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How to Become Poor

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How to Become Poor

How to Become Poor

Most of us have enough income to be able to live comfortably and have enough left for some of the simple luxuries in life, but most find themselves out of money a week before payday. Why? Because they have the habits that help them become poor. These are:

1. Spending indiscriminately.
While it is good to pamper ourselves once in a while, watch closely how you spend your money. Dining out every single day, getting a massage every week, buying that latest gadget can easily drain your wallet and bank accounts. Think before buying, instead of buying your third laptop just because it is on sale, or buying an iPhone 3G S even when your Nokia E78 and Chocolate 3 VX8560 are working just fine.

Impulse buying can easily get you in trouble.

2. Getting a lot of credit cards and maxing all of them out.
Credit cards are handy when you need to buy something and you do not have the money for it, but it is also a good way to spend much more than you can afford. Because you are not spending money, you think that you are not going to worry about it until the next bill comes along, which of course would be too much for you to pay.

Most people end up just paying the minimum amount on their credit card charges, thereby accumulating debt that grows bigger with interest.

3. Not understanding interest and how it works.
When you are in debt, you must understand that the longer you pay it, the worse you are for it. When you prolong paying on a certain debt, like your credit card or mortgage, you waste money by paying for interest. Understanding interest spurs you to fast-track your paying your debt, instead of just letting it go on for a longer period of time.

4. Not having a budget to work with.
A budget keeps you in line to pay what you need to pay (utilities, bills, rent, gym membership), while also telling you just how much money you can burn and still have enough left to tide you over the next few days, or until your next paycheck comes in. Neglecting to budget and account for your money is a sure way to overspend and becoming poor.

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How to Dine Out On a Budget

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Dine Out On a Budget

Despite the economic crisis, people still have to eat, and dine out sometimes. You could save money by eating home-cooked meals, but maybe it is a way to convince yourself that things are not that bad, because you can still dine out. Just to be sure you are not forced to ask if you could wash the dishes to pay for the balance of your check, you could use some dining-out-on-a-budget tips.

1. Bring Coupons
Many local or community newspapers have restaurant advertisements placed on them with promotional coupons attached. These coupons should be worth a few dollars, a boon to those dining out on a tight budget.

2. Choose Buffets / See If Kids Eat For Free
For below $10 per head, buffets can be a wonderful choice. Gorge on everything that is on the tables, without doing mathematical computations in your head while you try not to choke on a chicken wing. You should also be lucky to find restaurants that let children dine free of charge.

3. Go to Family-Style Restaurants
If you are taking your friends out for a meal, you can do worse by picking a family-style restaurant. Varied dishes will be brought to your table served the same way at home. For an entire meal, you will only pay a single price, truly easy on your budget while entertaining friends.

4. Select Appetizers
There is the mistaken notion that appetizers are high on calories and are not filling. It is not true at all. Appetizers are served in portions that one person cannot consume by himself. You can make a meal out of the appetizers. Select the appetizer sampler as you enjoy a couple of different foods for a low price.

5. Go for Vegetarian Dishes
Dishes without meat are usually cheaper than dishes cooked with meat. Pasta and salads usually don’t have meat, so they are cheaper. You can choose these dishes. Not only is it budget-friendly, it is also good for your health.

6. Ask for Half Portions
If you are on a budget, do not be afraid to ask for half portions when you dine out. Not only are half portions cheaper, but half portions are also healthier. Your typical entrée will usually contain well over 1,000 calories.

7. Make Two Meals Out Of Large Portions
Sometimes, you get served too much food that you cannot possibly consume in one sitting. Do not be embarrassed to ask for a doggy bag. You will have something extra for your next meal.

8. Request the Special
A lot of restaurants have daily specials. Not only will you be able to enjoy budget-friendly meals, you can also try new kinds of food. The next time you go to the same restaurant, you can order another of their specials.

9. Limit Drinks to Water
Before you go to a restaurant, tell everyone going with you that drinks will be limited to water. No soda, no juice, not even beer for yourself. You are on a budget, and drinking free water cuts out a good part of the check.

10. Ask for Local & Senior-Citizen Discounts
Besides asking if children eat for free, ask for a local discount especially if you reside in a tourist area. Normally, restaurants in tourist areas are too expensive for diners on a budget but these restaurants want to cultivate their local clientele and give them discounts. From 10 percent to as high as 25 percent is a lot of savings for the budget-challenged.

How to Practice Self Control on Gadget Shopping

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How to Practice Self Control on Gadget Shopping
Shopping for the latest technological gadget is a very tempting way to spend that hard-earned money during pay day. But do you really need to splurge on the latest version of iPod or iTouch when you have a perfectly functional music or video player? Here are guaranteed ways for you to resist incurring unnecessary gadget update even in the most enticing conditions.

1. Why replace when you can accessorize?
Make the most of what you have before even entertaining the option of swapping it. Getting accessories is made more fun and interesting with different gadget brands competing, not only by coming up with the most innovative product features, but also by providing a variety of fashion merchandise. For laptops, there are colorful and lively skins to choose from. With laptop skins, you get to cover up the numerous scratches on the surface of your gadget. Laptop skins also come in easily removable and replaceable adhesive that leave no residue on the surface.

2. Impulsive shopping is indeed one of the manifestations of reckless spending.
To curb this difficulty, personal financial management strategies must be employed. Budgeting involves appropriating your resources according to the most urgent matters such as bills payment and emergency fund allocation. If in your calculation, you realize that you still have something to spare to fuel your gadget fancy, then that is the only time to give yourself a go signal.

3. Who says you need to get away from the shopping mall to prevent yourself from spending?
Go window-shopping to do more research on that gadget in mind. Compare products of different brands in terms of price, features, and accessibility of support services. Raking the market for the best option proves to be the most practical way of enjoying the best buy when you finally find it.

4. Make a list of the things and gadgets you want to buy.
This way, you are able to visualize your wants, and easily weigh them out according to the intensity of your desire, and to its necessity. Responsible spending requires the ability to focus on specific purchase goals.

5. Enjoy your existing gadgets to its full capacity.
The latest gadgets may only have upgraded systems and additional features that you can well avail of from the brand’s website or from other sites that offer free downloads. Pack your gadget with widgets and software add-ons to increase its versatile functions to parallel those of the latest versions.