1. Set a limit on how much you use credit cards.
Steer clear of frequent credit card use! The majority of financial consultants advise their customers to spend no more than 30% of their available credit when using credit cards. For example, suppose your credit limit is $5,000,000. That means you can utilise $150,000 of your credit!
Be wary of credit card firms' alluring tactics designed to entice you to spend more money. Paying your credit card balance in full each time, as opposed to the minimum amount that the card providers recommend, is another method of saving money.
2. Make a budget for your own purchases.
Develop the habit of considering your options before making a purchase. Need and want are not the same thing. In a middle class household, you cannot save money if you are unable to distinguish between the two.
You should consider if you need it or not before making a purchase. Give it a week to make up your mind. You'll think twice and buy only what you need if you take that much time.
If you're a big shopper, set a budget for yourself and try not to go over it!
3. Prior to spending, compare prices.
Sometimes, in our haste, we overlook comparing the features and costs of products in an effort to get better deals. We look for alternative ways to compare and give up on haggling because of the upscale showroom setting and the engaging chats of the well paid salespeople behind the counter.
When spending your hard earned money, always compare prices on websites and at different retailers to ensure you're getting the best deal. At the end of the day, every penny saved gets an additional penny. Prior to spending, compare prices.
Sometimes, in our haste, we overlook comparing the features and costs of products in an effort to get better deals. We choose not to haggle because of the upscale showroom setting and the engaging chats of the well paid salespeople at the counter.
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