10. Lastly, it is no surprise that beer or any alcoholic drinks should be cut down. The recommended consumption should be no more than 3 drinks for men and no more than 2 drinks for women. Reducing your alcohol consumption will not only control your weight but it will also save you more money and lower the risk of cardiovascular diseases.

Image Credits: nutrition education via Flickr

Source: HeartFoundation.org.nz

Search the site