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How To Save Money Day To Day (Spending Less)

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If you are in a financial crunch because of your diagnosis, or just want to save more money than you are, you'll need to either increase your income or spend less. This article discusses ways to decrease your spending. If you want information about increasing your income, read Increase Your Income.

As a general matter, there are several guidelines that can help you spend less no matter what the reason for the expenditure:

  • Rethink what is important in your life
  • Know the real cost.
  • Consider the amount of time you have to expend to earn the amount of money you are considering spending.
  • Don't use credit unless absolutely necessary -- or you have a life expectancy of two years or less. Studies indicate that shoppers who use cash feel more of a pinch than people who charge a purchase. One study even showed that people were willing to pay twice as much for an item when they were paying with a credit card.
  • Negotiate. There is no reason to pay more than you need to. One way to negotiate is to make the salesperson your ally. For instance, suggest that you have a problem that needs solving. "I want to purchase this item, but it costs $1,500 and I only have $1,100 in my budget. Can you help me?"
  • Keep your financial goals in mind. Consider setting savings goald - such as save $XXX by Y date. 

Look for discounts because of your health history or physical condition. Better yet: see if you can purchase what you need second hand. Used items can sell for 75 - 80% less than new items. [In addition to local stores, web sites like Craigs List (www.craigslist.org) are a good source for finding gently used items.]

Consider the following money saving guides:

NOTE: One way to get a handle on where your money goes is to take the following steps::

  • Prepare a Cash Flow Statement for last year. This will help you identify areas where you might be able to save money. Use the ideas in this article to then help prepare (and hopefully stick to) a budget. for a person with a serious health condition. To learn more, see Budgeting.
  • Keep track of your expenditures on a free website such as Mint.com offsite link
  • Learn general tricks about saving money. For some noteworthy tips, click here.

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