If you type in the words,’saving money’ on your computer, the search engine will display approximately 110,000,000 results.
This wide variety of information about saving money is popular because everyone is feeling the financial pinch.
Persons who think they are saving money must also ask themselves if they are saving in some areas of their life and spending frivolously in other areas.
For example, many of my friends boast about their discounted purchases at ‘bend down plaza’ where they buy from vendors who display their wares on the street. Although this is not true in all cases, sometimes the goods that are sold are inferior in quality. Therefore, the extra money saved is usually spent replacing the item that has quickly worn out.
That is not to say that buying discounted items from street vendors is a bad decision, but it pays to carefully examine the items bought as they may have been damaged or have become discoloured due to exposure to the elements.
I find it also pays to have a good rapport with the seller so that the items being sold are guaranteed to be of the highest quality.
Another area where persons tend to be a little foolhardy is by purchasing expensive large vehicles which they often have to pay for by taking out huge loans.
These cars consume a lot of gas which makes them difficult to maintain and often are just used so the person can ‘profile’.
So what is the alternative?
Well buying vehicles that are too old are also unwise as they usually face mechanical problems as well as insurance issues.
Overall then it’s better to stick to buying a vehicle in your price range that does not require a heavy loan from any lending institution.
There are many ways to save money but the most important one that is often overlooked is to start early. Don’t wait until retirement to start building your ‘nest egg’. It is vital that anyone who works puts aside a little money out of their earnings now so that they will be prepared for the future.
So how do you save money?
Let me hear from you!
Teri Ann Renee Paisley
Gleaner Online Writer