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How to Spend Smart for a Brighter Financial Future

By: Donna Chaffins | Date: April 16, 2014 | Categories: Financial, Frugal Tips, How To, Money Talk, Savings

Everyone who knows me, knows I’m frugal. I try to save what I can, and I like to think of myself as a smart shopper.

Spending money is easy. Too easy. But if you have to spend or want to spend, it takes a little more work to do it smartly.

To spend money smart it takes:

  • Information – Know what your finances are. Keep track of your banking accounts and do research before you shop, especially if you’re shopping for big items.
  • Motivation – Sit down and make a budget and always pay yourself first. It will be motivating to know you’re putting yourself first. Even if it’s just a few dollars, it adds up.
  • Willpower – Find something that is important to save for… retirement or your child(s) college, etc., and use it to stay strong and not spend money on a whim.

I think willpower is the toughest for most people.

This is a lesson I’ve been trying to teach my son. Just because you have the money doesn’t mean you have to spend it. But if you do, spend smart.

Check out this infographic on ‘How to Spend Smart’… Tips for a healthy financial future….
How to Spend SmartPresented by SpendSmart

How do you spend smart?

35 Responses to How to Spend Smart for a Brighter Financial Future

  1. These are some great tips! We finally are getting a handle on our finances this year and it feels great! We paid off all of our credit card debt and I stay on top of all our bank accounts daily.

  2. Great ideas! I really need to be better about tracking my accounts and what I spend. Bookmarking to re-read again (and again). 🙂

  3. What a great list. It is so easy to get in trouble financially and so difficult to get out of trouble. I’ve learned to appreciate what I have instead of always longing for the newest stuff. We paid off several cards and cut them up!

  4. My spending is out of control. The only time it helps me is with taxes when I have a crap ton of things to write off LOL

  5. Raijean says:

    Great tips! I always try to watch how I spend my coins.

  6. Beth says:

    Great tips. We have a rule that anything over $100 has to have a yes from both of us. This stops a lot of purchases!

  7. I’m having issues with the control yourself part. We only charge what we can pay for, but sometimes we charge enough that we don’t have anything extra for saving. Thanks for the reminders!

  8. Jenn says:

    I need to get a prepaid card. That’s a great idea!

  9. These are great tips! Having a prepaid card is a great way to really control yourself!

  10. Nicole Brady says:

    Great tips. It’s funny how much control people don’t realize they can have over their finances.

  11. Stefanie says:

    I like “wait a week before buying something over $100”. Now I need to try it.

  12. Andrea Kruse says:

    Thanks for the tips. To spend smarter, I make a list every year of the “wants” I have … things that I don’t need immediately, but would really like. Then I can save and bargain shop for them, and also make sure in a month or so it is something I really want. I am less likely to spend my extra money on small things so I can save for those “wants”.

  13. Shell Feis says:

    We’re pretty frugal {I hate spending money} but after paying our tax bill this week, we need to be even more careful with our money. These are some excellent tips!

  14. We’ve been spending way too much on food! Sounds ridiculous but it’s true!

  15. trisha says:

    I am a great saver, problem is my daughter doesnt see that, she only sees the spend!

  16. Kerri says:

    Your infographic really has great reminders. I am always looking for ways to be more financially responsible.

  17. Mandi says:

    There are so many simple things that we can do to cut back and take what we would have spent and apply it towards debt or put into savings, it’s crazy. We’re cutting back on eating out and going to restaurants so we can add to our savings and it’s not that hard!

  18. Michelle says:

    These are great tips! I think financial control is a problem so many suffer with, including myself.

  19. Marcie W. says:

    I can not believe the size of the average American’s credit card debt! I feel much better knowing we have a single card that we pay off in full each month.

  20. Sheri says:

    Great tips! These are some tips I need to bookmark and come back to often.

  21. With my husband out of work and me as the sole bread winner we are in a semi-financial crisis as we struggle to increase our income through our farm business and my blog.

  22. Kathleen B says:

    We have already decided to make most of our food on our summer road trip so that we will have more money to pay for gas. These are great tips.

  23. Great tips! I always try to watch how I spend my money. I’m trying to save. It’s very hard to do when you’re a shop a holic like me.

  24. Lisa says:

    The only debt we have right now is our house and we are working on lowering our monthly budget. With four college tuitions coming up in the next 20 years, we have a lot of saving to do!

  25. Tammy says:

    My husband and I are both savers and only spend money we already have. We do use a credit card but we pay it off every month in full so carry no debt on it. We drive old vehicles that are paid for. So our only debt is our mortgage, which we actually over pay on each month so we can pay it off faster. We eat out rarely, I dye my own hair, and do my own nails. Small things like that really tend to add to the savings account which we have in reserve in case catastrophe strikes.

  26. Not eating out as much has saved us a ton. We use our credit cards often for the benefits of cash back and other rewards but always keep a tight watch on expenses and pay them off immediately. These tips are so timely!

  27. Liz Mays says:

    I really like the tip about waiting a week before buying anything over $100. When I wait on a purchase, I usually realize I didn’t really need it!

  28. Right now we have a lot more debt than that, gah!

  29. Nikoletta says:

    So true this about coffee! If you cut coffee, cigarettes and eating out you can save that money and also be healthier. Having a prepaid card instead of a credit card is, I think, the best tip of all!

  30. Nuresha Perera says:

    thanks for the tip. really helpful

  31. anna says:

    this is really good advice

  32. krystel says:

    this is a very informative post especially how people are spending money but not in that smart way .

  33. Great tips ! I agree you should put yourself first. I do save small amounts but seeing after a short amount of time how it has grown and I have not “needed” it feels really good.

  34. tanya taylor says:

    NOW you are speaking my language!! I am so frugal my dollar bills are screaming from the squeeze 😀 Great advice – thanks for the post!

  35. Linda Manns Linneman says:

    These are such great suggestions. These are definitely tips that I can use. Thank you so much. God Bless

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