No one can say for sure when the economic upturn will start to relieve the pressure on our nation’s households, but one thing is certain – the landscape for consumer spending and borrowing will be different for years to come.
It’s wise to look at this as an opportunity and start setting new spending, savings and borrowing habits. You may want to consider making the following items a permanent part of your financial philosophy:
Create a spending plan. If you have never tracked your spending before, make a commitment to do so now. Total your monthly income and expenses and start identifying the expenses that you can trim. Then you can figure out where you can direct any money you saved to meet your financial goals.
Go cash or debit: Return credit cards to their correct status – use only in case of an emergency. Debit cards with a bankcard logo are typically welcome at most stores where credit cards are accepted. This way, you may choose to pay cash without carrying cash.
Live off lists: Yes, everyone makes shopping lists from time to time so they don’t forget to bring home milk and bananas. But the advantage of making a shopping list for everything is that it is really a good way to keep impulse spending down.
Comparison shop at your desk: Shopping online has its own risks – paying expensive shipping fees and overspending with a simple click among them — but using the Internet to browse and compare prices can save time, gasoline and money.
Don’t shop without coupons and discount codes: If you frequent particular stores or purchase certain products, sign up for their e-mail lists – you’ll start receiving coupons and news of specials on a regular basis. Also, checkout sites like www.BradsDeals.com and www.CouponCabin.com .
Restart your finances with a thorough financial plan. If you would like to get advice tailored to your own unique financial situation, plan a visit now with a Certified Financial Planner™ (CFP™).
For more information contact Rebecca Robins, CPA/PFS, CFP™, at 661-702-9680
The office is located at 25001 The Old Rd in Stevenson Ranch.
CA Insurance Lic#0D75745. Securities offered through H.D. Vest Investment ServicesSM, Member SIPC, Advisory Services offered through HD Vest Advisory ServicesSM, a non-bank subsidiary of Wells Fargo & Company, 6333 North State Highway 161, Fourth Floor, Irving, TX 75038 972-870-6000