A Pair of Tips to Save
The question I’m often asked is, “What’s the best way to save money?” Magical answer. Don’t spend. Yassss.
Wasn’t that obvious? Ok switching gears now, you’ll find many different strategies, techniques, spreadsheets and theories on how you should save, and what the most effective way is. Let’s go over a few now.
The Monthly Cycle
Ok! It’s not what you think it is. This is how this one works. You see something, but it truly isn’t an emergency. Yes I said it, that jacket, that blouse or those earrings aren’t an emergency. You really want it and that’s ok. Make a note of it and “step away from the item!” If in 1 month you still desire that item and it’s in your budget – then you deserve to make that purchase. If you don’t desire it any longer, then that’s money saved.
Count to 10
In this instant gratification era, why would you wait? 10 seconds for my food to warm up in the microwave, you’re kidding me. With that being said, the count to 10 method may save you money because during the 10 second count, you’ll really rationalize if you need that particular item. Party is coming up in a couple weeks, you’re out dress shopping this week for the pair of heels you have at home. You see the most stunning heels in the world that would go remarkably with your new dress. These are the type of heels that people will lay the red carpet down for you. You have the money, it’s in your budget, but you count to 10 and truly rationalize that it truly isn’t a need and the heels you have at home will be perfect. Money saved.
These tips will help you distinguish your needs vs. wants. I would like to add that it is ok to want – just ensure it is within your means.
Which saving tip will you start first? (P.S.: You cannot apply “The Monthly Cycle” here – just Count To 10 and get started!)