Managing your Money

Shirley Cemaj

They say money makes the world go around. Unfortunately, keeping track of it can also make your head hurt. In a world where buying clothes is as easy as using your credit card, sometimes balancing rent payments and maintaining a lifestyle may feel like it requires superhero powers. Well, we can’t make money fall from the sky or credit card bills vanish, but we think you’ll find it easier with good money management.

Between working, taking care of kids and thinking about your family, you deserve to have some good times.  All work and no distractions makes for a very boring life. Even if you have bigger dreams than your budget allows for, you can still reduce your spending and reach those dreams.

When having guests, try a potluck

Throwing a potluck gathering is hosting a dinner or lunch where each guest contributes a dish of food that is to be shared. A potluck not only saves you money, but is also a convenient way to bring your friends and family together. Also, before grocery shopping, consider looking for coupons to cut down your expenses. Or try to create something with ingredients you already have in your kitchen.

Beauty bargains

Have a big interview coming up? Or, simply want to look fab for less? Beauty schools offer the same services as established salons, but at a lower cost to you. The Aveda Institutes, for example, offer salon and spa treatments for a fraction of retail. In some cases, haircuts are free if you let the trainee pick the style for you! Don’t worry, all rookie stylists perform the work under the watchful eye of professionals.

Buy used

Places like GoodWill offer used clothes, toys, furniture and even computers for very good prices. You can save some money and help your community too.

Buy only what you need

Make a shopping list before you go to the grocery store and stick to it. If you find an item on sale and you are very tempted to get it, ask yourself first if you are buying that article because you need it or just because it seems attractive and inexpensive. The best way to save is by not buying things you don’t need.

Small changes can make a huge impact on your savings. Make a budget and figure out how much money you need to spend on rent or mortgage, food, utilities, clothes, transportation and insurance. Then, pay yourself by putting money away in your savings.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI and its subsidiaries. Shirley Cemaj is an Insurance Agent of NM and a Registered Representative of Northwestern Mutual Investment Services, LLC (NMIS) (securities), a subsidiary of NM, broker-dealer, registered investment adviser and member FINRA and SIPC.