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By: A. Walker | TheLoop21 (Add to your loop)
Tue, 07/27/2010 - 00:00

Get tips on saving money and become a smart shopper.

We all got greedy in the last decade.

We bought big houses that we filled with big screen televisions. Then we parked big cars out in the driveway.

We didn't save for any of these purchases because we had credit cards and home equity loans that made it seem like we had cash on hand. African Americans were some of the biggest culprits.

Now many of us are sitting on loads of debt.

But that's not such a bad thing. Because now we're also learning to live within our means and not care about what the Joneses are doing.

It was a hard lesson learned for many of us. But one that we needed to be taught.

Now, that we're starting to come out of debt, we have to learn to be smarter shoppers. Ignore the temptations. Ween ourselves from acting on instant gratification.

Here are some tips on how we as consumers can rein in our spending.

1. Use Layaway: Layaway was once popular, but became taboo sometime in the 90s. Somehow, using layaway was admitting to not having enough money, like having to wear the polo with the fox on it instead of the alligator. But just because we weren't using layaway doesn't mean we could afford what we were buying. We just used credit cards that we then had to pay interest on. But now layaway is becoming en vogue again as stores like Sears and Kmart offer the service again. Use it. It's okay to pay for purchases over time.

2. Don't Carry a Balance on Your Credit Card: If you can't pay your credit cards off at the end of the month, you don't need to be making that purchase. Pay in cash. If you don't have enough money, wait until you do.

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3. Start your Christmas and Kwanzaa shopping now: Yeah, it's 100 degrees outside and the last thing you want to think about is Santa wearing a fur hat. But start buying Christmas gifts now. Buy a couple a month and your budget won't take such a big hit in December. Stores like Toys R Us and Target have already begun having holiday sales. Toys R Us has a Christmas savers program that helps you save money towards Christmas spending.

4. Walk away: Think you've got to have those Jimmy Choo shoes. That you can't live without them. Go home and see if you still want them tomorrow. Chances are the urge won't be so great to buy them.

5. Have lunch: Go to fancy restaurants for lunch rather than dinner. You can usually get the same food, but at a lower price. The portions might be smaller, but most of us could stand to watch our waist lines anyway.

6. No shopping challenge: The internet is filled with people who have given up spending in some form.