use money wisely essay

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Finance and Business
Managing Your Money
Keeping Track of Your Spending

How to Spend Money Wisely

Last Updated: January 15, 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 11 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 93% of readers who voted found it helpful, earning it our reader-approved status. This article has been viewed 745,451 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. [7] X Research source 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. [9] 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. [13] 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. [14] 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. [15] 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. [16] 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://money.msn.com/how-to-budget/6-habits-that-will-make-you-broke.aspx
↑ 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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Managing Your Debt

10 Simple Ways To Manage Your Money Better

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 a 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

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? Instead of focusing on the process of creating a budget, focus on the value that budgeting will bring to your life.
Use the budget: Your budget is useless if you make it then let it collect dust in a folder tucked away in your bookshelf or file cabinet. 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.
Give yourself a limit for 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 it has to last the entire month. Before you make any big purchases, make sure it won’t interfere with anything else you have planned.
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.
Don’t commit to any 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.
Make sure you’re paying the best prices : You can make the most of your money comparison shopping, ensuring that you’re paying the lowest prices for products and services. Look for discounts, coupons, and cheaper alternatives whenever you can.
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 .
Limit your 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.
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.
Being good with money takes 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 ."

Consumer.gov. " 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 ."

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.

Essays About Money: Top 5 Examples and 6 Prompts

With money comes great power; however, power must always come with responsibility. Discover thought-provoking essays about money in our guide.

Money is everywhere. We use it to eat, drink, clothe ourselves, and get shelter, among many other uses. Nowadays, it is an undisputed fact that “money makes the world go round.” The earliest known form of money dates back to around 5,000 years ago ; trade was previously carried out using a barter system. However, over the centuries, more and more nations began implementing a currency system, and money has become more critical.

In the contemporary world, it seems to be “all about money.” However, it is important not to lose sight of what is important; we must maintain good physical and mental health and healthy relationships with the people around us. Money is necessary; it is just not the only thing necessary. To start your essay, read these examples to write insightful essays about money.

5 Top Examples On Essay About Money

1. essay on money by prasanna, 2. how money changed human history by jacob wilkins, 3. capitalism: money that make money by ernestine montgomery, 4. is money the most important thing by seth higgins.

5. An Introduction to Saving Money by Jeremy Vohwinkle

Writing Prompts For Essays About Money

1. good uses for money, 2. the “dark side” of money, 3. money’s role in history, 4. morality vs. money, 5. can money buy happiness, 6. how to save money.

“Imagine the world without money. We will eventually come to a point where we will be asking questions like “what’s the point of life”. Hope and goals are some of the important things that will keep a man going in life. Without any sense of achievement or motivation, there wouldn’t be any inventions or progress in the world. People work to get money and then people work harder to get more money. This cycle of life that keeps a man motivated and hopeful is one of the biggest advantages of the system of money”

This essay gives readers a general outlook on money and its advantages and disadvantages. It gives people equal opportunity to work for their dreams and motivates them to be productive members of society, while it also raises the question of greed. Money, without a doubt, has its positive and negative aspects, but it exists and is only becoming more critical.

“But the barter economy was flawed. There was no universal measure for determining the value of an item. It was all based on the subjective opinion of the individuals involved. And to make matters worse, the barter economy relied on both sides wanting something the other had to offer. Trade, therefore, could be sluggish and frustrating. Human beings needed something different, and money was the answer.”

Wilkins writes about how money revolutionized the way trade was conducted. The barter system involved trading any objects if both parties agreed to a deal, such as trading animal skins for fish or medicine for timber. However, the only measure of an item’s value was how much one party wanted it- both sides needed to have something the other wanted. The introduction of money allowed people to put a solid value on commodities, making trade easier.

“So, if you were to closely observe the dirty, disordered canvas of economic progress during the 20th and 21 st century, you should conclude that, for all its warts, capitalism has been the winner. It has sometimes caused pain; suffered from serious cycles; and often needed the clout of the state- such as we have seen from September 2008. It has also been quite resistant to sensible regulation. Even so, the basic institutions of capitalism have worked, not just in the US and the OECD (Organization for Economic Co-operation and development) nations, but also many developing countries, of which India is one.”

Albeit lengthy, Montgomery’s essay discusses the debate between socialism and capitalism, a topic of which money is at the core. Montgomery describes Karl Marx’s criticism of capitalism: all the money goes to a few people, not the workers. She believes these are valid to an extent and criticizes certain forms of capitalism and socialism. Neither capitalism nor socialism is perfect, but according to Montgomery, capitalism creates a better economy.

“Being the richest man in the world does not mean you are the happiest man in the world, although money can buy you happiness sometimes, but not always. If we could all appreciate the way life is, the fun, and the beauty I think the world would be better. If people weren’t power hungry maybe we’d have a lesser demand for money. Those people who is money hungry and power hungry need to relax. Money can’t buy you happiness. These individuals need to understand that.”

Higgins implores readers to remember that money is not the only thing people need in the world. He stresses the necessity of money, as it is used to pay for various necessary goods and services; however, he believes it is not a prerequisite for happiness. Material things are temporary, and there are other things we should focus on, like family and friends.

5. An Introduction to Saving Money by Jeremy Vohwinkle

“A financial emergency may take the form of a job loss, significant medical or dental expense, unexpected home or auto repairs, a hurricane or major storm, or something unthinkable, such as a global pandemic. The last thing you want to do is to rely on credit cards with their hefty interest fees or to be forced to take out a loan. That’s where your emergency fund can come in handy. Historically, the formula for an emergency account is to have enough readily available cash to cover three to six months of living expenses.“

Vohwinkle’s essay gives readers some suggestions on how to save more money. Most importantly, he suggests setting up an emergency fund, as all other saving techniques stem from there. He also suggests creating an automatic savings plan and cutting down on “spending leaks,” like buying coffee. You might also be interested in these essays about celebration .

In this essay, write about why money is necessary and the ways to use it for the greater good, and include ways in which it can be used (investing, donating, etc.). For each point, you make, be sure to explain why. Of course, this is entirely subjective; feel free to write about what you consider “good uses” for money.

On the other hand, money also has a negative side —research on money-related issues, such as taxpayer-funded corruption and trading of illegal goods. In your essay, explore this side of money and perhaps give solutions on how to stop these problems.

Money has played a progressively more important role throughout human history. Discuss the development of currency and the economy, from the barter system to the digital world we live in today. You need not go too in-depth, as there is a lot of ground to cover and many eras to research. Be sure to cite reputable sources when discussing history.

Many people warn of “selling your soul” for financial gain. In your essay, you can write about the importance of having solid values in this day and age, where money reigns supreme. What principles do you need to keep in mind? Explain how you can still value money while staying grounded; mention the balance between material needs and others.

As stated in Higgins’ essay, more people have begun to prioritize money over all else. Do you believe that money is truly the most important thing? Can it alone make you happy? Discuss both sides of this question and choose your position accordingly. Be sure to provide precise supporting details for a stronger argument.

Enumerate tips on how you can save money. Anything works, from saving certain things for special occasions to buying more food in the grocery rather than eating out. This is your opinion; however, feel free to consult online sources and the people around you for extra advice.

For help with your essays, check out our round-up of the best essay checkers .If you’re still stuck, check out our general resource of essay writing topics .

Martin is an avid writer specializing in editing and proofreading. He also enjoys literary analysis and writing about food and travel.

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Home — Essay Samples — Economics — Money — How To Manage Money Correctly

How to Manage Money Correctly

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How To Spend Money Wisely

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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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Financial Literacy

Course: financial literacy > unit 2.

Why and how to save
Why and how should I save money?
Planned and unplanned expenses
I am ready to save. What is the next step?
Saving wisely: emergency fund
Emergency fund

Saving wisely

Saving wisely: planned expenses
Paying yourself first
Pay yourself first
What are different types of savings accounts?
What is interest and how does it work?

What are planned expenses?

Figure out what you need to save for: Whether it's a vacation, a new car, or a college education, set a goal so you know how much you need to save. In this example, let's plan on saving for holiday shopping.
Set an amount and a time frame for your goal: Let's say the holiday season just ended and you have 11 months left before you need to start shopping for gifts again. This year you spent about $ 550 ‍ on gifts for your immediate family. This means you need to start saving $ 50 ‍ each month, or roughly $ 11 ‍ per week. Explain To figure out how much to save per month , take the amount you are trying to save and divide it by the number of months. In this example, $ 550 ‍ ÷ ‍ 11 ‍ = $ 50 ‍ per month. To figure out how much to save per week , take the total amount and divide it by 52 (number of weeks in a year). In this example $ 550 ‍ ÷ ‍ 52 ‍ = $ 10.58 ‍ , rounded to $ 11 ‍ per week.
Put your money in a separate account: This will help you avoid spending it on other things. There is no limit on how many accounts you can have, so consider having an account for each planned expense. This helps you keep an eye on each account separately, and will give you a better idea how close you are to reaching your goal.
Make saving automatic: Consider setting up an automatic transfer from your checking account to your savings account each month or week. It is least noticeable if you schedule it on the same day you are getting paid. This way, you won't have to remember to transfer the money yourself.
Adjust your budget, if needed: If you're having trouble saving enough each month, take a look at your budget and see where you can cut expenses. For example, if you go out to eat twice a week, you could reduce that to once a week and put the extra money into your savings account.
Be patient: Saving for a big expense can take time, but it's worth it in the end. Stay focused on your goal and resist the temptation to dip into your savings for other things.

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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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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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Home » Teens

Spending for Teens

Learn how to spend your money wisely to budget, save, and still afford all the fun things you want.

Teen life is expensive. There’s shopping with friends, mini-golf with the cute new neighbor (who’s only a friend), and snacks after school.

Before you know it, it all adds up! And if there’s one thing you know by now is that your parents aren’t made of money. If you had a penny for every time you’ve heard that one, spending wouldn’t be an issue! But it doesn’t have to be.

We’re not saying that it’s all gonna be OK, even if you splurge all your allowance on bubble tea. That’s not how it works. But if you figure out a way to stay organized and creative about how you spend, you’ll be able to stretch your dollars.

We’ll show you some useful tips and share some good ideas on how you can make your money last longer without spending all your Friday nights at home. And if you make smart spending a habit, you could end up pretty wealthy one day. But guess what? You’ll probably still tell your own kids that you’re not made of money.

Why Teens Need to Budget

Most people don’t like the word budget. As soon as they hear it, they cringe. In our book, though, that’s the quickest way to end up broke before the end of the week.

The sooner you learn how to budget your money, the better choices you’ll make in your financial life. Why? Because a budget helps you realize that some things are more important to you than others.

Let’s say your parents go out of town for the weekend and leave you with $100. But you need to make that money last for a few days. You’re probably not gonna run and spend it at the mall, right? That would be silly when you have great clothes in your closet.

A smarter way to spend that money would be on food and transportation. You’d probably also want to set some aside in case of an emergency.

That’s it! You just learned how to budget. It’s all about deciding what matters most to you and how much you want to spend on those things. As you can see, budgeting isn’t that difficult. The tough part, TBH, is sticking to the plan.

How to Develop Smart Spending Habits

The road to financial success can feel long. And there are a lot of detours along the way. But there are also lots of hacks to make it easier. These are a few of our favorite tips to help you learn how to manage your money while you’re still young.

Set Meaningful Goals

The most important part of budgeting is figuring out what’s important to you. Once you’ve decided what matters most, it’s easy to choose how much you’ll spend on things.

For example, if you want to buy a car by the time you’re 16 (and your parents are OK with that), you need to start saving. So, next time your friend wants to hit the bowling alley, you may decide to pass. It’s not that you don’t wanna hang. It’s that those $50 could get you that much closer to your new wheels.

Make Compromises

Having a budget doesn’t mean that you’ll pass on all the fun. It just means that you have to get creative.

Instead of meeting your friends at the pizza shop and then hitting the movie theater, you might wanna invite them over to your place. You can grab some frozen pizzas at the grocery store and stream a movie on Netflix. It’s just as fun and way cheaper.

Reward Yourself

It might seem contradictory, but focusing too much on your budget can also backfire. At times, it can start to feel like a chore. And nobody likes that feeling.

To keep yourself motivated, try rewarding yourself now and then. You can even plan ahead of time and work it into your budget, so you have something to look forward to. Need some ideas on how to treat yourself without breaking the bank? Check these out:

Have a picnic at the park. Get some yummy snacks and meet up with your friends for some fun lawn games.
Buy yourself a special treat. Decide how much you want to spend ahead of time and challenge yourself to find something awesome without going over budget.
Get a disposable camera and have a photo shoot with your pals.
Hit the thrift store and find some cool vintage records to play at home.
Get a new phone case. It’s a great way to feel like you have a new phone, for a fraction of the cost.

Experiment with Different Budgeting Methods

The great thing about being a teen is that you still don’t have many financial obligations. This freedom means that you can try different budgeting techniques and find the one that works for you. Once you’ve found a method that inspires you, it’s easier to feel excited about budgeting.

Some of the most popular budgeting systems include:

Pay Yourself First : If you have a clear savings goal, this is a good one for you. It literally means you put money in your savings account before anything else. Then, you decide how you’ll spend the rest of your money.
Zero-Based Budgeting : This one’s best for big spenders. If you plan how you’ll use every dollar in your account, you’ll be less tempted to spend on unimportant things. The great thing about this one is that you can include anything in your budget. As long as you plan ahead of time.
50/30/20 Rule : This strategy breaks your money up by percentages. The rule is that 50% of your income should cover your needs, 30% is for your wants, and 20% is for savings. Stick to the percentages and you’ll manage your money wisely.

This tip isn’t an excuse to spend more time on your phone. It’s using technology to keep track of your spending habits. There are lots of budgeting apps out there that help you do this.

Once you’ve monitored your spending for a couple of months, you can better understand where you’re slacking and where you’re doing well. This monitoring helps you adjust your budget and keep a close eye on the places where you need more discipline.

When you know how hard it is to earn money, you immediately become smarter about how you spend it. And these days, there are tons of ways for teens to make money .

With your parents’ permission, you can look for a summer or a part-time job near home. Many businesses hire teenagers and are willing to work around your schedule.

If that’s not an option, you can also find gigs or start your own business. Take a look at these ideas:

Sell crafts or used clothes online
Manage the social media account for a local business
Babysit your younger family members
Referee kids’ sports leagues
Mow your neighbor’s lawn

The Role Your Parents Play in Spending Your Own Money

If you have questions about how to spend your money, you can always ask your parents. They may be able to help out or point you in the right direction. But, at the end of the day, you’re the one who’s responsible for your money.

The great news is that everybody messes up sometimes — even adults. If you blow your budget in one day, you have to learn from your mistakes. It’s part of learning how to spend responsibly.

Spending Lingo

Learning some basic terms will help you in your financial journey. These are some important words to understand if you want to get good at budgeting and smart about spending:

Fixed Expenses : These are costs that don’t change from one month to the next. For example, your car payment or rent.
Variable Expenses : Costs that aren’t always the same. Like your gas or your groceries.
Opportunity Cost : What you give up when you choose something else. Buying something is always a trade off, because you could’ve used the money for something else. That next best choice is your opportunity cost.
Financial Planning : Creating a plan for how you’ll spend and invest your money.

Best Books About Spending for Teens

Staying on top of your money is a great habit. With these books in your home library, you’ll learn more tips and become better at managing your money. If you want more book recommendations, check out our complete list of money books for teens .

Most Entertaining

The author of I Want More Pizza understands that one slice is never enough! In this easy-to-read book, you’ll get great lessons on how to budget your money and a solid understanding of how money works.

Not Just For Girls

Clever Girl Finance is more than just a book. It’s a whole platform that includes an excellent Insta account and fun TikTok videos packed with practical advice to manage your money and grow your wealth.

Comprehensive Money Guide

Go beyond budgeting basics with Smart Spending: The Teen’s Guide to Cash, Credit, and Life’s Costs . As the title suggests, it covers more than just managing money. This handy guide also talks about credit and what it costs to live life as an adult.

Learning how to manage your money now can save you many headaches as an adult. You should feel pretty proud of yourself for wanting to make good decisions and spend your money wisely. If you keep up the good habits, this could be the start of an extraordinary financial journey!

Speech on Importance Of Money

Money holds a crucial role in our lives. It’s like a passport, opening doors to endless possibilities.

Without money, your choices can be limited. It’s essential for survival, living comfortably, and realizing your dreams.

1-minute Speech on Importance Of Money

Ladies and gentlemen, today I want to talk about a topic close to all of us – the importance of money. We all know money is important. But why? Let’s explore this together.

First, money provides the basics. It gives us food to eat, clothes to wear, and a roof over our heads. Without money, we cannot get these necessities. We all need to eat to stay healthy and strong. Clothes protect us from cold, heat and rain. A home keeps us safe. So, money is important for survival.

Second, money gives us choices. Do you want to eat an apple or a banana? Do you want to wear a red shirt or a blue one? Do you want to live in a big city or a small town? Money lets us decide. Without money, we might not have these choices.

Third, money helps us learn and grow. We can pay for books, classes, and schools with money. This helps us gain knowledge and skills. Knowledge and skills can help us earn more money in the future. So, money helps us improve ourselves.

Lastly, money can help others. If we have extra money, we can give it to people who need it. We can help them eat, get clothes, find a home, or learn new things. This way, money can spread happiness.

In conclusion, money is not just paper or coins. It is a tool that can provide the basics, give choices, support learning and growth, and help others. So, let’s value and use money wisely. Thank you.

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Essay on Importance Of Money

2-minute Speech on Importance Of Money

Ladies and gentlemen, boys and girls, today we gather to talk about a topic that touches every part of our daily lives. It’s something you see, touch, and use every day, yet rarely stop to think about. We’re here to talk about the importance of money.

Money is like a magic key that unlocks countless doors. It’s not just about buying food, clothes, or toys. Money helps us meet our basic needs. We need money to buy food to keep us healthy and strong. We need it to buy clothes to keep us warm and comfortable. We need it to have a safe place to live. Without money, we can’t get these basic things.

But money does more than just meet our needs. It also gives us choices. Imagine walking into a store filled with all your favorite things. With money in your pocket, you can choose what you want. You can decide which ice cream flavor to get, which book to read, or which game to play. Money gives you the power to choose.

Now, let’s talk about something else money can do. It can help us make our dreams come true. Maybe you dream of becoming a doctor, a scientist, or an artist. To reach these goals, you’ll need money for education and training. Maybe you dream of traveling the world. You’ll need money to pay for plane tickets, food, and places to stay. Money is like the fuel that powers our dreams.

But money isn’t just about what it can do for us. It’s also about what we can do with it for others. With money, we can help people who need it. We can donate to charities, support causes we care about, and make the world a better place. That’s the power of money.

Now, this doesn’t mean that money is the most important thing in the world. It’s not. Love, friendship, health – these things are priceless. But money is a tool that can help us live better, reach our dreams, and make a difference in the world.

Remember, it’s not about having a lot of money. It’s about using what you have wisely. So, let’s respect money, let’s value it, and let’s use it to make our lives, and the lives of others, better.

Thank you for your attention. Let’s make money a positive force in our lives.

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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

Danielle Desir Corbett: Knowledge is power. The more knowledgeable I've become, the more I'm able to 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 to financially savvy travel. That can look like learning from reading a book, reading articles, taking courses, listening to travel podcasts, or from trial and error. In this episode, we're peeling back another layer of Financially Savvy Travel. We're going to be covering two important pieces. The differences between wise spending and spending less. And I'll be sharing with you five ways to spend money wisely as financially savvy travelers. If you're new here, hi, I'm Danielle Desir-Corbett, a financially savvy traveler. I've been talking about financially savvy travel online since 2015. Yeah, that's like eight years at the time of this recording. I believe that you can be well traveled, you can pay off your debt, and also build wealth. And adopting a financially savvy travel mindset has helped me to travel to over 27 countries. And I'm just getting started. If this is your first episode, then go ahead and follow the podcast because you'll get new episodes automatically sent to your phone the minute I hit publish. There are over 170 episodes available for you to listen to, which has been five years in the making. And many of you have been with me since the very beginning, and I so appreciate that. If you're keeping track, I launched a show in 2018. Before we jump into today's episode, I wanted to take a moment to shout out our sponsor. I really appreciate Aura for partnering with me on this three-part series. And also, thank you to you all, my dear Financi Savvy Traveler listeners, for tuning in and giving Aura a try with their 14-day free trial. We all know that protecting our digital assets is an absolute must. But let's face it, managing separate password managers, VPNs, credit and transaction monitoring, and even spam call protection from various providers can be a real headache, not to mention pricey. That's where Aura comes in. Aura is your all-in-one digital protection solution where you can get premium high-value protection for one reasonable price. Whether you're an individual, a couple, or a family, Aura has you covered. Our family relies on Aura to shield us from theft and financial fraud. But that's not all. Aura goes the extra mile with child safety features helping us monitor content, block dangerous websites, and prevent cyberbullying as our kids grow up. So here's your chance to simplify your online safety while saving big. Try Aura today with a 14-day free trial when you use the link in our show notes or visit Aura.com slash savvy. A big thank you to Aura for teaming up with us on this episode. Welcome to the Thought Card, a podcast about traveling money, where planning, saving and creativity leads to affording travel, building wealth and paying off debt. We are the Financi Savvy Travelers. Alrighty, why spending is about making thoughtful and intentional money decisions, aligning our spending habits with our priorities. Here's a couple of reasons why making informed financial decisions is really important for us. Number one, we're able to allocate our hard earned funds strategically. We are trying to get the most value out of every single dollar that we spend. But I also think that there is an important piece of advocation here as well, meaning that we are advocating also for ourselves. When we know certain things, how things move in the travel industry, we can peep when something is off and we could speak up and we could advocate for ourselves. Another aspect when it comes to making informed financial decisions is unlocking these savings opportunities, right? Part one, we do want to get the most value, but sometimes because we are aware of what's possible, we're able to tap into those savings and actually end up spending less, which to many of us is amazing and great, right? But on a more practical and honestly, just a more realistic view of making informed decisions, it helps us to extend our travel funds. We can go further. We can travel longer. So I always say that travel and money go hand in hand. You need money to travel, regardless if you're spending minimally. At some point, you're going to have to spend money. And when you are coming to the table as an informed traveler who is going to be making informed financial decisions, you have so much going for you. Again, you have this strategy, you're looking at value, you may be looking at savings, and it just, again, fuels your ability to travel, which is very, very powerful. Now, what I often see out there in the world because we've talked about this in previous episodes that a lot of times people lump us into this budget travel category. But let me clarify something very important. Why is spending in the travel space is often overlooked or shadowed by this concept of spending less money? And we hear it all the time. We hear travel more and spend less. But I believe financially savvy travel is all about the subtle nuances. Why spending and spending less are related, but they differ in a couple of ways. So let's break it down. Why spending involves making thoughtful and strategic decisions with your money, right? It's about prioritizing your values, getting the most out of your purchases, and this alignment where you're aligning your spending with your financial goals. On the other side, spending less means reducing the amount of money you spend. While spending less can be part of wise spending, it might involve cutting back without considering the value or impact. When you are solely focusing on spending less, you might be sacrificing quality, you might be sacrificing convenience, or you may be skipping out on experiences altogether just to minimize costs. So again, these subtle nuances, which is again, why I wrote the book, We Are Financially Savvy Travelers, it's why I spent so much time really thinking about what makes us so distinct and unique and why I typically have this reaction when someone says that you're a budget traveler, I usually react poorly to that. And I was trying to unpack why I was feeling that way and what makes us different. And like I said, writing this book really was just eye-opening for me to have this critical look. And again, there are just these nuances, these very subtle nuances. And again, as Financially Savvy Travelers, it feels natural. Like I know for me, I'm always looking at value. I'm looking at my goals and my priorities, and I'm thinking about mindfulness and alignment. but it's never really been said out loud. And there is a distinction. There is a true distinction between, okay, I want to get the best value out of this, but I want to also do the things I really want to do. And I understand that money plays a role in that, but I want to spend on the things that are important to me versus those experiences where I just, I'm like, I am not going to do that. Like, I'm just trying to be, do the minimal or bare minimum. I'm focusing on spending less. So all that to say that there are subtle differences, and financially savvy travelers, they do think about spending less, but there's also this piece of wise spending element, this thoughtfulness, this strategy piece, the value-based spending again, getting the most out of our purchases, and this alignment. Alignment is this recurring theme that we've been seeing in this series, and also mindfulness as well. Again, I hope that clarifies the differences and nuances, the subtle differences between the two. And let's move on to the five different ways that you can be a more informed traveler. So the first thing that comes to mind is knowing the rules of engagement. There are lots of things when you sit down and think about whether it's at the airport or credit card travel hacking or airline or hotels, like all of these subcategories in travel have different rules of engagement. And when you know what you are entitled to, you are able to make better, more informed decisions because you know the rules. For example, what happens if you purchase the flight and you need to cancel within 24 hours? Well, if you're based in the US and you're doing your thing, you can cancel your flight within 24 hours, no penalties, you'll get your money back, no issues, regardless of your plane ticket. It's just one of those protections that we have. But if you don't know that exists, you may end up missing that 24 hour window and you may now be getting airline credit or just completely wasting that funds because your airline maybe doesn't have a program where you can get credit back. right? Or let's say you end up missing or canceling a flight and you get credit back and you don't realize that your credit from your airline company has an expiration date. And then you miss the expiration date, time has passed, and now you just really truly lost out of money. So these are just like simple examples of just airlines alone. Knowing these rules of engagement can really put you in a powerful, knowledgeable position. So knowing the rules is really important. And it may be, I know, sometimes challenging, especially if you don't have a lot of experience traveling to like know every little thing, but it's something that you acquire over time. And I'm sure, like, for example, listening to this podcast, you may have picked up things over time, right? So we kind of continue to put little nuggets into our file cabinets in our brains, right? We put little nuggets in there, and when we need it, we pull it out. We're like, oh, yes, I remember that. Or, oh, yes, let me look into that. Or how does this work again? Am I positioning myself well? All those things happen when you know the rules of engagement. Something else to note here is that rules change. Things change. Especially if you're in the points and miles space. Things change all the time. Airlines change all the time. So just be aware that know the rules of engagement, but also understand that things change. And we're going to be keeping up to the times to make sure that, again, we stay knowledgeable and we stay up to date with what's going on. Now the second way that you can make more informed decisions is to know the differences between a good deal and a great deal. And to do this, you really have to get comfortable and start tracking and comparing prices. And what's important here is to compare apples to apples. So for example, let's say you're planning a trip to New York City and you're thinking about a four star hotel and you're comparing these two different prices, but one hotel is four star and the other hotel is two star. So in this situation, you're actually comparing apples to oranges because they're not even in the same hotel class. So that's something to be mindful of and aware of when you are comparing, especially when you're paying like hotels. Again, because some hotels may have more perks and things built into the price. Again, we won't go too deep into it, but you get what I'm saying. Another thing that's really important when it comes to the differences between a good deal and a great deal is establishing a price baseline. I won't go too much into detail here because I break it all down and also stress the importance and how to calculate everything in We Are Financially Savvy Travelers. But to just give you a very quick gist, it's really understanding and knowing when something is on sale. And for you to know that something's on sale, you have to know the regular price. You have to have seen the regular price with your own eyes for you to know and say, okay, now is the best time to hop on this because I've seen it at multiple price points and this is the best. price. Again, in order to do that, you need to be tracking, you need to be comparing, and you need to be on it. So for example, I love Bermuda. Bermuda is top three destinations I've been to in the world so far. And I've spent the last year and a half tracking my Bermuda flights. and it wasn't until recently that flights have come down. So flights have been anywhere from 500, 600 plus thousand of dollars and I was like no. So I've been just kind of keeping an eye on prices and recently it's come down to 300, and 50 plus dollars. So because I've established this baseline, I know when something's on sale. I know when Bermuda is on sale. So I'm going to go and jump on this Bermuda flight because I've been tracking it for so long. And again, I am knowledgeable and aware of what's good and what's great. A lot of times there will be promotions and marketing out there that tells you that this is the best travel deal ever. But really though, is it? I beg to differ. And the only reason I can say that is, again, because I know the difference. I know what a good deal is. I know what a great deal is. I know what prices are. And I can tell if something is truly at a discount versus just a marketing ploy. All right, so that's number two is knowing the differences between good deals and great deals. Now, number three on the list of, again, making informed and wise spending decisions is doing your research and planning ahead. When you plan ahead and do your research, you undoubtedly are aware. You are gonna know things like the currency at the destination that you're traveling to, the tipping culture, which actually financially impacts you a lot, okay? In the US, we tip anywhere from 15, 17 plus percent that adds up compared to somewhere like Iceland where tipping is not required, it makes a big difference, okay? So things like, again, currency, tipping culture, even how much it costs to go to a destination. So on my website, thoughtcard.com, I intentionally create trip costs budget breakdown so that all of my listeners, all of my readers can know exactly how much I spent as this financially savvy mid-budget traveler. So when you know, on average, how much food costs or how much a trip costs in general, you can now start to put pieces together, have a more accurate savings goal for yourself. And again, it puts you in this more informed, knowledgeable headspace. So research and planning ahead, definitely on the list of things to do. Alrighty, moving on to number four is tracking your travel spending. And again, we talk about this in my book again, but one of the important things when it comes to tracking your spending on the road is to do a trip debrief. And in this trip debrief, you're going to look at all the things you spent your money on and you're going to be asking yourself, okay, where did I spend money? What do I want to change? It's really an analysis and taking stock and saying, okay, what did I do really well here? Did I stay on budget? Did I go over budget? And what do I want to change? And a lot of times when we're looking at our expenses after a trip, we're looking at what do I have to adjust? What do I have to reduce or eliminate completely? And again, in the book, I have a really good example about a trip I went on and I spent excessively on an item that I would never do at home. And I thought that was a really good example of, okay, if you don't take a step back when you come back from a vacation and really look at your money spending, you won't realize where you could have saved or where you were going overboard or where maybe you were a little bit wasteful or maybe something didn't pan out and you would change that for the future. So there's a lot of nuggets and gems that come from a trip debrief and I break it all down in the book. So again, I encourage you to grab the book because you'll get all the deets in there. But tracking your travel spending is very powerful and will definitely definitely make you a more knowledgeable traveler. And this definitely couples in with your travel style, right? Because again, if you know your travel style and you look at your spending and you're like, whoa, I did not even spend any money on the things I care about. And I spent all this money on things I didn't care about. You're going to start to move and adjust differently for next time. Right. So there's a lot of learning lessons just right there by simply just tracking your travel spending. All right, so the last tip I have for you when it comes to making informed financial decisions is to keep up with travel news. I kind of teased it in the first one, but keeping up with travel news is so important. That can look like signing up for newsletters for the brands that you want to keep in touch with, And, you know, all these news will come out and you could know about the latest hotel mergers, the latest airline acquisitions. You can really pick up on tips and tricks. You can learn things like lucrative partnerships, like the Delta and Airbnb partnership, where you can earn points and miles. by just going to a special link and you can get Delta points on your Airbnb stays, right, for example. So there's lots of ways for you to kind of stay in the know. Of course, listening to this podcast is one of them, but I wanted to share with you a couple of newsletters that I trust and I'm subscribed to and have been for many, many, many, many, many years. So the Points guy, I love them for maximizing travel rewards and they give lots of updates and travel news and industry news in the industry. So they're really great for staying in the know. Also another one of my favorites is Thrifty Traveler, of course, for all things cheap flights. They also do a great job with travel news, travel updates, and also travel rewards as well. The Airline Observer by Brian Summers is great for airline business news and analysis. And another newsletter by Hotel Addict is great for hotel news, reviews, and also trends. So overall, I hope you enjoyed this episode and it gave you lots of food for thought with plenty of examples of how you can make more informed decisions as financially savvy travelers and different ways it can look like. So I want to stress again, know the rules of engagement or try to at least try to at least understand and know what you're getting yourself into. Know the difference between a good deal and a great deal by tracking and comparing prices. Research and plan ahead for your trips, especially if you're going internationally. Track your travel spending, break things down when you come back home, look at your spending, look at your receipts, Look at your bank statements because there's lots of clues about your money and your spending habits right there that you can analyze and make decisions moving forward, whether you want to adjust, reduce, or eliminate some categories completely. And then lastly, keep up to date with travel news. There's lots of incredible newsletters and even travel podcasts. So in episode 121, I shared a few of the travel podcasts that I love, and trust and recommend anyone who would listen, but there's a blog post. So if you go over to thoughtcard.com slash travel podcast, again, that's two words, travel podcasts. I keep this blog post updated. on the daily and we have now 31 must follow travel podcasts that you must follow because they're so good. And again, I want to make sure everyone is aware of just the amount of incredible travel audio content there is out there. and they're really great for keeping you updated. All right? So if you're loving this series, you know what to do. Go grab my new book, We Are Financially Savvy Travelers. It's chock full of insights to help you become more money mindful without compromising your other money goals. Because let's face it, travel is a money goal and we got other goals to accomplish. Am I right? I am right. We Are Financially Savvy Travelers is available on Amazon, Barnes & Noble, Apple, and also your local library. Ask your local library to order the book. They will. And that's also just a great way to have the book in way more hands. So order the book on your local library. Get it in the hands of your local community. Let me know what you think about the book. I love to hear from you. All right, financial savvy travelers, that is all for this episode. I will catch you in the next one. Bye.

About Our Sponsor – Aura

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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.

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!

Teach Your Teen How to Make Smart Spending Decisions

When teaching your middle schooler the basics of personal finance, one key component is helping them understand how to spend money wisely as a teenager . It’s one of the life skills for teens that falls under money management.

Most families tell their kids that saving is important, and it is, but without also mastering the ability to spend wisely, teens will never reach their financial goals, regardless of how much money they make.

This post contains affiliate links .

Table of Contents

Keeping Track of Spending

To be successful financially, teens need to learn how to budget their income and expenses (money they earn and money they spend). But before sitting down to fill out a budgeting spreadsheet, it’s important to have a general idea of where you are spending your money. So, over the next couple of weeks, encourage your teen to track her spending, whether she is using her money or yours. The goal is to get a picture of the money being spent on her and by her.

Lunch at Chick-Fil-A? Write it down. A drink while at a roller skating event? Write it down. A birthday gift for a friend? Write it down.

Chances are your teen will be surprised where she is spending money and how quickly small trips to places like Starbucks add up. That’s why she should write down every penny she spends, regardless of how insignificant it seems. Keep it simple by using a notebook you already own or buy a small one from the Dollar Store (which counts as an expense by the way). After a couple of weeks, sit down with your teen and review her list to get a clear picture of how she is spending money.

What if your teen doesn’t have a regular part-time job? Should she still do this exercise? Yes, keeping track of what she spends teaches her the first step in taking control of her finances, even if all she is spending is birthday money or allowance. Teens who practice how to live within their means with a small amount will make smarter choices as they earn more money.

It’s not about what we earn, it’s all about how we spend what we’ve earned! – Stephen Magnus

This is the perfect time for a lesson on wants versus needs. Very few of us make enough money to spend our money on anything and everything. As adults, we make choices based on the money we have. Often, by giving our kids money whenever they ask for it, even for small items like a candy bar or an outing with friends, we inadvertently teach them that they can do whatever they want, regardless of money. This is not how the real world works and teens are old enough to learn and apply this concept to their own lives.

I’m not saying that you should never give kids money to go out with their friends. What I am saying is that it shouldn’t happen all the time. If your son wants to go play Laser Tag with his friends every Friday night, he should find a way to pay for some of those nights. If you want to, you could cover some or he could stay home and find something free to do with his buddies. It’s all about choices. And if you’re handing your teen money whenever he asks for it, you’re robbing him of the chance to develop this incredibly important skill.

Ways We’re Teaching Our Daughters How to Spend

Here are some examples of how we are helping our teens practice how to spend wisely.

Whenever they receive any money, whether earned or given as a gift, they immediately set aside at least 10% for long term saving goals, 10% to give away to a charity of their choice, and bank the rest for things they’re required to pay for and to use as fun money.
While we don’t have them pay for movie tickets when we go to the theater as a family, they do pay their own way when they go with a group of friends.
Although we pay for our kids’ cell phones, if they break them, they must pay the insurance fee to get a new phone. Our youngest has broken hers twice in the past year. Both times, she used money she had set aside for spending so she could still have a phone. If she didn’t have the money in her spending account, she would have to live without a one until she could earn enough money to cover the replacement fee.
When our daughters get a group of friends together to go roller skating, they pay for it out of their own spending money, along with any snacks that they want while they’re there.
While on vacation, we will purchase one souvenir for each of them. If they see something else that catches their eye, they need to use money that they’ve budgeted for vacations.
They either make gifts for their friends’ birthdays or pay for a gift with their own money. They’ve gotten very good and finding beautiful, yet inexpensive items while on vacation that they buy and hold until the birthday comes.

After your kids have a handle on how they’re spending their money, they can start learning how to budget by figuring out how much is needed to cover expenses, to save, and to give to charity. Teach them that part of spending smartly is by not spending everything. The money that isn’t accounted for is what they have left to spend.

These money management skills need to be practiced, so give your teens every opportunity to manage their money and make their own financial decisions. Let them chose how to spend the money they’ve set aside for spending. Give them the power to make the tough decisions and to wrestle with having to set aside their wants in order to fulfill their needs. By learning how to do this right now, with a little bit of money (and your support), it will become a habit for them.

Trust me, you want your teen to understand the concept of delayed gratification now. The last thing you want is your adult child spending every cent of his or her paycheck on movies, video games and pizza, instead of following a solid financial plan.

Practice Smart Spending Scenarios

While working on your teen’s personal spending habits, walk through these scenarios to practice thinking differently.

They’re excellent real life math projects for middle school .

You’ve received a $50 check from Grandma for your birthday. You’ve been invited to your friend’s birthday party this month and there’s a new video game out that you’ve been waiting for. How will you spend your $50?
A friend has asked you to go to see a movie. You have $20 in your spending account. Do you go? Are there choices you can make to spend smarter (think matinee, sharing snacks, etc.)?
You want a bracelet that costs $10, but you only have $15 left after paying for your expenses this month. What do you do?

As I said, this is a skill that takes a lot of practice to master. In fact, based on the number of families who are in debt, few adults have learned how to make smart spending decisions or delay gratification. It’s why it is critical that we teach our children how to tell the difference between wants versus needs, the principles of spending wisely and the importance of living within their means.

Important Personal Finance Fundamentals Teens Need to Know

My husband and I have put together some other things that we are doing in our family to make sure our girls become financially literate – personal finance fundamentals.

2 Fun Board Games that Will Teach Teens About Money Management
50 Fantastic Ways for Teens to Make Money
Teach Your Teen How to Be a Powerful Saver Now
Teaching Teens How to Budget and Why It’s an Important Skill

Other Money Management Skills for Teens

Teaching Kids Life Skills: Money Management
Teaching Teens About Money
Fun Money Management Activities for Teens

Additional Personal Finance Resources

Cash envelopes to help kids budget money
Make Your Kid A Money Genius (Even If You’re Not): A Parents’ Guide for Kids 3 to 23
Not Your Parents’ Money Book : Making, Saving, and Spending Your Own Money
The Kids’ Money Book : Earning, Saving, Spending, Investing, Donating

How are you teaching your kids about money management?

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How to Spend Money Wisely

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

How to Spend Money Wisely

1. Pay Yourself First

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4. Choose Experiences

5. Set Goals

7. Evaluate Your Spending

8. Likeminded People

9. Spend on Quality Over Quantity

10. Eat at Home

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