Juggling Expenses

Today’s money tip will help you figure out how to best manage your expenses.

At some point, most people find themselves in a situation where juggling their bills is a bit tricky. To get a better handle on your expenses, simplify the process by categorizing them into two groups: wants and needs.

Needs will include things that you need regularly, like housing, food and childcare. Wants can typically be spaced out over time and include items such as designer clothing, new electronics and vacations. When making purchases, be sure that you are careful and logical. Avoid making impulse purchases, and always ask yourself ‘WHY’ before you buy. If a purchase falls into the ‘want’ category, give yourself 24 hours to think about it. Buying in bulk is another great way to save. Be sure to compare per unit prices, rather than just sale prices, to make sure you are getting the best deal.

The key to juggling expenses is to first understand the difference between what you need and what you want, while being a wise consumer. Avoid rushing and impulsive purchases and you’re sure to keep your expenses under control.

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