Smart Spending

How to get the most out of your money

By spending your money in the most efficient way, you can get the most out of it.

Impulse purchases can be hard to resist. But frivolous purchases, even small ones like that morning coffee on the way to work, can really add up. Here are some tips on how to smarten up your spending so you have more for your long-term goals.

Tips for smart spending

  • Create a budget. Get a clear idea of how much you take in every month, and what you’re spending your money on. Use this template as a starting point.
  • Prioritize your long-term goals. Want to save up to buy a house? Have you started saving for retirement? Make savings plans for what’s important to you.  
  • Avoid debt. Live within your means, and avoid purchases that cause you to rack up credit card debt.
  • Have an emergency fund. When you get paid, put money aside into an emergency fund every month. If possible, it’s smart to have 3-6 months of expenses saved in case something unexpected comes up.
  • Give yourself some monthly fun money. After you’ve set aside your savings and taken care of all your fixed and necessary expenses, issue yourself an envelope of “fun money.” Once that money is gone, wait until next month to make any more “fun” purchases.
  • Be patient. Avoid impulse purchases, and take the time to save up for that pleasure purchase like a car, new electronics, or a vacation.
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