Wednesday, October 16, 2013

How to Alter Your Spending Behavior

Let's face it; the dollar isn't as stable as it once was. As you age and retirement approaches, it becomes ever more important to save as much money as possible. There is a definite increase in the need to maximize the buying power of your precious income to avoid struggling with a fixed income. 

Smarter Banking

There's an old saying that you will be older a lot longer than you'll be young and the prospect of living on a fixed income is inevitable for most of us. For this reason, people in their golden years should take proactive steps to ensure their financial independence for the future. Perhaps the most important step seniors can take to secure financial security is to transfer their savings to a bank with high yield interest rates such as as ING Direct. There's an old adage that poor people work for their money and wealthy people make their money work for them so learning to do this is paramount for people approaching retirement. Fortunately, there are other ways to stretch your dollar further.

Online Coupons

Virtually every good or service available on the open market offers some sort of online savings program. Even ordering pizza can yield as much as 50% savings with promotional codes. To achieve the majority of these coupons you simply have to do an online search for them. If you were going to go shopping for a particular brand of paper towels, you could simply enter coupons for 'Bounty' into a search engine and a number of different websites such as retail me not will be delivered to you. Some websites even offer coupons that can be printed out right from your home. Everything from over the counter medicines to car insurance can be found online at discounted rates so be sure to take advantage. 

Stopping the Shopping

If you're over 50, chances are you've got several decades worth of high quality clothing so there's no need to go shopping for more every pay period or even every other pay period. That money would be much better served going into your bank account where it can grow. It seems like people become more susceptible to impulse buying as they age but you should keep your impending retirement in mind and avoid frivolous spending to satisfy an impulse. 

Budgeting Your Money

Your golden years should be the most enjoyable time in your life where you reap the benefits of your decades of hard work. But age is supposed to bring wisdom so budgeting your money wisely should become easier with time. You should make a realistic budget for every month and stick to it. The sacrifices you make now will benefit you greatly in the future. Allow yourself X amount of dollars every month for food, gas and leisure and abide by it. Something as simple as setting the sleep timer on your TV can save you a few dollars a month which become hundreds over the years. This may require you to eat at home more often and substitute ground beef for steak but the peace of mind that securing your financial future can bring is priceless. 

Exhibit Discipline

This is the most important step of all because all the financial planning does nothing if you don't abide by your own rules. Resisting the urge to over spend now will now will reward you very greatly in the future. A penny saved is a penny earned and all those pennies will help to finance your lifestyle in the future so use the wisdom that comes with age when spending money and you should have a happy retirement when the time comes.

Author Bio

Joshua Turner is a writer who creates informative articles in relation to business. In this article, he describes how spending behaviors can be altered and aims to encourage further study with UC Applied Behavior Analysis Masters

1 comment:

  1. Nice article, though arising unpleasant thoughts of getting elder and then older. To my mind everybody should think of his or her future in advance and not be dependent on governmental policy. To earn money you should spend money, but doing it in a witty way may bring you great benefit in your later days. Individual Savings Account (ISA) also might be an option. being the best for long-term investments. It's my firm belief that if you even have to use money loans while you are young, you should do this, but your future should be secured in advance.


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