Wednesday, April 19, 2017

4 Tips to Trim Your Family’s Spending


As the holiday season, with its terrifying credit card bills, fades more and more into our collective memory, we’re all starting to feel safe to spend money again. We are preparing warm weather wardrobes, booking flights for summer vacations, and putting down deposits for summer camps.

With that in mind, spring is a perfect time to think about our spending and how we can keep it in check. At FamilyWize, we want to help you save money. Here are four tips to trim your family’s spending:

Track

Track every dollar that you are spending. You won’t know whether or not you are overspending unless you know what you spend. We put this tip first on purpose because no one wants to hear it. If you think that you may have a spending problem, it is way too easy to just put your head in the sand and pat yourself on the back for clipping a few coupons. Coupons help, but they won’t ensure that you will avoid financial disaster. 

The team at Get Rich Slowly has a nice comprehensive approach to tracking your spending each month, so that you will have a clear picture of your financial situation.

Touch

Touch your money and pay cash as often as possible. This is an age-old trick because it works. We all love the convenience of plastic, but if your spending is out of control then removing the convenience of a credit card will help. The AARP makes an insightful research-based case for why the extra pain of paying by cash will help you to be more thoughtful with each purchase.

Delay

You walk into Target and see the TV that you have been coveting for months on sale. You know that the sale is temporary and that stock will be limited. Do you pull the trigger?

The experts at MoneyUnder30 say to delay. Give yourself a 24-hour period to think about the purchase before you make it. That delay will help you to remove the emotion from your purchase. Do you still need to replace your old TV? Then buy a new one. Were you just looking for a big pick-me-up after a bad day at work? Then look at the money you are saving for your next vacation and spend some time daydreaming about your trip instead.

Research

Once you start tracking your spending and you know where your money is going each month, you have the opportunity to do a little research. Could you find a better deal on your car insurance? Maybe a few minutes spent comparison shopping will lead to a smaller payment.

Are you regularly spending a lot of money on prescription medications? Regardless of your insurance situation, we here at FamilyWize can help you spend less money on your family’s prescription drugs with the Free FamilyWize Prescription Discount Card. Get your own card or download the app today.

How do you trim your family’s spending? Let us know on our Facebook page!



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