Saving money is a valuable skill to develop, but it can be one of the hardest skills to implement. Why can saving money be so difficult?
One reason for the struggle of saving is the constant pressure from the media to keep up with trends and to overcome moments of sadness by purchasing commodities.
Due to advances in technology like online shopping, the opportunity to buy stuff is just a click away and right at your fingertips. Still, getting off the “work and spend” treadmill can be beneficial. Saving money begins by prioritizing what you genuinely cherish and identifying what you actually need.
This will help you avoid the burden of debt and enable you to focus on the things you enjoy. But, you don’t have to be a frugal penny pincher to save money if you follow these tips.
1. Establish a budget.
A budget will help keep you from overspending and accumulating things you do not need.
2. Only buy things that are necessary.
Just because there is a good deal on something does not mean you should buy it. Make a list and stick to it.
3. Use coupons.
Find the best deals through comparison shopping and search for coupon codes.
4. Plan your purchases and avoid impulse buying.
If you want something that is not on your list, note the item, price, and location. Wait three days and if you still want it, buy with intention. Also, the next time you go to buy your groceries, make sure you have eaten beforehand.
5. Choose wisely.
Although it is tempting to buy the name brand item, the off brand often works just as well. In many situations, it includes the same ingredients.
6. Do not let the items that you buy define you.
This will eliminate the pressure to buy something because of a current trend or brand name.
7. Remember that contentment does not have a price tag.
Making excess purchases will not provide you with the contentment that faith, friends and passions provide you.
8. Buy raw and whole foods.
When grocery shopping, stick to foods that are not pre-packaged and processed. Packaged foods tend to be more expensive (and less healthy).
9. “Rap game got it all wrong. We ain’t ‘bout to go and spend money just to flex” -Lil Dicky.
Flashy, expensive items are unnecessary and will not actually make you any happier. Social theorist Thorstein Veblen warned about conspicuous consumption in 1899.
Author and inspirational speaker Francine Jay states, “Minimalism is asking why before you buy.” Before buying something, ask yourself why it is important and how it will benefit you. Following these nine simple tips will not only save you money, but will reduce clutter in your space leading to a simpler and fulfilling life. If any of these tips are helpful to you, let us know using our hashtag #EtownSimplified.
Be sure to read next week’s column on learning to say, “No!”
Words to Live By:
“Do not save what is left after spending, bust spend what is left after saving.”
– Warren Buffet