Tips to Help Reduce Spending

Consider the following tips to help you reduce spending:

1. Think about the basic values you believe in, and define them for yourself. You might even write them down, and discuss them with other family members to see if they hold the same values.
1. If health is a value you believe in, should you buy products to consume that would be harmful to the health of the family? If integrity is another of your values, should you make debts you may not be able to pay? Put each of your buying decisions to this type of test – will buying and using the product or service help you live by the values you profess?
2. When you consider buying a new item, think about what you already have. Especially in buying appliances, do you have to have every new appliance on the market? Do you already have something that does essentially the same thing? Apply this thinking to each purchase. Ask yourself this question, “What do I already have that could serve the same purpose?”
3. Be aware that certain purchases require upkeep, maintenance or further accessory items that continue to drain the family budget.
4. Are you willing to learn new skills to provide for family needs?
5. Do you have the courage to say, “We can’t afford it” to some purchases?
6. Think along the lines of: “Would it make me feel better to go into debt for this item?” OR “Would it feel better to think about having this item in my life at a future date when circumstances permit?”

If you run your own business, click on this link to access some additional tips to reduce spending.