Saving Tips
SaveALope – Simple Saving Tips:
- Don’t Do “debt” – Pay cash.
- Be a mindful spender. Save now. Spend later. (“Do I need this?”)
- Avoid cheap stuff. They won’t last.
- PLAN AHEAD. (Set your weekly spending -> Shopping list -> Bring your lunch)
- Just Cook
How to cook (Plan ahead)
1. Don’t Do “debt” – Pay cash.
First step is to be DEBT FREE. Do everything to get rid of all the debt ASAP. It is a bad marriage. It would not get better, it just gets worse and harder to get out. Divorce from debt now. And do not use your plastic if you know you cannot pay it off in a month. Pay cash. Go to ATM once a week – to give yourself an allowance.
2. Be a mindful spender.
Second thing is say no to Lifestyle Inflation. Just because you started to make more money, it doesn’t mean you need to buy a status car. Don’t be brain washed by consumerism.
When giving a present, think about “can s/he use this? or am I just giving a token gift?” When in doubt, give a giftcard.
Clean the closets. Donate everything you have not used or worn for more than two years. Make the list of clothes you need to get, and if possible, go 2nd hand shopping.
And look at your monthly expenses: Gym, cable, sports bar habits, entertainments. Think twice. Do I/we need it?
3. Avoid Cheap stuff
$1 is still $1. If you are spending $1 for something you need, YES. But please do not buy it because “it was only $1!!!” It is not a bargain when you are spending $ on something you do not need.
Cheap clothes or trendy clothes are costing our planet too much. Choose quality and frequency (how often would you wear this?).
4. PLAN AHEAD
Every Sunday, you put cash in your save a lope. At the same time, why don’t you plan your week with when to shop and what to buy and put cash in your wallet.
For essentials, I would recommend to buy bulk at Costco, if you have extra storage space.
Set “NO MONEY SPEND DAY” once a week.
and yes, I plan ahead of “extra wasteful spending”… My kid likes to go froyo after mean on a cold day!
5. JUST COOK
Not only to save money, but SPEND QUALITY TIME with your friends. You can plan “pot luck” day.
HAPPY SAVING!