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3 Tips on Saving for Big Items!!

• Set goals: Saving money now for use in the future gets easier if you know what you want and how much you'll need.
  
  Ex: If you want to buy a $500 item within the next year, plan to save $50 a month for 10 months, which is just $12.50 a week.

• Have a strategy for saving money: Every time you receive money (from your allowance, a gift, a summer job, etc.} try to automatically put some of it into savings instead of spending it. Even if it is just 5 bucks.

• Cut Back: Instead of spending money on lunch every day try to take your lunch 2 or 3 days a week. This way you have about $10 extra every week that you can save for various activities or items such as an ipod or a car. Also buying snacks and other miscellaneous items adds up to major money so try to keep these spendings down.

-Posted by Shonte'

5 Ways to Save Money and still Buy Things you Like!!

1. Practice self-control. To avoid making a quick decision to buy something just because you saw it featured on display or on sale:

• Make a shopping list before you leave home and stick to it.
• Before you go shopping, set a spending limit (say, $5 or $10) for "impulse buys"—items you didn't plan to buy but that got your attention anyway. If you are tempted to spend more than your limit, wait a few hours or a few days and think it over.
• Limit the amount of cash you take with you. The less cash you carry, the less you can spend and the less you lose if you misplace your wallet.
  

2. Research before you buy. To be sure you are getting a good value, especially with a big purchase, look into the quality and the reputation of the product or service you're considering. Check other stores or go online and compare prices. Look at similar items. This is known as "comparison shopping," and it can lead to tremendous savings and better quality purchases. And if you're sure you know what you want, take advantage of store coupons and mail-in "rebates."

3. Keep track of your spending. This helps you set and stick to limits, what many people refer to as budgeting.

4. Think "used" instead of "new." Borrow things (from the library or friends) that you don't have to own. Pick up used games, DVDs and music at "second-hand" stores around town.

5. Take good care of what you buy. It's expensive to replace things. Think about it: Do you really want to buy the same thing twice?

-Shonte'