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3 Simple Tips to Tame Spending Habits

With the first quarter of 2018 officially over, Chicago residents have started experiencing increases in fees, fares and taxes around the city. CTA rides and Metra one-way tickets went up 25 cents, homeowners are seeing an extra $6.50 on their Chicago Park District property taxes, and residents will soon be seeing cell and landline phone fees increasing to help pay for emergency service upgrades.

Even with these increases, residents may continue to see a hike in prices for numerous other services in the following months.

Chicago Flex chatted with a financial consultant to get three simple tips on what you can do to tame your spending habits.

  1. Know the difference between your “needs” and “wants.” Whenever you buy something, ask yourself if it’s a “need” or a “want.” If it’s a need, can you substitute it with a generic brand? If it’s a want, do you have enough money to purchase it? Be honest with yourself.
  2. Don’t bother trying to keep up with the Jones! It’s okay if you don’t have the latest gadget or the latest fashion trend. People are not keeping tabs on what you do or don’t have and they are not the one paying your bills. You do not need to keep up with the Jones. It will be a vicious cycle if you try to.
  3. Minimize hanging around malls or shopping centers. As they say, “out of sight, out of mind.” This will avoid the temptation to get sucked in with the BOGO sales, especially if you don’t need it!

 

 

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Jodelle is originally from Hawaii and moved to Chicago in 2012. She received her Master’s from DePaul University in 2014 and has worked for various organizations including the NBA Los Angeles Clippers, MLS Chicago Fire, Hallmark Movie Channels, Disney ABC Television Group, Comcast SportsNet Chicago, and ABC7 Los Angeles. She created Chicago Flex in 2018 after experiencing life as a television news reporter and seeing the impact and positive influences stories had on people’s lives. Her mission is to get us all back to our roots of knowing our neighbors, our community, and our people. Follow Jodelle on Facebook and Instagram @jodelle.maglaya

1 comment on “3 Simple Tips to Tame Spending Habits

  1. Mike Maglaya

    Good one! I hear this from my financial advisor all the time!

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