ss_blog_claim=bd50edc517cf0b7549fe6b5f63b6b5f8 The SLS Business Finance Blog: Cutting Back On Unnecessary Spending

Monday, December 22, 2008

Cutting Back On Unnecessary Spending

The holiday season is upon us, so is the temptation for frivolous spending.
It may be necessary to spend on gifts for family and friends but to often we waste money on things we really don’t need for ourselves. In the back of our minds we know that we should be saving but can’t seem to resist the urge to spend on things that make us look or feel better.

A few questions that one should consider before purchasing. Is this item necessary for my family and I to survive? Is this item crucial for my family and I to get back and forth to work every day? Don’t laugh its important! A few items to look at that just aren’t necessary for survival these days. It is true that the $5 dollar cup of coffee at Starbucks is delicious, I love it myself, but we can certainly get the same result every morning by brewing a pot at the house. It’s great to spend money on manicures, new hairdos etc., but the family will appreciate you just as much if you do it yourself at home. Bottled water serves a good purpose and looks great in the package, but a $14 water filter can do the same at a greatly reduced cost. It’s truly is amazing that in spite of the economic conditions we all face, that people will some how find the money to spend on some of these ridiculous items.

We are all guilty of unnecessary spending but now is the time to take a hard look at how you and your family spend money. By making a few of the simple changes listed above, you might find yourself in a better position to weather the economic storm. As the new year approaches, take a good hard look at the family balance sheet and consider where cut backs can be made. There are free resources on the web that can also help with this task.

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