HOW TO SPEND MONEY WISELY

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We can spend our money wisely by doing the following:

  • Price comparison
  • Need for listing items for purchase
  • Bulk buying

Price Comparison: It entails checking and comparing of prices of items we need before buying them. When we do this, we prevent wasteful spending as well as spend our money wisely.

Steps to Follow to Compare Prices

  • Write out the list of items you want to buy.
  • Go to the market and locate the places where sellers of the items are many.
  • To examine the measures or sizes of what you want to buy, go round several of the sellers.
  • Find out the prices from each seller and check the quality by tasting round, etc.
  • Match the cost with the quality measure and size of goods.

Needs For Listing Items For Purchase

Budgeting: It is the process of planning how to spend money. We must plan how to spend whatever money we have, otherwise the money will be spent on things that are less important.

Steps to Budgeting

  • List all your needs.
  • List all your desires and wants.
  • Tick the needs and forget about your wants.
  • Sum up the amount of money needed for all the needs.
  • If money at hand is not enough to buy all the needs, buy only the most important or urgent items.
  • Learn to save money to meet your needs in future.
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