Phil's Financial Tip of the Day:
Six Tricks to Spend Less, Save More for Retirement
Robert Powell has been a journalist covering personal finance issues for more than 20 years, writing and editing for publications such as The Wall Street Journal, the Financial Times, and Mutual Fund Market News.
Question all your spending
Other tricks have to do with spending. “I think that there is a question of how we save smarter, but I think the real challenge is: ‘How do we spend less?’” said Ariely. “Saving is what we have after we finish spending, so if we can control spending we would be much better off.”
He recommends, for instance, looking at the sort of things we have set up for automatic payments.
“The things that we pay explicitly for, every time we pay $3 for a cup of coffee, we notice,” Ariely said. “The things that are harder for us to notice are things that are automatically deducted from our checking accounts or from our credit cards. So I would take extra care to looking at those things and asking ourselves whether they actually bring us the amount of happiness that justifies their cost, things like cable TV for example.”
Ariely also suggests that you commit to showing a friend once a month your credit card statement and “justify everything you spent money on.”
Phil: When you first start a budget keep a log of what you spend daily and write down the reason to justify the expense. This will give you an accountability of why you are spending.
To read the other 5 tricks by By Robert Powell | MarketWatch:
http://finance.yahoo.com/news/six-tricks-spend-less-save-202032160.html
Quote of the Day from Dave Ramsey.com:
Here is the test to find whether your mission on earth is finished: If you're alive, it isn't. – Richard Bach
Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST on Dave Ramsey.com and at 8PM on WOR 710
No comments:
Post a Comment