Great Habits to Save You Money

November 19, 2012 § Leave a comment

Habits can be really good things. At least they are good if you have good habits. Because habits are pesky things, difficult to break. So if you have a great habit, you can put your brain on hold and manage pretty well in life.

Today’s financial pep-talk is to get you on track with four terrific, money-saving habits, that if practiced are bound to make your life more cozy.

Good habit #1- Buy only what you need- Think before you buy. Do you really need this thing? Look, you work hard for your money and can still have fun. But really think about why you are spending money on this item. My girlfriend and I put something in the cart if we like an item, walking around the store with it while we see if anything else is a must-have. When we approach the check-out we ruthlessly empty the cart of items that are really not necessary or perfect. If you’ve ever experienced a really difficult financial time, you know about need. Chickadee, think of the money we waste on things. And that’s fine, if you have it and you’re also saving and you are charitable. But just a little disciple on your part can save you a boatload of money.

Good habit #2- Wait- Impulse and convenience are triggers that smart retailers rely upon. Our desire to also have things RIGHT NOW, our desire for immediacy and convenience, usually costs a lot more money, no matter the purchase. Whether it’s fast food, the immediate gratification of a new appliance or paying for expedited shipping for those cute shoes, whatever the purchase, think first. Then think some more. Then buy. Put a purchase on hold, shop around for items large and small, and –gasp- making your own coffee can save pennies and dollars that quickly add up, my friend.

Good habit #3- Rethink fun- I like fun and I like spending money. I just want to be more in control of my cash. Some folks only have fun with spending. I would love for you to just rethink that. You absolutely need to make time for fun. But going out all the time is too costly to do with regularity, especially if that is your several-times-a-week habit. Cut back on many-times-a-week going out kind of fun. Invite folks in for fun, take turns being the hostess with the most-est and have friends host a different week’s event. Look for fun, and free or low cost, events in your town and meet everyone for a new adventure. Make being cheap part of the fun adventure and try to out-do each other! (By the way, I’m sure you will kick butt at this competition.)

Lastly, regularly checking the details- Once a year or so check out the fees you are paying on utility and other ongoing bills. Is your financial institution a good deal on fees, expenses and service? Have fees gone up everywhere or just at your institution? Examine any changes in your lifestyle compared to services on which you continue to spend. Your family’s evolving needs may allow you to discontinue some expenses. If you are never home, why pay for cable?

Good habits, just like bad ones, are hard to break. So make these financial habits part of your healthy life. (CR8672)

Finance with Chocolate Sauce