Spend Less and Save More
March 27th, 2008 | Published in Uncategorized | 3 Comments
Everyday I am hearing more and more bad news about the economy. Times are getting rough and the best thing any ordinary person can do is try and get their financial house in order. That means saving more of your income and spending less money. Here are the top three ways I curb spending.
Catch a sale
If you must spend money, try and buy things on sale. If you frequently shop online always check to see if the online retailer has a SALE link. For example, Amazon.com has a big DVD sale going on right now! Training Day for $7? Yes, please.
Get it for free
It is very easy to find tons of free services and applications on the Internet. Before you buy that new organizer software do a quick google search to see if you can find a free service that does the same thing. I was recently looking for photo editing software and discovered that Adobe is now offering an online version of Photoshop Express for free.
Schedule discretionary spending
On designated days of the month I allow myself to buy clothes, DVDs, music downloads and electronics, etc. For me these days are the 12th and the 27th, which are a couple of days before I get paid. During the month, instead of buying items at will, I write down what I want. On the 12th or 27th, after I have put a little aside in savings and the bills have been paid, I review my want list and buy what I can with the money I have left. Usually, I am able to buy one or two items from my list of approximately 30 items. For me, this is the best way to deal with impulse buys. Scheduling your purchases really makes you think about what you really want and need. A lot of times I end up deleting items from the list because I realize I really don’t want or need that item.
March 28th, 2008 at 8:41 am (#)
great post, u know i write about economics all the time, chk my post called my 2 cents
April 1st, 2008 at 12:27 pm (#)
This is a great idea.
April 10th, 2008 at 1:21 pm (#)
I’m the (self-proclaimed) queen of online shopping so I thought I’d add to your list of great tips.
Before completing any transaction online, perform a Google search containing the merchant name, “promo code,” and “coupon.” You will be directed to a number of sites that house promo codes submitted by users like you and me. I usually get an additional 10% off or free shipping.
Find out which online retailers offer free shipping. I know a host of sites for women. The only ones that would work for men are zappos.com, shoes.com and piperlime.com. With these, you get free shipping and free return shipping!
Lastly, if you have a gift certificate or coupon that you’re using online, make sure you really like the item or that it really fits. If you must return it, go for an exchange. Otherwise, you will be refunded the price you paid but won’t receive credit for the gift certificate or a replacement card. It’s money lost.
Another tip that Oprah had on her show was to discard one old item for every new item you purchase. It works out packrat tendencies and forces you to truly consider whether you need that new overcoat.