Generally there are two dimensions of Money. Firstly you can earn money and secondly you spend money. But there is a third dimension also and that is “How to Spend Money Wisely?”. In present era materialistic well being is considered to be a major ingredient of happiness and to achieve that you invariably have to spend money. But have you ever given a thought about spending your money wisely.
Yes, spending money is a necessity as you cannot live without it but spending your money wisely is one of the keys for making your today happy and tomorrow a happier one. Spending money wisely means that you are able to derive more value from your money. 100 dollars can satisfy one of your needs and 100 dollars can also satisfy ten of your needs. It all depends on how you spend your money. But it is always better to get more value out of your money and so comes the importance of spending your money wisely. In the present post we bring to you the need and ways of spending your money wisely so that you can have optimal utilization of this wonderful financial resource.
Spending money wisely is a skill and needs to be cultivated over a period of time. Looking from another perspective, actually spending money wisely is nothing but saving money. In reality, you can save more money by spending wisely than by any other way as there is no end to spending. You have to spend day in and day out. So by spending money wisely you get more chances of saving your money. In a lifetime you can save much money by spending it wisely and can use this saved money for buying other stuff and resources. So spend money but spend it wisely.
Steps to Spend Money Wisely
The first step in learning to spend money wisely begin from learning to control your mind. Mostly we do purchases spontaneously for the things we believe we require. In fact this is not true. You can enjoy a 1 Coke bottle but usually we buy two of it. And this is purely spontaneous emerging out from your buying habits which are probably not in your control. So firstly we have to recognize the fact that we actually do not require all the things that we buy. This is the first step in spending your money wisely. So before you buy a new set of clothes, gadgets or accessories do consider if you really require that much.
The second step in spending money wisely is to give yourself enough time before making any major purchases. Learn to take smart purchasing decisions when it comes to major purchases involving a lot of money. It is always better not to make hasty buying decisions. If you feel you can also consult with your family members, friends or some expert for that matter. For example, you want to buy a car. This buying decision can be executed in haste when you buy a car just by seeing some attractive advertisement or it can be executed after a proper research considering your budget and the options available to you. The second way is more intelligent and would be recognized as spending your money wisely. Major Purchases cannot be made time and again, so it is always better to buy out enough time and do proper research and analysis before finally buying the product or service.
The third step in spending money wisely is buying day to day necessities or making bulk purchases through offers and discounts. This segment of spending accounts a major portion of your monthly expenditure and with little effort in searching for the right offer in a shopping mall or over the World Wide Web can give you excellent results. By this way you are able to do all your purchases and still save your money left for future shopping or purchases. “Buy Two Get One Free” is one of the popular means of making purchases through offers and deals. Further, the second major drains of your monthly earnings are the bills that you have to pay out each month. You should develop the habit of paying all your bills on time. Thus you can save money spent due to fine and other charges. So on time bill payment is a way for spending money wisely.
There are numerous other ways too by which you can spend money wisely but the three ways that we have listed above will contribute a lot in spending your money wisely. If you are able to practice the above methods you would surely reap many benefits. A quality life is what everybody desires and spending your money wisely certainly leads you to the path of satisfied, happy and glorious lifestyle.