DON'T WAIT TO SAVE MONEY ON THESE EXPENSES; UNPLANNED EXPENSES AND PERSONAL FINANCE, THE MAIN REASON PEOPLE GO INTO DEBT
How to Manage Your Bills, Checkbook and Credit Cards
Personal finance tips for simple management of your money, income and debt.
How to balance a checkbook and easily find mistakes. When to pay bills and avoid late fees, penalties and bad marks on your credit record. How to keep unplanned expenses from making you go into debt.
Consumer guide to frugal living - from previous newsletters © Copyright 1995-2000 by SAVVY-DISCOUNTS.com - All Rights Reserved
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7.3 DON'T WAIT TO SAVE MONEY ON THESE EXPENSES; UNPLANNED EXPENSES AND PERSONAL FINANCE, THE MAIN REASON PEOPLE GO INTO DEBT
Managing your money wisely involves an understanding of knowing when to spend money and when not to. Many people, for example, think an extended warranty is a good buy (see below) but it is really just another impulse purchase. When an unplanned expense rears its ugly head, learn the ropes.
some things it is foolish to try to save money. You should not put off any of the
following: car repair, treatment for infections or lingering illnesses, damage caused to a
home by water or the replacement of an old appliance.
Don't Wait On These Expenses
Waiting for any of these will cost you much more in the long run. A well maintained car will be safer, run longer and costs less to run. Waiting to attend to a medical problem will only cost you more in the long run.
Water leakage in a house (either from a leaky pipe or rain) will do considerable damage over time. The best thing is to fix it immediately.
It is also often worthwhile to buy a new appliance if your current one is about ten years old. Newer appliances may be much more efficient, costing you less in energy. In fact they may pay for themselves over time. Repairing an older appliance may be a waste of money.
But You Can Wait On These Expenses
You can put off a lot of expenses if you need to with no problems.
== Do you really need new clothes?
When was the last time you looked through your closet? Can you mix and match the clothes you already have? Your existing clothes might be repaired, cleaned, altered. More money is probably wasted on new clothes than any other category.
== Do you really need a new car?
Driving your old car one more year should save you about $1000.
== Extended warranties.
When you do decide to buy that new appliance or computer count on a hard sell for an extended warranty. You may think you are protecting yourself against sudden unplanned expenses but are you?
These products are not really warranties, but a form of insurance. You will be paying a high price for minimal coverage. Salespeople push these because they make a ton of money selling them. Avoid!