Financial Literacy Basics: Taking Control of Your Spending

In 2019, the average American carried more than $6,000 in credit card debt. If you’re tired of the cycle of buying now and paying later, the new year might be the perfect time to look at easy ways to cut back so you can make a dent in any debt you might have.

Managing your money doesn’t have to be stressful, but it does have to be intentional. If your plans for 2020 include making steps toward financial freedom, this edition of TRIO offers three simple ways to help you cut spending so you can save.

1. Avoid impulse buys

Waiting. It’s something that no one likes to do. But, chances are, if you wait for 24 hours before clicking to purchase all of those items that you’ve impulsively added to your cart, you might find out that you can do without it. If that’s not the case, and whatever you’re shopping for truly is a need and not a want, this tip might still be a benefit. Rather than talking yourself out purchasing an item, you put the wait time to use to see if a better bargain exists. The excitement of buying something new doesn’t last, but the debt does. Learn how to walk away from temptation with these 10 tips to avoid impulse purchases.

2. Explore next to new

Whether it is clothes, furniture or electronics you’re after, buying second hand is often an easy way to save money. From brick and mortar thrift shops to online outlets, you can likely find a gently used version of whatever you’re searching for. Not sure where to start? Check out Poshmark and ThredUp for clothes, Facebook Marketplace or Everything But the House for household items and eBay, Best Buy and Amazon for refurbished electronics.

In addition to saving money, buying gently used second-hand items can help support your favorite charity, reduce landfill waste, or allow your creativity to transform someone’s trash into your treasure. If you have things you want to get rid of, explore these options as a way to make a little extra money!

3. Look for discounts

Who wants to save money? Everyone. Who wants to spend a lot of time to save money? Just about no one. The good news is that with only a few minutes online, you can find simple ways to save some cash. RetailMeNot and Coupons.com gather coupons for you to use online or in person. Honey is a free browser extension that scours the web for additional savings. Apps like Groupon and Living Social offer exclusive savings on a variety of items from food to social experiences. Not only do these sites help you save money, they might also help you get out of your comfort zone and try something new!

If you’d like to know more about how to take steps toward financial freedom, sign up for our Financial Literacy Basics short course. Topics covered include the fundamentals of personal finance including taxes, insurance, investing, mortgages and credit.  This course will help you build a solid financial foundation so you can tackle your life goals. To register click here or call 405.377.3333. To find out about more courses like this sign up for our monthly e-newsletter. View all of our upcoming courses in our digital catalog.

Cara Adney is the Marketing and Media Relations Coordinator at Meridian Technology Center.