essay about spending money wisely

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Finance and Business
Managing Your Money
Keeping Track of Your Spending

How to Spend Money Wisely

Last Updated: May 18, 2024 Approved

This article was co-authored by Andrew Lokenauth . Andrew Lokenauth is a Finance Executive who has over 15 years of experience working on Wall St. and in Tech & Start-ups. Andrew helps management teams translate their financials into actionable business decisions. He has held positions at Goldman Sachs, Citi, and JPMorgan Asset Management. He is the founder of Fluent in Finance, a firm that provides resources to help others learn to build wealth, understand the importance of investing, create a healthy budget, strategize debt pay-off, develop a retirement roadmap, and create a personalized investing plan. His insights have been quoted in Forbes, TIME, Business Insider, Nasdaq, Yahoo Finance, BankRate, and U.S. News. Andrew has a Bachelor of Business Administration Degree (BBA), Accounting and Finance from Pace University. There are 10 references cited in this article, which can be found at the bottom of the page. wikiHow marks an article as reader-approved once it receives enough positive feedback. This article received 22 testimonials and 91% of readers who voted found it helpful, earning it our reader-approved status. This article has been viewed 752,681 times.

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.

Spending Basics

Organize your purchases by category (food, clothing, entertainment, etc.). Categories with the highest monthly amounts (or monthly amounts you consider surprisingly high) may be good targets for saving money.

Make a preliminary trip before you go on your real shopping trip. Note the prices of several alternatives at one or more stores. Return home without buying anything and decide which products to buy on your second, "real" expedition. The more focused you are and the less time you spend in the store, the less you'll spend.
If you are motivated to treat each purchase as an important decision, you will make better decisions.
Do not accept free samples or try something on just for fun. Even if you don't plan on purchasing it, the experience can convince you to make a decision now instead of considering it carefully in advance.

Don't browse store windows or shop for fun. If you're only buying something because you find the act of shopping fun, you'll likely end up spending too much on stuff you don't need. [2] X Research source
Don't make purchasing decisions when your judgment is impaired. Alcohol, other drugs, or sleep deprivation [3] X Research source can harm your ability to make sensible decisions. Even shopping while hungry or listening to loud can be a bad idea if you don't stick to your shopping list.

Do not take advice from store employees. If you need a question answered, politely listen to their response but ignore any advice on purchasing decisions. If they won't leave you alone, leave the store and return later to make your decision.

Don't bring more cash with you than you need. If you don't have the extra money, you can't spend it. [5] X Research source Similarly, withdraw your weekly budget from an ATM once a week rather than filling up your wallet whenever you run out.

Don't buy something on the basis of an advertisement. Whether on television or the product's packaging, treat ads with skepticism [6] X Research source . They are designed to encourage you to spend money and will not provide an accurate portrayal of your options.
Don't purchase something just because it's reduced price. Coupons and sales are great for products you were already planning to buy; purchasing something you don't need just because it's 50% off does not save money!
Be aware of pricing tricks. Translate that "$1.99" price into "$2". Judge the price of an item on its own merits, not because it's a "better deal" than another option by the same company. (By making the "worse deal" atrocious value, someone can trick you into paying more for add-ons you don't need).
Don't automatically buy the mid priced product within a category. Marketers know that if they want you to buy a high-priced product instead of a low-priced product, they can influence your decision by adding an outrageously expensive product to make the high-priced product intermediate in price and look reasonable in comparison.

Only use a coupon or take advantage of a discount for an item you absolutely need or decided to buy before the discount occurred. The attraction of a cheaper price is an easy way to get customers to buy something they don't need.
Buy products only useful at particular times of year during the offseason. A winter coat should be cheap during summer weather.

Don't be fooled by lower monthly payments. Calculate the total amount you'll spend (monthly payments x number of months until fully paid) to find out what the cheapest option is.
If you're taking out a loan, calculate how much total interest you'll have to pay.

Step 10 Give yourself occasional, inexpensive treats.

Set aside a very limited amount of money in your budget for these treats. The goal is to give yourself a small reward to keep your spirits up and prevent a giant splurge later.
If your usual methods of treating yourself are expensive, find cheaper alternatives. Take a bubble bath at home instead of going to the spa, or borrow a movie from the library instead of going to the theater.

Spending on Clothing

Step 1 Only purchase what you actually need.

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.

Step 2 Know when to spend more for quality.

Remember that price doesn't guarantee quality. Research what the longest lasting brands are rather than assume the most expensive option is best.
Similarly, wait until the item you need goes on sale when possible. Remember not to use sales an excuse to purchase items you don't require.

Thrift stores in more affluent neighborhoods usually receive higher-quality donations.

Step 4 If you can't find it in a thrift store, buy cheap, generic brands.

Spending on Food and Beverages

Step 1 Compile a weekly menu and shopping list.

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. [8] X Research source If you find yourself throwing away food, reduce the size of your planned meals.

Step 2 Learn tips for saving money on food

Pack a lunch at home instead and bring it with you to work or class.
Fill a water bottle using your tap at home instead of buying expensive bottled water.
Similarly, if you drink coffee frequently, buy a cheap French press and save money by preparing it at home.

Saving Cash Wisely

Establish an emergency fund.
Avoid unnecessary fees.
Meal plan your meals for the week

Will I use this item regularly? Make sure you'll drink all that milk before it goes bad, or that you have enough summer months left to wear that skirt more than a couple times.
Do I lack something that serves the same purpose? Beware specialized products whose role can be performed by basic items you already have. [12] X Research source You probably don't need ultra-specialized kitchen equipment, or a special workout outfit when sweatpants and a T-shirt will work just as well. [13] X Research source
Will this item change my life for the better? This is a tricky question, but purchases that encourage "bad habits" or cause you to neglect important parts of your life should be avoided.
Will I miss this item if I don't buy it?
Will this item make me happy?

Community Q&A

When comparing two cars, calculate how much more you'll spend in gas money if you buy the less efficient (lower MPG) model. [14] X Research source Thanks Helpful 0 Not Helpful 0
Avoid dry-clean only clothing. Check the tags before you purchase any clothing. You don't want to repeatedly spend money on dry cleaning. [15] X Research source Thanks Helpful 0 Not Helpful 0
Following a budget will be much easier if the entire household is committed. Thanks Helpful 6 Not Helpful 1

Tips from our Readers

Do your research before buying something new: is it worth spending the money? What's the best value you can find? Resist automatically going for the cheapest item you can find, though, since cheap stuff is usually low-quality, meaning you'll likely have to spend more money replacing it in the long run.
You can still enjoy a nice meal out while saving money. For instance, instead of paying for a drink, stick to water or hot tea and lemon, since it's typically free. Skip the appetizer, or split your food with a friend, since restaurant portions tend to be pretty big anyway.
Be cautious about who you loan money to, and try not to loan what you can't afford to lose. If friends or relatives ask you if they could borrow some money, try to keep track of what you've loaned them, and maybe come up with a payment plan with them if it's a large sum.

↑ Trent Larsen, CFP®. Certified Financial Planner. Expert Interview. 22 July 2020.
↑ http://mywifequitherjob.com/how-to-build-wealth-by-spending-money-wisely/
↑ http://www.sltrib.com/sltrib/money/56846293-79/sleep-shopping-deprivation-foods.html.csp
↑ http://www.moneycrashers.com/psychology-of-money-saving-spending-habits/
↑ http://money.howstuffworks.com/personal-finance/budgeting/10-tips-for-staying-on-budget.htm#page=2
↑ http://pbskids.org/itsmylife/money/spendingsmarts/article8.html
↑ http://www.moneycrashers.com/importance-splurging-avoid-frugal-fatigue-splurges/
↑ http://www.lifehack.org/articles/money/7-ways-spend-money-wisely.html
↑ http://www.csmonitor.com/Business/Saving-Money/2012/0510/23-ways-to-save-money-on-clothes
↑ http://financialplan.about.com/od/savingmoney/a/newcarmistakes.htm

About This Article

If you want to spend money wisely, create a budget to track how much money you spend on each category, such as food, clothing, entertainment, and living expenses. Then, try to plan each purchase in advance so you know how much money you will be spending and will be able to avoid impulse purchases. When you do spend money, pay in cash to prevent overspending or interest charges for unpaid credit card balances. Whenever possible, wait for a sale to purchase big-ticket items, like a new laptop, at a discount. For tips on spending less for food and clothing and starting a savings fund, scroll down! Did this summary help you? Yes No

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Home — Essay Samples — Literature — Money and Class in America — The Importance of Saving Money

The Importance of Saving Money

Categories: Money and Class in America Personal Growth and Development

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Spending Money Wisely

Author: Financial Success | Image: Financial Success

Figure out your budget

Making a budget can seem like a time-consuming thing to do, but it is one of the most important steps in order to ensure that you are financially organized. Creating a budget is going to allow you to track your spending, so you know exactly what you are spending your money on, and from there, you are going to be able to become more successful when it comes to achieving your financial goals. The 3 keys to creating a successful budget are tracking your spending, paying off major bills first, and then creating a spending plan.

There are many easy ways to start creating your budget, including

An Excel Spreadsheet
CashCourse Budget Wizard
Mint: Personal Finance & Money (In the App Store)
Template on the Office of Student Financial Success website

What creating a budget is going to do is help you see if you are overspending (spending>income) or if you are underspending (spending<income). If you figure out that you are overspending, then you need to decide to either reduce your spending or find an additional source of income to ensure that you are not going over budget.

Decide what is a need and what is a want

Deciding between a need and a want is an extremely important task when it comes to saving money, especially as a college student where the money is often limited. It can be very hard to decide between the two, especially when something like the new iPhone comes out or one of your friends asks you to go out to eat. However, figuring out what is a need or a want is the key to spending money wisely and sticking to your budget.

What are examples of Needs?

Housing, Mortgage Payments, and Utilities
Loan Payments
University Fees
Transportation
Food (Groceries)

What are examples of Wants?

Sources of Entertainment
Memberships
Brand New Clothes
Dining Out/Drinking at the bars
New Electronics

The needs and wants may differ between people depending on certain aspects of their life. While cutting out wants is important to maintaining a successful budget, it does not mean that you should cut out all the wants completely. One thing that is recommended when it comes to keeping track of needs and wants is to use the 50/30/20 rule. This means that 50% of your income should be devoted to paying for needs, 30% of your income can go to buying your wants, and the last 20% should be added to your savings.

Plug the leaks in your spending

Small spendings can add up and end up having a huge impact on the success of your budget and can often lead to you thinking, “where did all of my money go.” Stopping these leaks in your spending will ensure that you meet the goals that you set in your budget and that you are spending your money wisely.

Some of the ways to plug these spending leaks include

Carry around a reusable water bottle to cut out needless spending on things to drink
When going shopping, make a list and stick to it—no impulse buying.
Carry cash instead of credit cards to ensure that you are only spending what you can afford
Get rid of subscriptions that you don’t use anymore or are just unnecessary.
Pack snacks from home to avoid higher prices at vending machines or gas stations
Use subscriptions to streaming services such as Netflix or Hulu instead of paying for cable.

Limiting the amount of impulse buying and needless spending is going to help you stick to your budget and meet your goals. It will also allow you to have a better understanding of where your money is going and not leave you with that “where did all that money go” feeling. From plugging these leaks, you are going to end up spending less money and be able to save more.

Financial Wellness

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Managing Your Debt

10 Simple Ways to Manage Your Money Better

Why Is Money Management Important?

Being good with money is about more than just making ends meet. Don't worry that you're not a math whiz; great math skills aren't really necessary—you just need to know basic addition and subtraction.

Life is much easier when you have good financial skills. How you spend your money impacts your credit score and the amount of debt you end up carrying. If you’re struggling with money management issues, such as living paycheck to paycheck despite making more than enough money, then here are some tips to improve your financial habits.

When you’re faced with a spending decision, especially a large purchase decision, don’t just assume you can afford something. Confirm that you can actually afford it and that you haven’t already committed those funds to another expense.

That means using your budget and the balance in your checking and savings accounts to decide whether you can afford a purchase. Remember that just because the money is there doesn't mean you can make the purchase. You have also to consider the bills and expenses you'll have to pay before your next payday.

How to Manage Your Money Better

1. have a budget.

Many people don’t budget because they don’t want to go through what they think will be a boring process of listing out expenses, adding up numbers, and making sure everything lines up. If you’re bad with money, you don’t have room for excuses with budgeting. If all it takes to get your spending on track is a few hours working a budget each month, why wouldn’t you do it? Plus, you can use several tools to make the process as easy as possible—maybe even fun.

Instead of focusing on the process of creating a budget, focus on the value that budgeting will bring to your life.

2. Use the Budget

Your budget is useless if you make it and then let it collect dust in a folder tucked away in your file cabinet or never open it again on your computer. Refer to it often throughout the month to help guide your spending decisions. Update it as you pay bills and spend on other monthly expenses. At any given time during the month, you should have an idea of how much money you’re able to spend, considering any expenses you have left to pay.

3. Limit Unbudgeted Spending

A critical part of your budget is the net income or the amount of money left after you subtract your expenses from your income. If you have any money left over, you can use it for fun and entertainment, but only up to a certain amount. You can’t go crazy with this money, especially if it’s not a lot and has to last the entire month. Before you make any big purchases, make sure it won’t interfere with anything else you have planned.

4. Track Your Spending

Small purchases here and there add up quickly, and before you know it, you’ve overspent your budget. Start tracking your spending to discover places where you may be unknowingly overspending. Save your receipts and write your purchases in a spending journal, categorizing them so you can identify areas where you have a hard time keeping your spending in check.

5. Don’t Commit to New Recurring Monthly Bills

Just because your income and credit qualify you for a certain loan, doesn’t mean you should take it. Many people naively think the bank wouldn’t approve them for a credit card or loan they can’t afford. The bank only knows your income, as you’ve reported, and the debt obligations included on your credit report , not any other obligations that could prevent you from making your payments on time. It’s up to you to decide whether a monthly payment is affordable based on your income and other monthly obligations.

6. Make Sure You Pay the Best Prices

You can make the most of your money comparison shopping , ensuring you’re paying the lowest prices for products and services. Look for discounts, coupons, and cheaper alternatives whenever you can.

7. Save Up for Big Purchases

The ability to delay gratification will go a long way in helping you be better with money. When you put off large purchases, rather than sacrificing more important essentials or putting the purchase on a credit card, you give yourself time to evaluate whether the purchase is necessary and even more time to compare prices. By saving up rather than using credit, you avoid paying interest on the purchase. And if you save rather than skipping bills or obligations, well, you don’t have to deal with the many consequences of missing those bills .

8. Limit Credit Card Purchases

Credit cards are a bad spender's worst enemy. When you run out of cash, you simply turn to your credit cards without considering whether you can afford to pay the balance. Resist the urge to use your credit cards for purchases you can’t afford, especially on items you don’t really need.

9. Contribute to Savings Regularly

Depositing money into a savings account each month can help you build healthy financial habits . You can even set it up so the money is automatically transferred from your checking account to your savings account. That way, you don’t have to remember to make the transfer.

10. Practice, Practice, Practice

In the beginning, you may not be used to planning ahead and putting off purchases until you can afford them. The more you make these habits part of your daily life, the easier it is to manage your money, and the better off your finances will be.

Frequently Asked Questions (FAQs)

Why is money management important.

Without money management, personal finances are a bit of a mystery. This can lead to overspending and living paycheck-to-paycheck. Money management can help you have a better handle on your income and spending so you can make decisions that improve your financial status.

How do you improve money management?

You can improve your money management by regularly evaluating what you're doing with money and making changes that make sense for you. For example, if you don't have a budget, you could start by developing one. If you have a budget, you could track your spending and see how it lines up with your budget. Once you have an idea of your income and spending, you could choose to increase your savings, pay off debt, or start investing based on your financial goals.

Consumer Financial Protection Bureau. " Budgeting: How to Create a Budget and Stick With It ."

Federal Trade Commission. " Making a Budget ."

FiftyThirtyTwenty.com. " Income + Financial Stability in America ."

Consumer Financial Protection Bureau. " Spending Tracker ."

Consumer Financial Protection Bureau. " Bill Calendar: Know What You Owe and When It's Due ."

WSFS Bank. " 5 Ways to Save for a Big Purchase ."

Discover. " Six Tips On How To Stay Out of Debt ."

Consumer Financial Protection Bureau. " Looking for An Easy Way to Save Money? Make It Automatic ."

Essay on Financial Literacy

Students are often asked to write an essay on Financial Literacy in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Financial Literacy

What is financial literacy.

Financial literacy means knowing how to manage money. This includes understanding how to save, spend, and invest your cash. It’s like learning a new language but for money. It helps you make smart choices with your pocket money or savings from a part-time job.

Why Save Money?

Saving money is like keeping seeds for planting. You save now and have more later. It’s important to save for things you might want in the future or if something unexpected happens, like a broken bike that needs fixing.

Spending Wisely

Spending wisely means thinking before buying. Ask yourself, “Do I really need this?” or “Can I find it cheaper somewhere else?” This helps you avoid wasting money on things you don’t need or paying too much.

Investing is like planting your saved seeds to grow a tree. You put your money in a place where it can grow over time, like a bank account or stocks. But be careful, investing can be risky, so you should learn about it first.

Also check:

250 Words Essay on Financial Literacy

Financial literacy means knowing how to manage your money smartly. It’s like learning a new language, but instead of words, you learn about savings, budgeting, and how to make your money grow. Just as you need to know math to solve problems, you need financial literacy to make good choices with money.

Saving Money

Think of saving money as a game where the goal is to keep as many coins as you can in a piggy bank. You do this by spending less on things you don’t need. Saving is important because it’s like having a safety net on a trampoline; it’s there to catch you if you fall or if something unexpected happens.

Making a Budget

A budget is a plan for your money. It’s like a map that shows you how to spend your allowance or earnings from chores. When you make a budget, you decide what you’ll spend on snacks, games, or saving for something big like a new bike. Sticking to your budget means you’re in charge of your money, not the other way around.

Smart Spending

Smart spending means thinking carefully before you buy something. Ask yourself, “Do I really need this?” or “Can I find it cheaper somewhere else?” It’s like choosing the best candy in the store, so you get the most yumminess for your money.

Growing Your Money

Understanding financial literacy helps you make smart choices now and prepares you for the future. It’s a tool that helps you build the life you want, just like learning to read and write.

500 Words Essay on Financial Literacy

Financial literacy is knowing how to manage money. This means understanding how to earn, save, spend, and invest your money wisely. It’s just like learning how to read or write, but instead of letters and words, you’re learning about numbers and dollars. When you’re financially literate, you can make smart choices with your money that will help you in the future.

Earning and Saving Money

Spending money wisely.

Spending money is something everyone has to do, but spending it wisely is a key part of financial literacy. This means thinking about whether you really need what you’re buying and if you’re getting it at a good price. It’s okay to spend money on fun things, but you should make sure you have enough for the things you need first, like food and clothes.

A budget is a plan for how to spend your money. It helps you keep track of what you earn, what you need to spend on things like food and rent, and how much you can save or use for fun stuff. Making a budget can help you make sure you don’t run out of money and can save up for big things you want in the future.

Why Financial Literacy is Important

Being good with money is important because it helps you feel secure and ready for the future. If you know how to manage your money, you won’t have to worry as much about not having enough for things you need or want. It also means you can help your family and even give back to your community by donating to people who need help.

Financial literacy is a big part of growing up and becoming independent. It’s about being smart with your money, so you can take care of yourself and your loved ones. Learning about earning, saving, spending, budgeting, and investing can seem like a lot, but step by step, it can become as easy as reading your favorite book. Start learning about money now, and you’ll be ready for all the adventures life has to offer!

That’s it! I hope the essay helped you.

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Happy studying!

6 Tips for Spending Money Wisely (and Avoiding Debt)

Published September 29, 2023 | Updated May 08, 2024

Expert Verified

Written by Priyanka Trivedi

Edited by Wes Silver

Reviewed by Teresa Dodson

For some people, financial problems can be due to not having enough income. But for most, the problem arises because they spend more than they make. Everyone’s guilty of slipping up sometimes and spending money on something they don’t need. But learning how to spend money wisely can help you curb bad money management habits, reduce your expenses, and avoid debt.

What Does It Mean to Spend and Manage Your Money Wisely?

Spending money wisely means spending money on things that matter the most to you. It means spending less than you earn so you can pay your bills in time and save for your future needs. An example of spending your money wisely is using savvy ways to save money and implementing frugal habits that will allow you to achieve your financial goals. All it takes is to tweak a few of your money habits and learn how to manage your finances mindfully to start creating a better future.

6 Smart Tips for Spending Your Money Wisely

Most people worry about earning more, but not many people focus on managing the money they have effectively. While it’s important to create wealth, the importance of money management should not be overlooked. Tracking your expenses, learning ways to be a savvy shopper, and budgeting can all help you spend your money wisely.

1. Know Your Finances

The first step of money management is making a monthly budget. To make a budget, compare the amount of money you spend each month on your fixed and discretionary expenses against your income. Having this information on hand will give you a clear picture of whether you're living paycheck to paycheck or have enough money to save for your future.

Use an online budgeting tool or app to create your budget. With a better awareness of your spending habits, you’ll be able to make informed decisions about where to spend your money and where to cut back. Review your budget and your bank account regularly to spot memberships you don’t use anymore and expenditures you can cut back on.

2. Avoid Impulsive Buying

Impulsive buying habit is the tendency to purchase something without planning in advance . You’re also more likely to make an impulsive purchase when you’re bored or upset. An easy way to avoid this is by practicing a bit of discipline. Before you buy something, ask yourself if you really need it and how the purchase will impact you. Think of whether the purchase can put you in debt or if you have a plan to pay for the purchase.

An effective technique to learn how to spend money wisely is to wait 24 hours before you make a purchase. If you still think the same way about the product and if you think it will improve your quality of life, you can purchase it.

3. Save Money

“It's simple. You need to budget so you don’t live beyond your means and create savings,” says Teresa Dodson, debt expert and founder of Greenbacks Consulting. “It can be as little as $10 a week, but if you create a plan and stick to it, that amount will start to accumulate,” adds Dodson.

One of your main priorities should be to build an emergency fund so you don’t rack up credit card debt to cover unexpected expenses. Have a goal of saving up at least three month’s worth of living expenses. After you’ve accounted for all monthly expenses, make a plan for what you’re going to do with the remaining money in your checking account. A good practice is to transfer the extra money to a separate savings account so you’re not tempted to use your debit card for impulse purchases.

If you’re planning any large purchases in the future, such as a car or a vacation, set up a separate savings account for these short-term goals . You can also participate in a money-saving challenge to make it fun and exciting to save for a financial goal.

4. Invest Wisely

Another priority should be to save money for your retirement. When you’re investing for long-term goals such as retirement savings, consider putting it in an account with tax benefits, such as a 401(k) and IRA . Consult a professional for investment advice to ensure you’re getting the most out of your money. If you have a 401(k) with an employer match, your goal should be to max out the account each year so that you can get the maximum match from your employer as well as the full tax benefits.

5. Be a Smart Shopper

With just a little preparation and product knowledge, you can become a smart shopper. Compare the price of a product at multiple retailers so you can find the best possible deal. Consider buying a comparable generic brand instead of a name brand to save more money.

Read reviews of the product before you purchase anything. Do your research so you can ensure that the product you’re investing in is good quality and long-lasting.

Smart shoppers find ways to save money without sacrificing quality. A great way to do this is by using rewards and points for purchases . If you visit certain stores or purchase from a brand frequently, sign up for their loyalty program. You’ll earn points for every purchase and can use those points for gifts, merchandise, and deals.

6. Learn More

Managing money is a crucial part of life. You don’t need to be an expert, but to improve your financial health, it’s important to keep learning so you can make the most of your hard-earned money. Think about what you already know and then add to your knowledge with the help of books, courses, and websites.

There’s a wide range of educational resources available to anyone interested in learning more about finances. Here are a few suggestions to start with:

How to Money: Your Ultimate Visual Guide to the Basics of Finance (book)
Personal Finance for Dummies (book)
Investor.gov (website)
Kiplinger (magazine)
Money Girl (podcast)

The Bottom Line on Spending Money Wisely

Learning how to spend money wisely is an important step towards financial freedom . It’s easy to fall into splurging and overspending habits, and before you know it, you may be deep into a debt trap. When you make a budget, start tracking your spending, and learn how to save for your future, you can make better choices without feeling deprived. Smart financial habits will make your money work hard for you so you can enjoy financial wellness.

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So,following the steps below will improve your overall pocketbook health. First, come up with a budget. Financial experts suggest you track your spending for a few months so that you start work on your budget knowing where your money is going. If you are bad about saving receipts for cash purchases, keep a notebook with you, to write down all cash purchases as you make them.Additionally, make a list of your monthly expenses, using your bills and the information you gather.

Review this list to determine where you can reduce expenses and by how much. Therefore, avoid impulse buying. Before making any purchase, ask yourself a few simple questions, and be honest with your answers. Only move on to the next question if you can answer yes to the current one. If you cannot get all the way through the questions, it is probably an impulse buy and you should pass it up. You should think about the things in your life that you tend to spend the most money on.

Most of these areas are outlined below, with suggestions as to how you can cut down on spending in them. Besides. shop around regularly for utilities and insurance. Many service providers count on customers sticking with the services simply because it is easier than shopping for another one regularly. If it has been more than a year since you purchased your cell or home phone service, cable or satellite package, internet service, or car, home, or health insurance, shop around and make sure you are still getting the best deal. Moreover, Research large purchases before buying.

Money doesn’t grow on trees. So, we must work hard to find money Managing your money wisely is one of the most important ways to gain a level of financial stability and independence.Regardless of your income level, there are intelligent and manageable ways to spend money, and there are many ways that can leave you behind the eight ball and unable to pay the bills. If you’ve never had lessons on money management or have simply forgotten them over time, here are a few very simple steps you can take to put you and your bank account on the right track to financial stability and comfort for you and your family. 1. Don’t Spend it All It seems pretty simple, but spending less than you earn is an essential first step to stabilizing your situation and having something left over at the end of the month.

The easiest way to track this is on a monthly basis. Chances are you already know how much money you earn in a month. Now get all your monthly bills you have to pay every month and add those up. After that, figure out how much money you spend on groceries, entertainment, and other day-to-day expenses throughout the month. Once you have it all added up, you’ll know if you’re saving money at the end of the month or ending up with a deficit. If you have a deficit at the end of the month, you are probably buying those extra items on a credit card with interest rates that will make you owe more money in the long run.

Stay away from a situation like that by being sure you spend less than you make every month. 2. Don’t Waste Money Having fun is important and everyone deserves to spend a little bit on entertainment and recreation every once in a while, but there are places in almost every budget where you can cut back without decreasing your quality of life. Take an honest look at what you spend your money on and find those things that are essential (mortgage, medical bills, insurance, rent, car insurance, etc. ). After that the most important thing is food.

That’s a little more complicated, because you have to buy food, but you probably don’t have to buy all the food you’re buying. See where you can cut out on junk food and other things you don’t need. Cook at home more often and eat out less. Use generic brand name products rather than popular brand names.

All of this will save you money in the long run. If there are other places in your entertainment budget that you can cut costs, do it. 3. Start Saving Early Once you’re able to put away some extra money at the end of the month, don’t spend it all at once on something. Instead, invest it in the future of your family and your own retirement.If you put your money into a high yield savings account now it will end up paying off by a lot in the long run.

How To Spend Your Money Wisely It is always important and necessary for you to understand your personal finances. Whether you like it or not, being able to learn more about your money makes you more confident in the decisions that you make in the future. When you understand these tips, your financial situation will improve. Build a budget based on your monthly income and costs. A budget is a tool to help you plan, prioritize, and manage your income and expenses.Review your budget often and update it when you are experiencing a change in income and expenses.

The key to building an effective budget is knowing exactly how much money your family earns every month. Everything you spend money on should be accounted for. Never spend more money than you have available. Take the time to record your expenses. Making a list of expenditures can help you to visualize where all of the money goes.

Don't overlook expenses that don't occur monthly but are paid quarterly or twice a year. Add surprise expenses to your list, such as emergency or repair costs.You should also include leisure and entertainment expenses on your list. Doing all of this will ensure that you have an accurate portrayal of your expenses.

Once you have established a detailed record of your household cash flow, you can create a feasible budget. Eliminate things from your budget that are not necessary. You can keep a lot of money in your pocket if you stop buying your coffee at a coffee shop or buying your lunch. Upgrades and improvements to your house can save money on your utility bills.

Consider getting new appliances, like efficient washing machines or dishwashers, that use less water.When it comes to delivering hot water, tank heaters are less efficient than on-demand or inline heaters. You should have the pipes in your home checked in order to find any leaks that may be costing you extra on your water bill. You may want to think about upgrading appliances with energy smart ones.

Appliances that have circuitry that regulates their energy use save a lot of money over time. You should also unplug unused electrical devices when they are not in use. In the long run, things with the indicator lights can use quite a bit of electricity.Another project that you can undertake is to increase insulation. You can do this by improving your walls, ceiling, and roof.

You will find that your home will be able to store more heat, which can save money. This might take a lot of time, but the money saved is worth it. Although some of these suggestions may bring with them significant investments, it is still certain that they will be of worth in the long run. The money you spent on the initial invest will quickly be returned to you in the form of lower bills.

Over time, you will have a lot more money and financial freedom.

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Essay on Money for Students and Children

500+ words essay on money.

Money is an essential need to survive in the world. In today’s world, almost everything is possible with money. Moreover, you can fulfill any of your dreams by spending money. As a result, people work hard to earn it. Our parents work hard to fulfill our dreams .

Furthermore various businessmen , entrepreneurs have startup businesses to earn profits. They have made use of their skills and intelligence in getting an upper hand in earning. Also, the employee sector works day and night to complete their tasks given to them. But still, there are many people who take shortcuts to success and get involved in corruption.

Black Money

Black money is the money that people earn with corruption . For your information corruption involves the misuse of the power of high posts. For instance, it involves taking bribes, extra money for free services, etc. Corruption is the main cause of the lack of proper growth of the country .

Moreover, money that people having authority earns misusing their powers is black money. Furthermore, these earnings do not have proper documentation. As a result, the people who earn this do not pay income tax . Which is a great offense and the person who does this can be behind bars.

Money Laundering

In simple terms, money laundering is converting black money into white money. Also, this is another illegal offense. Furthermore, money laundering also encourages various crimes. Because it is the only way criminal can use their money from illegal sources. Money laundering is a crime, and the people who practice it are liable to go to jail.

Therefore the Government is taking various preventive measures to abolish money laundering. The government is linking bank accounts to AADHAR Card. To get all the transaction detail of each bank account. As a result, the government comes to know if any transaction is from an illegal source .

Also, every bank account has its own KYC (Know your Customer) this separates different categories of income of people. Businessmen are in the high-risk category. Then comes the people who are on a high post they are in the medium-risk category. Further, the last category is of the Employee sector they are at the lowest risk.

Get the huge list of more than 500 Essay Topics and Ideas

White Money

White money is the money that people earn through legal sources. Moreover, it is the money on which the people have already paid the tax. The employee sector of any company always has white money income.

Because the tax is already levied on their income. Therefore the safest way to earn money is in the employment sector. But your income will be limited here. As a result, many people take a different path and choose entrepreneurship. This helps them in starting their own company and make profitable incomes .

Every person in this world works hard to earn money. People try different methods and set of skills to increase their incomes. But it is always not about earning money, it’s about saving and spending it. People should spend money wisely. Moreover, things should always be bought by judging their worth. Because money is not precious but the efforts you make for it are.

Q1. What is Black Money?

A1. Black money is the money that people earn through illegal ways. It is strictly prohibited in our country. And the people who have it can go to jail.

Q2. What is the difference between Black money and White money?

A2. The difference between black money and white money is, Black money comes from illegal earnings. But white money comes from legal sources with taxation levied on it.

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How you think about money affects what you do with it

A woman uses a calculator on a white desk with an open laptop in the background

Study suggests changing how you think about spending, saving can change financial behavior

You know you should set aside savings with every paycheck, live within your means and invest your money wisely. But do you do it?

New research from the University of Georgia suggests that answering three questions could give people insight into their spending and potentially help them modify their behavior in the future.

More than 230 people rated their agreement with three statements:

I can predict the situations when I will spend more than I meant to.
I know what I should do differently to manage my money better.
And I know what motivates me to spend or save the way I do.

“We can all think of those things that we know we should do but don’t,” said Kristy Archuleta , lead author of the study and a professor in the College of Family and Consumer Sciences .

Kristy Archuleta

“Like, I know I should get up and work out every day. I know I should eat more fruits and vegetables. But do I do those things? For me, it depends on the day. The same is true with our money.”

Participants also reported on their money habits, such as how frequently they set aside money for retirement or paid credit card bills in full. And they were tested on their financial knowledge of things like stocks and inflation and asked about anxiety related to the state of their finances.

The researchers found a connection between how people think about their finances and their financial behaviors. The study showed that improving financial knowledge, finding motivation to alter spending patterns and reducing anxiety about finances all resulted in increasing positive financial behaviors.

Recognizing spending patterns is key to better money habits

Identifying situations when you’re likely to spend more can help predict triggers. Once you know what those triggers are, you can figure out ways to avoid them.

“Maybe when you’re stressed, you know you’re going to spend more money because that’s how you cope with that stress,” said Archuleta, who works with financial coaches and planners to help them better assist clients. “So maybe you get up and go for a walk instead of sitting at your computer looking through Amazon.”

Figuring out what drives you to spend or save the way you do can provide the motivation to make lasting changes to budgets. “If I know what motivates me to save money, maybe I’m going to be more likely to do it,” Archuleta said. The three-question assessment is a good starting point for people to begin evaluating why they do what they do with their money.

The statement ‘I know what I should do differently to manage my money better.’ That’s great. … What is one thing you can do today in order to help you do that?” —Kristy Archuleta, College of Family and Consumer Sciences

For financial counselors, the assessment also provides an easy entry point to dive deeper into the reasons why people save or don’t save the way they should.

“For example, the statement ‘I know what I should do differently to manage my money better.’ That’s great. Follow up with a question such as: What is one thing you can do today in order to help you do that?” Archuleta said. “Maybe it’s packing your lunch before work so you don’t have to spend money on eating out. What is one thing that is doable? What is it that motivates you?”

Published in the Journal of Financial Counseling and Planning, the study was co-authored by Christina Glenn, Derek Lawson, Joy Clady and Syble Solomon.

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Top Tips for Spending and Managing Money Wisely

You don't have to be a personal finance expert to be good with money. Anyone can take steps to develop good money habits and achieve greater financial flexibility and freedom! It all starts with understanding how to spend money wisely and how to manage your money effectively.

What Does it Mean to Spend and Manage Your Money Wisely?

Spending wisely is more than just keeping track of your bills and having a good credit report. Spending your money wisely is a way of life! Spending less than your income while continuing to pay your bills on time and in full allows you to save for future needs. Aligning your spending habits with what matters most to you will help you reach your biggest money goals.

Helpful Tips for You

Are you ready to get started on your journey to saving money and spending money wisely? Here are some helpful tips to consider:

Track your spending—every dollar! Before you can manage your money wisely, you need to understand where your money goes each month. That's why tracking your spending is so important! Save your receipts and write each purchase in a notebook. You can also use a digital tool like Money Management to track and categorize your spending. Money Management will give you a very clear picture of your spending habits, which you can use to create an accurate monthly budget .
Look for expenses to adjust, reduce or eliminate As you evaluate your spending habits, identify room for change. Some questions you may want to ask yourself include:
Do your purchasing habits match your priorities and financial goals?
Which categories could you trim to save more money?

You can save money by listing your expenses in order of importance from "must-haves" like living expenses to "nice-to-haves" like new shoes and clothes.

Give your money a purpose After you pay bills, if you don't have specific goals for your leftover income, you might end up spending the funds you have leftover at the end of the month rather than saving them. But by giving your money a dedicated purpose, you can use it to help you live the life you want to live! What goals do you have for your money? It could be boosting your emergency fund, upgrading your car, paying for a child's education, taking a dream vacation or even donating to the causes you care about. Once you have enough money saved to start putting it towards certain goals, open separate savings accounts and name them for each goal. These savings accounts will help you establish a plan for your extra money, including any additional income you receive through raises, bonuses or your tax refund.
Stay flexible Learning to develop a financially savvy plan to spend and manage money wisely takes practice. When you're first getting started, you'll probably need to adjust your budget and spending habits so that you can meet your goals. Stay flexible and try to make money management part of your daily routine—it's worth it!

For more tips on the road to financial independence and how to spend money wisely, view our Spend & Mange Wisely Brochure here .

How We at Wright-Patt Credit Union Can Help

At WPCU, we want to help you succeed in your journey to spending wisely and give you the tools you need to spend money wisely. We have a variety of helpful tools to make the process easier, including budgeting worksheets and spreadsheets , spending tips and interactive learning modules for spending and managing your money.

5 Smart Ways To Make Wise Spending Decisions As Financially Savvy Travelers – Episode 150

Wise spending for financially savvy travelers.

Knowledge is power. The more knowledgeable I’ve become, the more I can make informed financial decisions that benefit me as a traveler. In my book, We Are Financially Savvy Travelers , we talk about how improving your knowledge base is an important component of financially savvy travel. That can look like learning from blog posts and articles, enrolling in courses, listening to travel podcasts or trial-and-error. Today, we’re peeling back another layer of financially savvy travel. Often overshadowed by the appeal of spending less, learn about the differences between wise spending and spending less and valuable ways to spend money wisely as financially savvy travelers.

[7:14] The difference between wise spending and spending less
[10:35] Ways to spend your money wisely as financially savvy travelers
[13:45] Good deal vs great deal
[21:09] Shortlist of best travel newsletters

Prefer audio? Listen to this podcast episode here, or choose a podcast player below.

Listen on Apple Podcasts | Spotify | Amazon Music | iHeart | Any player

About Our Sponsor – Aura

Big thanks to Aura for teaming up with us on this episode.

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Wise Spending vs Spending Less

Table of Contents

1. Know the Rules of Engagement

2. differentiate between good deals and great deals, 3. research and plan ahead, 4. track your travel spending, 5. stay up-to-date with travel news.

In the frugal travel space, we often hear the advice to “travel more and spend less.” While this mantra holds some truth, it’s important to recognize the subtle nuances between the two.

Wise Spending: Spending money wisely involves making thoughtful and strategic choices with your money. It goes beyond simply cutting back on expenses but prioritizing value, getting the most out of your purchases, and aligning your spending with your financial goals. When you practice spending wisely, you consider the long-term impact of your financial decisions and ensure they align with your priorities.

Spending Less: On the other hand, spending less means reducing the amount of money you spend. While spending less can be a part of wise spending, it often involves cutting back without necessarily considering the value or impact. When you focus solely on spending less, you may sacrifice quality and convenience or skip experiences altogether to minimize costs.

While spending less can help you save money in the short term, wise spending considers the bigger picture. By making informed financial decisions, allocate your funds strategically, get the most value out of your purchases, and unlock savings opportunities. Spending wisely also allows you to extend your travel funds, enabling you to travel further and longer.

Tired of reading? Listen to this podcast episode on YouTube.

5 Ways To Spend Money Wisely As Financially Savvy Traveler

Maximize your travel budget like a pro with these five smart strategies for making wise spending decisions.

Familiarize yourself with the rules and policies of airlines, hotels, and other travel providers. Understanding your rights and entitlements will empower you to make better decisions and advocate for yourself when necessary.

When you know what you are entitled to, you are able to make better, more informed decisions because you know the rules. Danielle Desir Corbett

Track and compare prices to establish a baseline for what constitutes a good deal. This will help you recognize when something is truly on sale and worth investing in.

Take the time to research your destination, including currency, tipping culture, and average costs. I have an entire section of my site dedicated to trip cost breakdowns . Planning ahead allows you to budget accurately and make intentional money decisions about where to allocate your funds.

Listen to this podcast episode on Spotify.

Read Next: Travel Podcasts You Need To Listen To

Record your expenses and conduct a trip cost debrief when you return home. Analyze your spending habits and identify areas where you can adjust, reduce, or eliminate expenses for future trips.

If you don’t take a step back when you come back from a vacation and really look at your spending, you won’t realize where you could have saved or where maybe you were a little bit wasteful.” Danielle Desir Corbett

Subscribe to newsletters and follow trusted travel sources to stay informed about industry news, promotions, and travel rewards. Keeping up with travel news will help you make informed decisions and take advantage of opportunities to save money.

Some of my favorite trusted sources for up-to-date travel news are newsletters that provide valuable insights and updates on various aspects of the travel industry. Here are a few of my favorite travel newsletters.

The Points Guy : This newsletter is perfect for those looking to maximize their travel rewards. It offers tips, strategies for earning and redeeming points, travel updates, and industry news. Whether you’re interested in airline miles, hotel points, or credit card rewards, The Points Guy has you covered.

Thrifty Traveler : If you’re searching for cheap flights , Thrifty Traveler is the newsletter for you. It provides regular updates on flight deals and offers tips on how to find the best prices for your next trip. Whether you’re planning a domestic getaway or an international adventure, Thrifty Traveler can help you save money on airfare.

Listen to this podcast episode where I interview the founder of Thrifty Traveler, Jared Kamrowski .

The Airline Observer by Brian Sumers: The Airline Observer is a must-read for those interested in airline business news and analysis. This newsletter dives deep into the inner workings of the airline industry, providing insights into mergers, acquisitions, and other industry developments. Stay informed about the latest trends and changes in the airline world with this informative travel newsletter.

Hotel Addict : If you’re a hotel enthusiast or simply want to stay updated on the latest hotel news, reviews, and trends, Hotel Addict is the perfect newsletter. It covers everything from new hotel openings to renovations, as well as insider tips and recommendations for finding the best accommodations for your travels. Stay in the know about the latest developments in the hotel industry with Hotel Addict.

Whether you’re looking to maximize your travel rewards, find cheap flights, stay updated on airline business news, or stay in the know about the hotel industry, these newsletters have you covered.

Next, I encourage you to continue binging the series:

What People Get Wrong About Financially Savvy Travel – Episode 148

How Money Mindfulness Can Help You Travel More Next Year – Episode 149

If you’ve enjoyed my take, you’ll love my new book, We Are Financially Savvy Travelers . It’s chock full of insights to help you become more financially mindful and travel more without compromising your money goals.

Available on Amazon , Barnes & Noble , Apple Books , and your local library. Yes, ask your local library to order the book!

Also, check out my other travel books!

TOEFL® Resources by Michael Goodine

Sample toefl essay – spending money, the question.

Some people like to spend their money as soon as they earn it, while others think it is better to save their money for some time in the future. Which do you prefer? Use specific reasons and examples to support your opinion. Do not use memorized examples.

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The Sample Essay

Money concerns are a major cause of stress and anxiety in the modern world. In my opinion, it is a really wise idea to save money for the future. I feel this way for two main reasons, which I will explore in the following essay.

To begin with, older people are able to make better financial decisions than youngsters due to their experience and maturity. Young people, who have very little worldliness, are prone to spending their money on products that are mostly useless and which they quickly tire of. Older people, on the other hand, know which purchases will result in long-term happiness and satisfaction. My own experience is a compelling example of this. When I was young, I spent a tremendous amount of money on video games and comic books which I enjoyed only for a short time. Later, when I enrolled in university, I did not have enough savings to pay for my tuition, and was forced to take out a significant number of student loans. Even today, several years after graduation, I regret not saving much money as a teenager. These days I am a lot more conservative when it comes to spending, and carefully consider all of my future expenses.

Secondly, life is full of unexpected emergencies which can cause a lot of anxiety if we do not have a lot of money saved up. According to reports in the media, more than seventy-five percent of all bankruptcies in my country are the result of medical bills. I am totally aware that it is humiliating to lose our financial independence in this way. For example, last year my uncle suffered a major heart attack which required him to undergo very expensive cardiac surgery. He did not have enough money to pay for this procedure, so he had to ask his elderly parents for a loan. They were able to help him because they had resisted the urge to spend and saved money through their entire lives. He felt extremely embarrassed about begging his parents for assistance, especially as he could have avoided the situation by emulating their frugal behavior.

In conclusion, I believe that it is better to save money for the future rather than spend it right away. I feel this way because we gain the ability to make better financial decisions as we mature, and because saving money helps us avoid the humiliating effects of unexpected financial emergencies. (405 words)

This is a sample TOEFL paired choice essay written by a native speaker. It follows our TOEFL writing templates for independent essays. If you find it useful, please remember that we have many more sample essays for you to read!

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5 Easy Ways to Take Control of Your Personal Finances

Kiara Taylor

Managing your money doesn’t have to be overwhelming.

Don’t let your finances stress you out to the point of inaction. Instead, take back control by following the steps below:

Start budgeting. But here’s the key: Don’t use your budget to set unrealistic goals about how much you are going to save and how much extra money you will earn. Instead, aim to make it an accurate description of how your finances work. See where you could be spending more or spending less.
Create an emergency fund. Putting aside $50 a month can really add up. You should aim to have at least $1,000 in your fund until you are out of debt.
Be honest with yourself. The financial gap resulting in your debt might be caused by a number of factors – you may not be earning enough, or you may be spending too much. You need to name the problem to figure out the right long term solution.
Ask for help. There are plenty of services out there that can help you take back control — from financial planning services to debt management advisors to credit counseling services.

The last year has been a very difficult one. Not only have we had to deal with travel restrictions, lockdown orders, and fears of getting sick — many of us have also been struggling financially. In fact, research suggests that financial stress is at an all-time high in America, a phenomenon explained by the numerous hiring freezes and layoffs brought on by the pandemic.

KT Kiara Taylor has more than 10 years of experience in finance, ranging from fixed income to emerging markets. She enjoys writing on the impact of both micro and macro trends on global finance, and has contributed to Investopedia , The Balance , and Crunchbase .

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How to Spend Money Wisely: 12 Hacks To Improve Your Habits

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here .

“What’s the first thing that comes to mind when thinking of how you can improve your financial situation?”

Many people would say “spend less money.”

One way to do this is by buying something used. In fact, a study found that Americans buy 10% more new items than they did in 2008 because we have so many promotional offers available. Not only should you be trying to save some money on your purchases, but also cut all kinds of other expenses from your lifestyle and keep them at a minimum.

Usually, people spend more money than they need.

This can lead them to have less money saved or be able to afford the things they want.

However, with a few simple changes in your spending habits, you will be able to make more of what you earn and feel more satisfied.

In today’s world, it is easy to be overwhelmed by the amount of information available on how you should spend your money.

With more and more people struggling with their finances, I would like to share a few hacks that have helped me spend money wisely and simplify my life.

Also, I am going to include some simple money saving tips on how to spend less money! Do not get duped into buying things you did not plan on purchasing or spending more money than you needed to.

How to Spend Money Wisely

As you can see shortly, there are many ways to spend money wisely. Whether it be through saving, investing, or taking care of your health; with this article as a guide, you won’t have to worry about your money any longer.

This is meant to inspire people on how they can better manage their finances and live more efficiently, while still being able to get the things that they want.

Spending money wisely is a way of life, but it can be tough to know where exactly you should start.

Luckily for you, we will break down ten hacks for you to follow so that your money does not go to waste.

1. Pay Yourself First

You are probably wondering, why is saving money about how to spend money.

The first thing you should do to spend money wisely is to pay yourself first.

This could be saving for the future with an emergency fund, which can be used in case of emergencies or downturns in your financial situation. This can be done by contributing to a high-interest savings account and saving up to $1,000 or more for emergencies.

Or choose one of our money saving challenges to match your financial goals.

2. Take Care of You

You need to take care of your health, as that will improve the quality and longevity of your life.

Making wise choices on choosing quality food and healthcare may cost more money upfront, but in the long run, it will save you money on huge medical expenses.

You spend your money wisely by taking care of your health. Money spent on a gym membership, healthy food, and other medical expenses can save you even more money in the long run.

Many people love the idea of time freedom for this reason.

3. Invest in Your Future

One way to spend money wisely is by investing in your future. This might be done through a 401(k) or Roth IRA, which lets you invest pre-tax dollars and then withdraw them tax-free once you retire.

This can be a great way to save on taxes, but the money needs to stay invested for at least five years before you’re able to withdraw it without a penalty.

4. Choose Experiences

We live in a society that prizes material purchases and spending. Remember to prioritize experiences by getting outside. Not just for your health, but also on the mental and emotional levels, as well as the personal and even family levels.

Also, a plethora of benefits to spending money on experiences, not all materialism related.

Try to spend less on electronics and materialistic items that fill your home and more on experiences like travel or going out with friends.

This is a great way to spend time with your family and friends instead of buying things for them.

Related Reading: Overcome Gift Regret: Experience Gift Ideas That Do Not Go To Waste

5. Set Goals

Many of us, regardless of financial status, know that if we want to live on the right path without having our finances stress us out, then there are good habits to be followed.

Think about how much money you want to make in the next five years or ten years and make up how to get there.

Now, you need to line up your spending to make that happen.

Not sure how to set goals? Start here with making smart financial goals .

The next hack is to make a budget and stick to it, which will help you spend your money wisely by only spending what you have available in each category.

A budgeting strategy helps you develop better financial skills. These strategies are practiced in order to help prevent overspending and create a set spending plan for you.

Create a budget that includes all your expenses and then each time you get paid, put a little bit of your paycheck into each category.

7. Evaluate Your Spending

Oftentimes, we find ourselves buying items that are not necessary and just a waste of money. This hack is to evaluate what you’re spending your money on and think about whether or not you want to continue this habit.

For every purchase ask yourself if the item is worth it and what will happen if you don’t buy it.

By completing a no spend challenge , you will be amazed at the things you find out are not worth spending the money on.

8. Likeminded People

Next, you should try to spend less time with people who are going to make you feel bad about yourself.

This is a hard one but just think of the good things that will happen when you stop hanging out with people who make you feel bad.

If you are constantly around people you need to learn how to not spend money, then you will be battling upstream battle. Look for those who have the same mindset and are determined to spend money wisely.

9. Spend on Quality Over Quantity

The best way to buy quality items is to spend more money on them. Buying cheaper items has its risks, but over time it will lead to dissatisfaction with the product and waste of money.

If possible try to spend money on things that will last a long time and not just stuff like food or rent.

This concept of quality of quantity is not difficult to understand. For example, instead of owning 10 pairs of jeans that you think you need, you spend money on the two pairs of quality jeans that you love.

Because items are so cheap to pick up, it is easy to quickly fill our homes with quantity and excess stuff (plus we are spending more in the process). Instead, spend a little more and buy less of what you truly need or want.

10. Eat at Home

One way to save money is by cooking more at home and not going out to eat. You can also cut down on the amount of food you purchase, which will help you save a ton of money in the long run.

Instead of buying food that will go bad quickly or ruin your health, buy more expensive food. This way you are spending less money on the product but it is going to last longer and be better for you.

By spending money wisely, you must learn how to spend less money on food.

11. Use Tax-Advantaged Accounts

Specifically, I am talking about FSA or HSA, or dependent care FSA. This is when you set aside money each year for these purposes. Money goes into these accounts tax-free, so you are lowering your taxable income.

On how to spend FSA money, you must have the proper documentation on your plan. The same is true for how to spend HSA money.

The limits change each year on how much you can contribute to each of these plans, but the maximum you can spend tax-free is over $20,000 for a family.

This is a great trick to spend money wisely and lower the amount you owe in taxes. Just make sure to spend the amounts in the FSA each year!

12. Spend on things that add happiness to life

Personally, I have a hard time spending money. Period. This is something I am working on as we progress through our financial journey. Now, I look to spend money on ways that will improve our life or bring smiles to our faces.

Spend on things that add happiness to your life.

For example, if you’re happy with the new shoes you’ve just bought, then it’s worth spending money on them! If you love to travel, spend on travel. If you like reading fiction novels, spend on fiction novels.

Spend your money on things you enjoy and make the most of the disposable income you have.

How to Spend Money to Make Money

One of the best ways to make money is to give back. However, it takes some money to make money, which is typically frustrating to those who constantly want to make more money per year.

By selling a product or service, you are supplying them with your knowledge, advice, and understanding. Another way is through investments. Investing, while not always profitable, has companies that adhere to companies of all kinds.

One of the best ways to spend money wisely is to invest in ways to make money.

There are plenty of ways to make money and start your own business.

Here is a great book to open you up to the idea of starting your own business and the freedom with money it can bring.

Here are great ways to make money on the side:

Sell printables and make passive income!
Become a virtual assistant and make your own schedule.
Learn to get weekly paychecks when investing in the stock market .
Earn money with freelance writing on the side.
Walk dogs with Rover and get paid cash.
Drive for any of these companies and make money – Instacart , DoorDash , or Postmates .
Start a bookkeeping business on your terms.
Sell Earn easy money with flipping items Find great success with this Flea Market Flipper training.
Have kids? Then, teach them to make money with Flea Market Flippers for Kids .

It is possible to make more money on your business than you make more money in your current job or career.

How to Spend Less Money

Many of us spend too much on material items that are not actively used. This creates a situation where we have to make more purchases in order to get the same level of happiness.

The first step towards becoming frugal is deciding what you want out of your possessions, and then only buying those things which will provide you with this goal.

Here are 32 easy ways to do that!

Shop at Discount Stores: You don’t have to go all out with your shopping if you’re looking for a way to save some money. There are plenty of stores that offer great deals and you can still find some really cute clothes.
Find Online Deals : You can find deals online for just about anything. This is a great way to get the deals that you might not know about. There are so many websites out there dedicated to helping you find the best deals and coupons.
Save Money on Your Cell Phone Bill: Just because the cell phone companies want to charge an arm and a leg for service doesn’t mean you have to. There are plenty of options out there where you can find great deals on your cell phone bill without having to break the bank.
Call and Cancel Unnecessary Services: Do you really need to subscribe to cable? How about getting rid of your gym membership because you know that all the exercise won’t do anything for your weight. The truth is you don’t need a lot of these things that are costing you money. Also, try a free service like Trim or Billshark .
Buy Generic Items: Do your shopping at the grocery store and buy generic items instead of brand names for most of your purchases.
Buy in Bulk: Buy items like toilet paper, cleaning supplies, and other things in bulk to save on the cost of each individual item. This is more so for families who can buy food in bulk.
Start Couponing: This is a great way to save money. I know it’s not the most enticing offer, but if you’re looking to save money then coupons can be your best friend. You can go online and find coupons for items that are on sale at your favorite store or you can get them in the Sunday paper.
Use Public Transportation: This is a great way to save on gas and wear and tear on your car.
Get Rid of the Car: If you live in an urban area, it might be worth getting rid of the car and using public transportation or just walking instead. Or become a single-car family.
Carpooling: One of the biggest hacks that many people are unaware of is carpooling- which can save up to $1,000 per year.
Rent Things: Whether it is a video, movie, or power tools to complete a project, renting will save you money.
Use Less Electricity: Turning off lights and other electronics when they are not in use can really help!
Eat Spaghetti : Eating pasta saves money and reduces your grocery bill.
Use the Library: If you like to read, the library might be another alternative to buying books.
Borrow Books: Borrowing books from the library or your friends is a great way to read for free!
Use Online Promo Codes: Using promo codes or coupon codes on all of your online purchases will make a huge difference. Here is a great place to find promo codes and get money back on your purchases.
Eat Out Less Often: Eating out less can save money!
Eat Less Meat: Eating less meat will save on your grocery bill! There are so many wonderful delish meals made with beans!
Buy Used: If you must buy something but don’t want to spend much, consider buying used versions of the items you need. Buying used products will save money and help the environment.
Share with Friends: Sharing your belongings, like clothes or toys, can save you money.
Ask for Help: When someone offers to help you do something it’s only polite to take them up on it.
Find Used Clothing: Buying clothing used can save you a lot of money and help the environment!
Downsize Your Hobby: It’s important to live within your means. If you have an expensive hobby it may be time to scale back on the expense or find a cheaper one.
Need vs Want: Try not to spend money on things that are “needed” but not “wanted.”
Avoid Impulse Spending: Try to plan before you buy anything- think about what you need, the price of items, and if it is worth buying.
Plan Free Activities: Plan outings with friends and family, rather than going to the movies or restaurants alone.
Plan For Expensive Times: Give your friends a heads up before you go out on an expensive outing so they know it’s coming. They may be able to help cover the cost or provide a cheaper alternative. This will help everyone’s budget.
Do Your Research: Research all of your options before you make any purchase- this will allow you to get the best bang for your buck and find the best deals.
Bartering : If you must buy something, but you don’t want to spend much money on it-consider bartering with someone or buying used items instead of new ones (e.g., clothes, furniture).
Know-How You Spend Money: Keep a budget to track your spending and be aware of how much money you have left at the end of the day or week so you can plan accordingly.
Negotiate on Price: If you plan to buy something, don’t tell the retailer how much money you have until after they give their price- this can help save money and time by eliminating any final price negotiations.
Think Before You Spend: Put some thought into your purchases before you make them- this will help you make sure you really want to spend money.

How Much Money Should you Spend?

There is a lot of conflicting information on how much money should be allocated to needs vs. wants, but this takes into account what percentage of take-home pay should be spent on necessities.

Here is the Cents Plan Formula we Use at Money Bliss:

50% to Basic Expenses
20% to Savings
10% to Giving
20% to Fun Spending

So, the average person should spend 50% of their take-home pay towards needs. That means you must spend your money wisely.

Keep a list of what you spend and how much it cost.

You should have some idea of how much money you are able to spend on what. This will help you decide whether it is worth buying a thing or not before purchasing it.

Use the list to see where you can make adjustments, for example spending more time with your family or finding fun things to do with no money .

Ready to Start Spending Money Wisely?

Spending money wisely can seem complicated at times.

The key to using money wisely is understanding how you spend your cash . Spending tends to happen automatically, which can lead people down the path of overspending and debt if not monitored closely.

The affordability of happiness and satisfaction depends intensely on the money we have.

The activities we could do, and expenses we could cut out, can be often atrocious and insufficient for our expectations.

Extreme dissatisfaction and the whole time earning less than we would desire, we may feel that we need to know how to spend money wisely.

The vital hacks elaborated in this post will help to understand caring for a budget, and changing our habits to spend more wisely.

When spending money wisely, people should be aware of their habits so they can change them in order to save more and spend less on things that do not bring happiness or benefit the person’s life.

If you want to save money, spend it on something that will make your life better or more enjoyable.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

How I Spent My Pocket Money (Essay Sample)

Table of Contents

Introduction

If you had your own pocket money, how would you spend it?

This essay focuses on how to spend money, and how to do so wisely. In this piece, we share a person’s experience of being taught to spend money wisely and what he would buy when he was given a regular allowance.

Writing an essay on what you would spend your money on? We can help. Go to EssayBasics.com to learn more about our essay writing services . We can help you express yourself by pairing you with a writer who has some experience in your chosen topic.

How I Spend My Money essay

One of the most exciting events in a young one’s life is when their parents give them an allowance. No matter the amount, an allowance gives us the opportunity to spend on small things that make us happy as a child.

The joy that an allowance brings is more than just the amount itself. It’s really rooted in the experience one gets in choosing how to spend it. First, there’s the anticipation of receiving an allowance. Next, there’s the excitement of thinking about all the things you’ve been wanting to get for yourself. Third, there’s the delight of actually receiving the allowance. Finally, there’s the sheer thrill of choosing what to buy and taking it home.

How and when an allowance is given, and how much is gifted to the child, depends on the guardians’ principles. There are those who provide an allowance for children to buy basic needs. But there are some who might give a little extra to give the child an opportunity to learn how to handle money well.

It must be said that not all children are privileged to have an allowance to spend on themselves. If they come from a poor family, the guardians may not have any extra finances to give. They may save up for this just once in a while.

I am very blessed that my parents gave me an allowance on a regular basis. My allowance has really taught me financial stewardship at a very young age. They also allowed me to make decisions regarding my finances, even if I made mistakes.

Saving Money at a Young Age

While my allowance isn’t a fixed amount, I have since learned that the first thing I should do is set aside a portion of it for savings. I get a third of whatever amount I get and earmark it for saving.

To make sure that I won’t be tempted to use it, my mom helped me open a bank account where I deposit the money. They opened a time deposit account, which means I cannot just withdraw from it anytime. Whenever I hesitated to go to the bank, my dad would remind me that my small deposits would turn into one big bulk of cash that could someday be used for a rainy day, or for strategic investments.

How I Spend Money with Whatever is Left

With what’s left of my allowance, I usually buy books. These are mainly documentary magazines, which I read during my leisure time. It is actually one of my hobbies. I have made it a personal tradition to always purchase a documentary magazine each time I get my regular allowance. I particularly enjoy news magazines and feature magazines. I am a lover of general knowledge. I love knowing about everything, how and why things are the way they are – whether about nature, politics, science, or geography. It is always a first on my list of hobbies.

The other bit of my regular allowance goes towards the purchase of snacks. I love yogurt and ice cream. The refrigerator at home always has a shelf specifically reserved for my yogurts.

The remainder of my allowance goes towards others. These include my family and friends. I try to buy them something nice as a way of thanking them for taking good care of me.

I also go out of the way to purchase some gifts for my siblings as well as my parents. I want to gift them with simple things, even if they were the ones who gave me my allowance. Doing this for them gives me so much satisfaction since I love making them happy. After all, what is life without happy family and friends?

Regular allowances taught me how to make wise spending decisions. I know how to handle and spend my cash, whatever amount it might be. Therefore, I am confident that when I start handling larger amounts of money in the future, I won’t be as overwhelmed. I will make it a point to remember the financial lessons I’ve learned as a child. I hope to also be able to teach others who to use their money wisely.

Short Essay About What You Would Spend Your Money On

Did you grow up being taught about the value of saving money? If you were like me, your mom and dad probably gave you a regular allowance. They also probably gave you free rein to use your money in whatever way.

Growing up, I deposited regular amounts into my savings account the moment my allowance was handed to me. I did not want to be tempted to splurge on all the food I was craving for while holding all of my money. Personally, apart from fast food, I enjoyed treating myself to books. In fact, I made it a regular tradition to purchase a book every time I got my allowance.

I remember being taught how to make a personal budget out of my allowance. Exactly how much money was given to me didn’t matter as much as the main principle they passed on: save money. They didn’t care if I used the rest of my allowance on junk food or other types of impulse buying. All that mattered to them was whether or not I set aside a portion to put in a savings account. And so I did.

How To Write An Essay About Money

There are so many ways to write a piece about finances. It depends on the lens you are viewing the topic from. Are you an adult looking back at your childhood and remembering important lessons learned? Are you a financial expert looking to give some advice on how to maximize your cash? Are you a student wanting to teach people how to set aside an amount in case of an emergency? Are you a parent who discovered creative hacks in your finances to make ends meet? Find your angle and work it.

How To Spend Money Wisely As A Teenager

When you are young and still living under your guardians’ roof, thinking about contingencies or other things you may be needing to buy before your next allowance comes may not come naturally to you. It is so important to learn how to handle your personal finances even at that age because that sets the direction of your spending in the future. When you start getting a monthly income, the weight of the responsibility is even greater as you start to live independently. Even as a teenager, learn to set financial goals and think of the long game. Even if you have to put money inside a piggy bank to avoid temptation, do so. Track your expenses and make adjustments according to your level of contentment. Learn the art of investing from an expert. Finally, don’t shop ’till you drop. It’s a trap.

Best Resources

How To Spend Money Wisely Skilled Finances

How to Spend Money Wisely – 5 Tips To Spending Money

It’s easy to overspend without some thinking on how you should be spending money.

Here are 5 tips on how to spend money wisely in a meaningful way.

There’s so much talk on saving, investing, paying off debts but there is also the part where you buy stuff.

But spending money still has a part in our money journey.

Here are some tips on how you can spend money wisely.

Table of Contents

5 Tips to Spending Money Wisely

Firstly, I want to give you permission to spend money.

I know as money experts we always talk about saving money or cutting living expenses, but spending money still plays a part.

We don’t push the narrative of depravity or extreme frugality of denying yourself of enjoyment and luxuries.

These five tips to spending money wisely are largely giving you ideas on how to spend in a meaningful way.

1. Spend Money On Valuable Experiences

Life is meant to be lived.

You can start putting your money towards new ventures and unlived experiences.

An experience can be a nice staycation with your partner at a cabin that you hire for the weekend.

You can go for wine tasting, dinner at a high end restaurant, or day at the spa.

You may also look for outdoors events such as canoeing, quad biking, or mini golf.

Or indoor events such as a concert, movie, or even a decent night out.

The aim is to spend your money on experiences where you’ll build memories with those around you.

One thing I’d advocate for is to keep a journal . This way you can keep a record of these experiences and what they mean to you.

2. Spend Money On Valuable Items

We all want things, and desire new items.

In this instance I’m talking about things that bring you value, not necessarily that the item has high monetary value.

You spend almost a third of your life sleeping, do you have a comfortable mattress or good quality sheets?

If you walk quite a bit for some fresh air or when doing a school run then a comfortable pair of trainers would be a good use of your spending money.

If you cook you could get a smart home device (like the Amazon Echo ) where you can watch recipe videos or listen to music as you cook.

What areas in your life could you start to upgrade or improve that will bring you and your family more value?

3. Spend Money On Knowledge

The beautiful thing about knowledge is that no one can take it away from you.

Also, the benefits of knowledge often outweigh the cost of it.

Imagine how much you can learn from a book that costs you £10 that will teach you about setting your financial future.

Knowledge is such a key asset in life that can be used for your benefit and enrich your life that doesn’t always break the bank, and could even be leveraged to start making you extra money.

You can also pay to do a professional qualification that will enhance your expertise in your career, enabling you to demand a higher salary.

Or you may do a course on a specific area which equips you to take massive action in your life.

I believe knowledge is never a waste of money, only if you choose to do nothing with it.

4. Spend Money On Others

We often hear how good it is to spend time with our loved ones, or to put it in effort into relationships and friendships.

Whilst that is so true, I’d like to add on that spending money on them is also rewarding, and this is much more appreciated when it is unexpected.

This can be both materialistic gifts or experiences.

You could pay for your child and their friends to go to the cinema or buy a friend a bag that you know they’ll love.

Another option is to give money away to a charity of your choice or send some money to someone who you know is going through financial difficulties .

Giving may seem strange and out of context in the area of spending, but I’ve always found there’s more joy and fulfilment in giving than receiving.

5. Spend Money On You

What I’m referring to here is spending money on you , specifically your personal growth and development.

This does include buying items or paying for experiences, but this is with the perspective of personal growth and development.

You may buy yourself a journal so you can spend some time jotting down your thoughts on paper.

You could also sign up to services like Audible that you can use towards the development and growth of you.

This is a conscious effort to find items, experiences, or things that will go towards your personal development.

There are so many benefits that you will get in your life, career and relationships as a result of your personal growth.

6. Bonus Tip – Have A Budget

This is probably the most important one of all.

Have a budget !

Without a budget, you’re most likely spending more than you can afford to, and that is not the essence of these tips.

Guilt-free spending is one of the many benefits to budgeting that you will reap in your life.

Before you go off and spend a penny, ensure you have allocated your money in the right way to enable you to spend money wisely.

Take Action

These are the tips that have influenced my spending habits and now I am more fulfilled with how I spend my allocated guilt-free money.

Share the tips that you like and are going to try to spend your money wisely from today.

Check out our Ultimate Money Plan budgeting spreadsheet to get in control of your money and smash your financial goals

Let us know how you’re getting along by getting in touch with us, we’d love to hear from you

Take action and take care

How To Spend Money Wisely Essay Example

Pages: 6 (1392 words)
Published: July 21, 2016
Type: Essay

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. But how do you spend money wisely? People actually tend to overspend in a few specific areas. So,following the steps below will improve your overall pocketbook health. First, come up with a budget. Financial experts suggest you track your spending for a few months so that you start work on your budget knowing where your money is going. If you are bad about saving receipts for cash purchases, keep a notebook with you, to write down all cash purchases as you make them.

Additionally, make a list of your monthly expenses, using your bills and the information you gather. Review this list

to determine where you can reduce expenses and by how much. Therefore, avoid impulse buying. Before making any purchase, ask yourself a few simple questions, and be honest with your answers. Only move on to the next question if you can answer yes to the current one. If you cannot get all the way through the questions, it is probably an impulse buy and you should pass it up. You should think about the things in your life that you tend to spend the most money on.

has been more than a year since you purchased your cell or home phone service, cable or satellite package, internet service, or car, home, or health insurance, shop around and make sure you are still getting the best deal. Moreover, Research large purchases before buying.

Never purchase anything that costs more than $200 without conducting some research first. The more expensive the item, the more research you will want to conduct. Your research should compare brands, prices, and quality so that you can determine which product is the best for you and your budget. Some reputable places to start your research include. Money doesn’t grow on trees. So, we must work hard to find money Managing your money wisely is one of the most important ways to gain a level of financial stability and independence.

Regardless of your income level, there are intelligent and manageable ways to spend money, and there are many ways that can leave you behind the eight ball and unable to pay the bills. If you’ve never had lessons on money management or have simply forgotten them over time, here are a few very simple steps you can take to put you and your bank account on the right track to financial stability and comfort for you and your family. 1. Don’t Spend it All It seems pretty simple, but spending less than you earn is an essential first step to stabilizing your situation and having something left over at the end of the month.

The easiest way to track this is on a monthly basis. Chances are you already know how much money you earn in a

month. Now get all your monthly bills you have to pay every month and add those up. After that, figure out how much money you spend on groceries, entertainment, and other day-to-day expenses throughout the month. Once you have it all added up, you’ll know if you’re saving money at the end of the month or ending up with a deficit. If you have a deficit at the end of the month, you are probably buying those extra items on a credit card with interest rates that will make you owe more money in the long run.

can cut costs, do it. 3. Start Saving Early Once you’re able to put away some extra money at the end of the month, don’t spend it all at once on something. Instead, invest it in the future of your family and your own retirement.

If you put your money into a high yield savings account now it will end up paying off by a lot in the long run. How To Spend Your Money Wisely It is always important and necessary for you to understand your personal finances. Whether you like it or not, being able to learn more about your money makes you more confident in the decisions that you make in the future. When you understand these tips, your financial situation will improve. Build a budget based on your monthly income and costs. A budget is a tool to help you plan, prioritize, and manage your income and expenses.

Review your budget often and update it when you are experiencing a change in income and expenses. The key to building an effective budget is knowing exactly how much money your family earns every month. Everything you spend money on should be accounted for. Never spend more money than you have available. Take the time to record your expenses. Making a list of expenditures can help you to visualize where all of the money goes. Don't overlook expenses that don't occur monthly but are paid quarterly or twice a year. Add surprise expenses to your list, such as emergency or repair costs.

You should also include leisure and entertainment expenses on your list. Doing all of this will ensure that

you have an accurate portrayal of your expenses. Once you have established a detailed record of your household cash flow, you can create a feasible budget. Eliminate things from your budget that are not necessary. You can keep a lot of money in your pocket if you stop buying your coffee at a coffee shop or buying your lunch. Upgrades and improvements to your house can save money on your utility bills. Consider getting new appliances, like efficient washing machines or dishwashers, that use less water.

When it comes to delivering hot water, tank heaters are less efficient than on-demand or inline heaters. You should have the pipes in your home checked in order to find any leaks that may be costing you extra on your water bill. You may want to think about upgrading appliances with energy smart ones. Appliances that have circuitry that regulates their energy use save a lot of money over time. You should also unplug unused electrical devices when they are not in use. In the long run, things with the indicator lights can use quite a bit of electricity.

Another project that you can undertake is to increase insulation. You can do this by improving your walls, ceiling, and roof. You will find that your home will be able to store more heat, which can save money. This might take a lot of time, but the money saved is worth it. Although some of these suggestions may bring with them significant investments, it is still certain that they will be of worth in the long run. The money you spent on the initial invest will quickly be

returned to you in the form of lower bills. Over time, you will have a lot more money and financial freedom.

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The Well-Off People Who Can’t Spend Money

Tightwads drag around a phantom limb of poverty, no matter what their bank account says.

A pair of arms wrapped around a pile of money

Produced by ElevenLabs and News Over Audio (NOA) using AI narration.

David Fox has plenty of savings. He earns hundreds of thousands of dollars each year. Recently, he allocated $60,000 to buying a new car—but when he arrived at the dealership, he could bring himself to spend only $30,000 on a used model.

Despite making a conservative choice, he had panic attacks for a week afterward. “I have this feeling that the bottom is gonna fall out,” Fox told me. “ What if there’s not enough? What if, what if, what if … So instead of going out and enjoying my success, I kind of just batten down the hatches and prepare for the worst.”

Fox falls into a category of people that the University of Michigan marketing professor Scott Rick has spent years studying: “tightwads,” or people who have trouble spending their money. In various studies that he’s conducted, Rick has found that tightwads do not scrimp because they lack money. They are not any poorer than spendthrifts (people who overspend); tightwads actually have better credit scores and more money in savings. (Perhaps because they never spend it.) Instead, they’re afraid to spend money that they do have. Tightwads’ issues reveal how our financial choices can be more psychological than economic. If you feel anxiety about your finances, it might not be relieved by making more money.

Irrational stinginess is a strange problem to have, akin to complaining about being too beautiful. Some tightwads are hesitant to talk about their issues, because when they do, people react by saying, “Poor little rich boy,” as Fox put it. In a society with so much income inequality, it’s obviously better to be well-off and anxious than to be poor and desperate. But the tightwads I spoke with have very real agita—panic, guilt, stress—over their financial situation, even though there’s no real reason for them to worry. They drag around a phantom limb of poverty, burdened with the sneaking sense that something isn’t right, no matter what their bank account says.

Read: Stop asking whether money buys happiness

“Our spending, in some cases, is tied with our identities,” Abigail Sussman, a marketing professor at the University of Chicago, told me. “And so, if I think of myself as somebody who doesn’t splurge on things, spending on something like a new couch that maybe would make my life more comfortable … could interfere with my perception of my own identity.”

Tightwads seem especially attuned to the opportunity costs of spent money—they’re always thinking about how many months of rent they could afford with the money they blew on a tropical vacation. Darius Foroux, a financial blogger, recently struggled for a year to buy a bicycle. When he was redecorating his condo, he told me, “I was noticing myself bargaining with myself, like, Oh, well, maybe this couch could last for another year or so .”

Foroux said that he often compares potential purchases with other things he could spend his money on. “ Oh, I could buy a new iPhone, or I could put that money in an S&P 500 index fund ,” he told me. He did finally buy a bike, but a cheaper one than he’d originally planned.

Many tightwads experienced financial precarity earlier in life, Rick discovered, and though they may no longer be poor, the stress of deprivation is never far from view. “Anxiety about spending became a protective response to make sure you don’t go overboard,” Rick told me.

Damon Young, the author of the memoir What Doesn’t Kill You Makes You Blacker , calls this feeling “post-brokeness stress disorder.” In a 2018 essay , he described the terror he felt when he heard a truck backing up on his street: For a moment, he was seized with the fear that it was a tow truck coming to repossess his car—even though he had already paid it off in full.

Before he became a successful writer, Young was making $34,000 a year working at a college-prep program. It was the most money he’d ever made—until he got laid off a year later. Now, he told me, he still has “intrusive thoughts about worst-case scenarios … You know, foreclosure, having to sell my car, having to sell our house.”

These kinds of fears can afflict even people who are very far from poverty. Aja Evans, a financial therapist in New York, has worked with clients who would drag home even small bits of leftovers from restaurants in order to avoid wasting food. “There are people who have … ‘money-hoarding’ tendencies,” she told me, “where they have tens of thousands of dollars sitting in a savings account”; they fear that “something’s going to happen, and it’s all going to be taken away from them.”

Or they worry that once they start spending, they won’t be able to stop—that “one drop of the bucket turns into the faucet running constantly,” Evans said. And making lots of money doesn’t mean that a person knows how to manage it, she added: “There are some people who work in finance but are not necessarily well versed in personal finance.”

Derek Thompson: All the personal-finance books are wrong

Some of these not-actually-poor people I interviewed are either the children of immigrants or immigrants themselves, and they can still feel the aftershocks of their austere upbringing. Some internalized the idea that, even if they can afford it, spending money on luxuries is somehow morally wrong. When he was recently considering going to a nice restaurant with his wife, the novelist David Yoon told me, he thought to himself, “ We’re bad people if we go there. What we should do is just cook ramen noodles at home, and then that’s good; that’s noble. ” When he takes a vacation, Yoon sometimes finds himself putting pressure on the trip to be “worth it.” Or he feels bad after the fact: “You’re like, Oh, we shouldn’t have done that ,” he said.

Yoon’s Korean immigrant parents rarely spent money on nonessentials, and, he said, his wife’s parents, immigrants from Jamaica, collect so many free Taco Bell sauce packets that some of them have an outdated logo. “I do think we learned their fear and sort of ingrained it in us,” he told me.

Yoon said he tries to remind himself that, because he’s self-employed, he should imagine himself as his own boss—in which case he should treat himself like a “cool boss” would, and occasionally splurge on career milestones and other life events. When financial woes are mostly in your head, so is the trick to overcoming them.

About the Author

Spending money; I realized that i used a lot of money for unnecessary things.

OP Odontuul 1 / 2 Dec 3, 2006 #2 and it will be my thesis. thank you for your reply. i didn't imagine that you replied so fast . I really appreciate

EF_Team2 1 / 1708 Dec 4, 2006 #3 Greetings! You have written a very honest essay that shows you are willing to learn from your mistakes. I will be glad to help you put it into proper English. Don't be too hard on yourself; you will get better and better as you practice writing and speaking. You are already good enough for me to understand exactly what you are trying to say in your essay! First, a few words of general advice: When you are typing the final copy, be sure to watch for things like capitalizing "I" every time you use it and putting a space after every period before you start a new sentence. OK, now let's look at it line-by-line: "I never thought that spending money was important until i got the college in the USA." Change "i got the college" to "I got to college." "Being a college student is the perdect time to start practicing smart spending money because it will prepare me for the real world afterward." How about: "College is the perfect time . . . " I think that "perdect" was probably a typo. "For example: four weeks ago i bought two modern styled, fancy shoes instead of BUsiness's reference book." Use a comma instead of a colon, and change the wording. "For example, four weeks ago I bought a pair of modern, fancy shoes instead of buying the reference book I needed for my business class." "After the next day, i lied my parents that i bought school supplies." Change this to: "The next day, I lied to my parents and said that I bought school supplies." "In fact, Business's reference book is more important for my study than fancy shoes which i can buy later." You are very close to correct with this sentence, but it would be better as: "In fact, the business reference book is more important to my studies than fancy shoes, which I can buy later." "Now i understand that i have to decide how to spend my money smartly when my parents are not around me." "Wisely" would be a better word choice than "smartly," although "smartly" is OK. "i think that to spend money is easier than to earn it." This sentence is fine (except for needing a capital "I"), but you should use it to start a new paragraph. "In this semester, i tutored College algebra to high school student for five days in a week. This sentence would be better if you said, "This semester, I tutored high school students in college algebra five days a week." You don't need to capitalize "college" unless you are naming a specific one. "It was a little experience for to know that how it is diffucult to find money." Try this way: "It was a good experience to learn how difficult it is to earn money." Notice how I spelled "difficult." "To study in the USA is more experience than in the MOngolia." I think you meant to say "expensive" rather than "experience." Also, it would sound better as: "Studying in the USA is more expensive than in Mongolia." You usually don't need to put "the" in front of the name of a country, unless you're talking about someplace like The Netherlands. "For example: i bought my books for six hundred fifty three dollars." Again, I would use a comma instead of a colon. (Wow! It's amazing how much textbooks cost these days!) "If i were in Mongolia, i would pay for my one year tuition." Congratulations on saying "If I were" instead of "if I was"! A lot of native English speakers get confused about that one, but you got it right. However, the rest of the sentence needs to say, "it would pay for one year's tuition." "My parents are paying for all my college expenses. But i want to earn some money to spend living expenses by myself." These two sentences can be combined: "My parents are paying for all my college expenses, but I want to earn some money for expenses myself." I changed the wording a little at the end so that "living expenses" didn't need to be repeated. "That's why i have to control myself when i spend my parent's money right way." I think you are trying to say, "That's why I have to control myself and spend my parents' money the right way." Notice that the apostrophe goes after the "s" in "parents'"; this is the proper placement when you are doing the possessive form of more than one person or thing. "Parent's" refers to only one person, like saying "my father's money." "At the end of my all thoughts.Spending money is the most important thing for me." Since this is your final sentence, summing up what you've said and telling what you've learned, you may want to rewrite it. As it is, it sounds as though spending is still the most important thing to you, and I don't think that's what you meant to say. Maybe something like, "The most important thing I have learned is that spending money wisely pays off in the end." Or something like that. I really admire your desire to learn to write well in English. That's why I've not only told you what needs changing, but why. Learning to think logically about what you are saying in a foreign language is difficult, but it gets easier over time. And, of course, a lot of it is just learning the idioms, exceptions to the rules, and the unexplainable weird things (of which English has plenty!). Good luck, and keep up the good work! Sarah, EssayForum.com

Sergelen / Dec 5, 2006 #4 thank you so much

OP Odontuul 1 / 2 Dec 7, 2006 #5 today my professor showed my essay and she said that it is perfect but it is short. and i need to add some more paragraph here. and it will be due at noon today. Please help me to revise it Thank you! It means that I need to be more careful of how I spend my money in order to be able to save it. I think spending money wisely links saving money in college. In last month, I made a spending plan to control spending by discovering how much money I have spent already and how much is available for me. When I reviewed my spending plan, I knew that I saved a little amount of money. I really enjoyed my savings when I compared my actual spending to my spending plan. And I want to look for alternative ways to increase savings. That really helps me to spend my money wisely. For example, if I did not make any spending plan to control my spending, I would not save seventy two dollars for the last month. The result was so amazing that I never expected to be. Spending plan encourages me to save money and spend money wisely. Also, it helps me to understand how to easy it is to save money. At the end of my all thoughts, the most important thing I have learned is that spending money wisely pays off in the end.

/ /

Districts are rushing to commit their remaining shares of $800 million in one-time federal aid for homeless students before a September deadline, working with advocacy groups to identify their most pressing priorities.

Districts have until Sept. 30 to obligate those funds, which must be spent by Jan. 31, 2025, unless their state applies for an extended liquidation waiver , which would give administrators until March 2026 to spend money they’ve committed to purposes like ongoing vendor contracts.

The aid, provided as part of the 2021 American Rescue Plan Act, gave schools needed resources to identify students experiencing homelessness and to address barriers to attendance, engagement, and academic success, advocates said. Congress provided the funding in addition to nearly $190 billion in general K-12 aid known as ESSER—Elementary and Secondary School Emergency Relief.

“There is real urgency to maximize the use of these funds for children who have very significant needs,” said Barbara Duffield, executive director of SchoolHouse Connection, an organization that advocates for students experiencing homelessness. “We know that the numbers [of homeless students] are going to show an increase. Homelessness is actually higher now than it was before the pandemic.”

As of Aug. 1, about 43 percent of the targeted funding had not been spent, according to the most recent federal data , which may not account for all of the aid that has been committed due to lags in reporting.

An unprecedented surge in aid

The COVID-related aid is about six times higher than the typical annual appropriation for the federal McKinney-Vento Education for Homeless Children and Youth Program, and it reached schools that don’t receive that targeted funding in a typical year.

Despite great need, some districts have not yet used all of the funds due to delays in federal guidance about acceptable uses and logistical challenges in obligating it, especially in those school systems without robust existing programs for students experiencing homelessness.

“McKinney only reaches 1 in 5 school districts, and this is getting to over half of school districts,” Duffield said. “So you had districts who were getting the funds where, in some ways, it was like starting a whole new program because they’d never had them before.”

The spending deadline approaches as federal data show a continued increase in numbers of students experiencing homelessness, which includes students who are “doubled up” in houses with other families, sleeping on couches or in motels, or in other temporary arrangements. Public schools enrolled 1.2 million homeless students in the 2021-22 school year, the data show. That’s a little more than 2 percent of students.

Families may not realize their temporary housing arrangement qualifies them as homeless or that their children are eligible for additional services and supports. Typically, schools use McKinney-Vento funding to pay for coordinators who help identify those families, connect them to community supports, and provide things like school supplies, shoes, laundry tokens, and bus passes to help students attend school.

In addition to those uses, federal officials gave schools the freedom to spend the emergency aid on a broader array of expenses, like covering unexpected car repairs so parents can continue driving their children to school, providing internet hotspots to allow students to do homework without home internet access, and paying for the occasional emergency, short-term motel stay when families have no other safe option.

“A relevant consideration regarding ‘short-term’ might include ensuring a student can complete a week of school before a housing change,” the U.S. Department of Education said in a September 2023 letter.

Advocates have pressed Congress to allow schools to apply those same flexibilities to their ongoing aid for homeless programs after the one-time COVID-related funds expire. They are also racing to help administrators meet the September spending deadline so that they can spend the unprecedented surge wisely, Duffield said.

Schools use aid for bus passes and counseling contracts

With proper documentation, districts can use their share of funding to pay for grocery store gift cards, bus passes, and laundry tokens that can be distributed and used even after the liquidation deadline, SchoolHouse Connection said in recent guidance.

That guidance outlines low-, medium-, and higher-cost options for a range of spending priorities. Among the recommendations :

To help students with transportation, schools could consider gas cards to help families, bikes for students, or contracts with bus services.
To help identify students, schools could use funds to print posters, provide staff training, or contract with community organizations to help with outreach.
To help with technology, schools could pay for everything from prepaid phone cards to creating spaces for families to use the internet after school hours.
To improve training and staff capacity, districts could pay stipends for professional development, pay conference registration fees, or contract with vendors to assess their current offerings for homeless students and determine how to improve their programs and coordination with outside agencies.
To provide families with needed supplies, schools can stock up on items like feminine hygiene products, clothing, and in-school washers and dryers for student laundry.
Funds can also be used for academic supports like tutoring, fees for dual-enrollment programs, and contracts with community organizations to provide services like counseling.

“We’ve got 60 days to really pay close attention to what the needs of students are and to make sure these funds get used to help them,” Duffield said.

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How to Spend Money Wisely Essay

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Free Essay: How To Spend Money Wisely
1. Don't Spend it All. It seems pretty simple, but spending less than you earn is an essential first step to stabilizing your situation and having something left over at the end of the month. The easiest way to track this is on a monthly basis. Chances are you already know how much money you earn in a month.
Part 2
In your essay, you should write about: the things you spend your money on where you buy these things how you save money while shopping. Impulsive buying is a widespread inappropriate shopping behaviour. We must manage our hard-earned money wisely so we will not overspend. Therefore, all Malaysian must have good financial planning. I usually ...
How to Spend Money Wisely (with Pictures)
4. Shop alone. Children, friends who love shopping, or even just a friend whose tastes you respect can influence you to spend extra money. Do not take advice from store employees. If you need a question answered, politely listen to their response but ignore any advice on purchasing decisions.
The Importance of Saving Money: [Essay Example], 893 words
Saving money is a crucial practice that can lead to financial stability, debt reduction, and opportunities for investment. It is essential for individuals to prioritize saving money as part of their financial strategy. By building an emergency fund, avoiding debt, and pursuing investment opportunities, individuals can secure their financial ...
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Each time you get money, you should save a part of it. This can help you buy big things in the future or have money in case of emergencies. Spending Wisely. When you spend, think about what you need versus what you want. Needs are things like food and clothes, while wants are extras. Always try to spend less money than you have. Making a Budget
How to Spend Money Wisely: 7 Habits to Watch
Yes, it's ok to shop and buy nice things, but you want to make sure you can afford what you are buying, and it's not at the expense of your financial goals or obligations. 6. Shopping when you're upset or bored. A common bad money habit to watch is shopping when you're bored or upset.
Spending Money Wisely
The 3 keys to creating a successful budget are tracking your spending, paying off major bills first, and then creating a spending plan. There are many easy ways to start creating your budget, including. An Excel Spreadsheet. CashCourse Budget Wizard. Mint: Personal Finance & Money (In the App Store)
10 Simple Ways to Manage Your Money Better
2. Use the Budget. Your budget is useless if you make it and then let it collect dust in a folder tucked away in your file cabinet or never open it again on your computer. Refer to it often throughout the month to help guide your spending decisions. Update it as you pay bills and spend on other monthly expenses.
Essay on Financial Literacy
Saving money means putting it away for later, like in a piggy bank or a savings account at a bank. This way, you can have money for things you'll need in the future, like a new bike or college. Spending Money Wisely. Spending money is something everyone has to do, but spending it wisely is a key part of financial literacy.
6 Tips for Spending Money Wisely (and Avoiding Debt)
3. Save Money. "It's simple. You need to budget so you don't live beyond your means and create savings," says Teresa Dodson, debt expert and founder of Greenbacks Consulting. "It can be as little as $10 a week, but if you create a plan and stick to it, that amount will start to accumulate," adds Dodson.
How To Spend Money Wisely Free Essay Example from StudyTiger
3. Start Saving Early Once you're able to put away some extra money at the end of the month, don't spend it all at once on something. Instead, invest it in the future of your family and your own retirement.If you put your money into a high yield savings account now it will end up paying off by a lot in the long run.
Essay on Money for Students and Children
500+ Words Essay on Money. Money is an essential need to survive in the world. In today's world, almost everything is possible with money. Moreover, you can fulfill any of your dreams by spending money. As a result, people work hard to earn it.
How you think about money affects what you do with it
Recognizing spending patterns is key to better money habits. Identifying situations when you're likely to spend more can help predict triggers. Once you know what those triggers are, you can figure out ways to avoid them. "Maybe when you're stressed, you know you're going to spend more money because that's how you cope with that ...
A Guide On How To Spend Money Wisely
Take stock of your spending habits. The first step toward making positive financial change is to sit down and take stock of your spending habits. If you have a feeling that you're overspending each month, there is probably a very good chance that you are. Some signs that you're overspending can be neglecting your bills and opting to spend ...
4 Key Tips For How To Spend and Manage Money Wisely
Here are some helpful tips to consider: Track your spending—every dollar! Before you can manage your money wisely, you need to understand where your money goes each month. That's why tracking your spending is so important! Save your receipts and write each purchase in a notebook. You can also use a digital tool like Money Management to track ...
5 Smart Ways To Make Wise Spending Decisions As Financially Savvy
Often overshadowed by the appeal of spending less, learn about the differences between wise spending and spending less and valuable ways to spend money wisely as financially savvy travelers. [7:14] The difference between wise spending and spending less [10:35] Ways to spend your money wisely as financially savvy travelers
Sample TOEFL Essay
This is a sample TOEFL paired choice essay written by a native speaker. It follows our TOEFL writing templates for independent essays. If you find it useful, please remember that we have many more sample essays for you to read! The Question Some people like to spend their money as soon as they earn it, while others think it is better to save ...
5 Easy Ways to Take Control of Your Personal Finances
See where you could be spending more or spending less. Create an emergency fund. Putting aside $50 a month can really add up. You should aim to have at least $1,000 in your fund until you are out ...
How to Spend Money Wisely: 12 Hacks To Improve Your Habits
Many people love the idea of time freedom for this reason. 3. Invest in Your Future. One way to spend money wisely is by investing in your future. This might be done through a 401 (k) or Roth IRA, which lets you invest pre-tax dollars and then withdraw them tax-free once you retire.
How I Spent My Pocket Money, Essay Sample
How I Spend My Money essay. One of the most exciting events in a young one's life is when their parents give them an allowance. No matter the amount, an allowance gives us the opportunity to spend on small things that make us happy as a child. ... How To Spend Money Wisely As A Teenager.
5 Tips to Spending Money Wisely
5 Tips to Spending Money Wisely. Firstly, I want to give you permission to spend money. I know as money experts we always talk about saving money or cutting living expenses, but spending money still plays a part.. We don't push the narrative of depravity or extreme frugality of denying yourself of enjoyment and luxuries.
How To Spend Money Wisely Essay Example
3. Start Saving Early Once you're able to put away some extra money at the end of the month, don't spend it all at once on something. Instead, invest it in the future of your family and your own retirement. If you put your money into a high yield savings account now it will end up paying off by a lot in the long run.
The Anxiety of Spending Money You Definitely Have
Recently, he allocated $60,000 to buying a new car—but when he arrived at the dealership, he could bring himself to spend only $30,000 on a used model. Despite making a conservative choice, he ...
Spending money; I realized that i used a lot of money for unnecessary
The result was so amazing that I never expected to be. Spending plan encourages me to save money and spend money wisely. Also, it helps me to understand how to easy it is to save money. At the end of my all thoughts, the most important thing I have learned is that spending money wisely pays off in the end.
Racing to Spend Aid for Homeless Students, Schools Get Creative
Submit an Essay ... until March 2026 to spend money they've committed to purposes ... the September spending deadline so that they can spend the unprecedented surge wisely, Duffield said. ...

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Spending Money Wisely

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How to Manage Your Money Better

2. Use the Budget

3. Limit Unbudgeted Spending

4. Track Your Spending

5. Don’t Commit to New Recurring Monthly Bills

6. Make Sure You Pay the Best Prices

7. Save Up for Big Purchases

8. Limit Credit Card Purchases

9. Contribute to Savings Regularly

10. Practice, Practice, Practice

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6 Smart Tips for Spending Your Money Wisely

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