As teenagers and young adults, we have an infinite list of wants, which can give us a reputation for being wasteful and reckless with our money at times. Saving is wise and highly recommended, but spending is not a sin; and if managed well, can be done in a healthy way. To help you discern between a healthy purchase and an unnecessary impulse purchase, here’s a list of money spending tips for you to consider the next time you want to make a purchase:
- Evaluate whether you want or need that item. Let’s be honest, most of the things we spend money on are not necessarily needs.
- Choose a classic over a fashion fad/trend item. Some trends are outrageous and don’t last long enough for you to keep wearing those items without looking outdated. A classic on the other hand can be worn in different ways and is usually able to blend in well with other fashion trend items.
- When buying clothes, choose something that will go with many items you already have. By doing so, you’ll be able to use that item with various clothes to make versatile outfits.
- Consider buying demo or second-hand items. For those who love buying gadgets and games, consider buying demo products. They’re often just as good as brand-new ones but cost much less. Second-hand items that are still in good condition are a great bargain too. Check out cash converters or cash crusaders.
- Share the cost. You can go half-half with someone for an item you both like and would own together.
- Look out for sales. Sales are going to save your pocket and stretch your coin value. You can subscribe to the shop’s newsletter, where you’ll be informed of any promotions and sales they’re having.
- Shop at the factory shop. Buying at the factory outlet of your favourite brands is a must if you’re wanting to save some money. It is more affordable than the retail stores which stock your favourite brand.
- If you love reading, consider loaning a book from the library versus buying it from the bookshop.
- Thrift stores are like hidden treasure boxes. You can find various items at really affordable prices
Saving money on the little things frees you up to spend more on the big things. Boss up by saving for bigger experiences and investments.