Tips from the experts on spending & saving(Part 3)
Mom in charge
Spending and saving tips
Spending. Saving. Finding the balance. Easier said than done, right? Fatima Mehdikarimi, founder of ShoppingQueen.com, knows how to save money while having a life. “I help consumers shop smart,” she says. When you think about spending and saving, it all comes down to creating a budget and sticking to it. You need to leave room for little splurges or you’ll be more likely to fail altogether.
Shop smart
Instead of buying something just because it’s inexpensive or is in sale, focus on finding the best value. “To find the best deals online or in the store, spend a minute online looking for coupons,” she advises.
Shop generic brands
Don’t be afraid to try generic brands. “Many times they are made by the same manufacturer as the brand name but just packaged differently. Also most retailers with generic brands offer a money back guarantee. If you don’t like the generic brand they will refund your money, so there is no risk for you to try generic brands,” says the Shopping Queen.
Save for a rainy day
Easier said than done, right? Wrong. If you start setting aside at least ten percent of your income each pay period into this fund you should be able to reach your goal of saving six months of expenses into a rainy day fund. Whether it’s cutting back on eating out or skimping on gifts, these little sacrifices are worth it in the long run.
