Do you hate it when you really need money, but your wallet is empty? No matter how little or how much money you have, spending it wisely is a good idea; it enables you to get the most bang for your buck. Follow these tips to reduce expenditures in key areas and adopt a safer overall approach to shopping.

Method 1 of 4: Spending Basics

1 Create a budget. Track your spending and income so you have an accurate picture of your financial situation. Save receipts or write down your purchases in a notebook as you make them. Review your bills each month and add those expenses to your budget.

2 Plan your purchases in advance. Making spur of the moment decisions can balloon your expenditures. Write down what you need to buy while you're calm and at home.

3 Avoid impulse purchases. If planning your purchases in advance is a good idea, buying something on the spur of the moment is a terrible one. Follow these tips to avoid making shopping decisions for the wrong reasons:

4 Shop alone. Children, friends who love shopping, or even just a friend whose tastes you respect can influence you to spend extra money.

5 Pay in full and in cash. Credit and debit cards increase spending for two reasons: you have much more money available to spend than you normally would, and because no visible money is changing hands, it doesn't register as a "real" purchase. Similarly, running up a bar tab or using a delayed payment scheme makes it harder to realize how much you're actually spending.

          • Don't bring more cash with you than you need. If you don't have the extra money, you can't spend it. Similarly, withdraw your weekly budget from an ATM once a week rather than filling up your wallet whenever you run out.

6 Don't be fooled by marketing. Outside influences are a huge factor affecting what we spend our money on. Be vigilant and try to be aware of all the reasons you're drawn to a product.

7 Wait for sales and discounts. If you know you'll need a particular item but don't need it today, wait until it ends up in the bargain bin or try to find a coupon for it.

8 Do your research. Before making expensive purchases, go online or read consumer reports to find out how to get the most bang for the least buck. Find the product within your budget that will last longest and meet your needs best.

9 Take all the costs into account. You'll end up paying a lot more than the sticker price for many big-ticket items. Read all the fine print and add up the total amount before making your decision.

10 Stay home. If you don't need to shop, don't go shopping simply because you are bored. Don't use shopping as a recreation or amusement. Find other amusements and hobbies, if it's lonely then invite people over or organize a group to play games together. Games are a good alternative to socialize and in roleplaying games, "Shopping" for equipment with pretend money won on quests can be more satisfying than real shopping.

11 Ask yourself some questions. Will I use this every day? Will I use it enough for it to be worth buying? How many hours did I have to work to pay for this? Employ the 3-month forecast. Ask yourself if you'll still be using the product regularly in 3 months. If you have lived this long without it, do you really need it? If you move frequently, contemplate whether this purchase is really worth hauling around each time you move. If you don't, ask yourself if it's worth sacrificing some of your precious living space to own it.

12 Avoid shopping malls, if possible. If you need to purchase something, go to a store that sells that thing. Don't automatically head for the mall, where you'll likely get lured into buying things you don't need. Also, mall stores tend to be high-priced since the rent is high for those spaces. If you go to the mall just to hang out with your friends, consider finding new hobbies, or new friends. If you have to walk through a shopping mall to get to a restaurant or a movie theater, keep yourself engrossed in conversation (either with yourself or your companions) so that you don't focus on your surroundings. Concentrate on where you are going, but pay no attention to the stores along the way.

13 Give yourself occasional, inexpensive treats. This may sound paradoxical (isn't this buying something you don't need?) but in fact, it's easier to maintain your spending goals if you give yourself the occasional reward. Try to go cold turkey on unnecessary spending and you may eventually "crack" and splurge much more than you should.

          • Instead of renting movies, check your local library. Many libraries offer a wide selection of movies for free. While you're there, check out their other offerings, too. Remember, libraries are nice places to hang out in and reading is free.

Method 2 of 4: Spending on Clothing

1 Only purchase what you actually need. Go through your closet and see what you already have. Sell or give away anything you don’t wear or that doesn’t fit so you have a better idea of your situation.

          • Clearing out your closet is not an excuse to buy replacements. The goal is to find out what types of clothing you have enough of, and which you actually need more of.

2 Know when to spend more for quality. It's foolish to buy the priciest brand of socks, since those wear out quickly. However, spending more money on a pair of higher quality, longer lasting shoes may save you money in the long run.

3 Shop at thrift stores. Some secondhand clothing shops carry surprisingly high quality items. At the very least, you should be able to purchase basic items for a fraction of brand new prices.

4 If you can't find it in a thrift store, buy cheap, generic brands. A designer logo does not indicate a higher quality.

Method 3 of 4: Spending on Food and Beverages

1 Compile a weekly menu and shopping list. Once you have an amount budgeted for food, write down in advance the exact meals you will eat and what you need to purchase at the grocery store to make them.

          • This will not only prevent you from making impulse buys at the grocery store, but also prevent wasting money due to food waste, a major expenditure for many people. If you find yourself throwing away food, reduce the size of your planned meals.

2 Learn tips for saving money on food. There are many ways to save money while grocery shopping, from buying food in bulk to knowing the times of day when various products are cheaper.

3 Minimize eating at restaurants. Eating out is much more expensive than preparing your own food, and should never be done as an impulse by someone who is trying to save money.

Minimize eating at restaurants

Method 4 of 4: Saving Cash Wisely

1 Save Money. Making wise spending decisions goes hand in hand with saving. Budget as much as you can each month toward a savings account or other reliable, interest-accumulating investment. The more money you save each month, the better your overall financial health will be. Which is pretty much the point of spending money wisely, isn't it? Here are some savings ideas for you to consider:

2 Break free of expensive habits. Compulsive habits such as smoking, drinking, or gambling can easily consume any money you save. Eliminating them from your life is both a boon to your wallet and your health.

3 Don't buy what you don't need. If you're unsure about a particular purchase, ask yourself these questions. If you don't answer "yes" to all of them, that's a strong sign you shouldn't spend the money.

4 Prune your hobbies. If you have a gym membership and don’t use it, don’t renew it. Avid collector turned to lukewarm possessor? Sell it. Devote your finances and your energy only into areas you are truly passionate about.

Tips

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