BMO Harris Bank Financial Tip of the Week: Four Tips to Spend Less
CHICAGO, Nov. 1, 2012
CHICAGO, Nov. 1, 2012 /PRNewswire/ --As part of BMO Harris Bank's ongoing
commitment to financial literacy and Helping Make Money Make Sense, BMO Harris
is providing weekly financial tips. This week's tip offers ways to spend less.
If you're wondering why you can't get ahead, it may be that you're simply
spending too much. Even if you think you're taking steps to save money, you
may be spending more than you think.
Do any of the following scenarios sound familiar? BMO Harris Bank provides
tips for what you can do instead:
"I went to the store for laundry detergent and ended up spending $100."
You know how it is – you go to your local discount store for one item and the
next thing you know you have a cart full of things you may or may not really
need. The likely culprit: shopping without a list. Try using one every time
you go shopping – it can help you stay focused on the items you really need
and avoid buying extras that aren't in your budget.
"I estimated my groceries would cost $50 but they added up to $80. What
A classic budgeting mistake is underestimating how much things actually cost.
Even if you go into a store with a list, if you throw in a few extras, your
cost estimate for the trip will be off. If it's important to stick within a
certain amount, you may be better off overestimating how much you might spend.
Otherwise, you'll need to make a calculator your new favorite shopping
"Twenty boxes of green tea for only $50? Score!"
Savings like these can be a bargain – but only if you will actually use the
items you buy. Ask yourself if you really like and can use the item in bulk.
If the answer is yes to both, you're good to go. If your answer is no to
either, you're better off saving your money. Another related "savings" people
sometimes fall for are sales. For example, if you already have five pairs of
black pants, you probably don't need another one, even if it's at a
significant mark down.
"I tried cutting costs and calories – but splurged on cupcakes that busted my
budget and my diet."
Beware: Making changes is great – but you should probably avoid making too
many at one time. You only have so much willpower and trying to say no to too
many things at once may add up to a giant splurge. Instead, try making changes
one at a time. First fix your budget, and then work on your diet, or vice
BMO Harris Bank can help if you need tips to get your spending under control.
Our bankers can help you create a budget that works with your lifestyle, as
well as offer additional steps that can improve your finances.
For more helpful tips visit, http://helpingmakemoneymakesense.com/
Helping Make Money Make Sense is brought to you by BMO Harris Bank, WGN, CLTV,
WGN AM 1070, Chicago Tribune, RedEye and Hoy.
About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal
banking products and solutions through over 600 branches and approximately
1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota,
Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team
provides a combination of sector expertise, local knowledge and mid-market
focus throughout the U.S. Deposit and loan products and services provided by
BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM is a trade name used by
BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North
American financial organization with 1,600 branches, and a retail deposit base
of approximately $180 billion.
SOURCE BMO Harris Bank
Contact: Vanessa Hall, Vanessa1.Hall@harrisbank.com, +1-312-461-6543
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