There’s A Personality Trait That Will Help You Save Money
It’s easy to get stressed out about how much money you are (or aren’t) saving. It never seems like enough and it’s not hard to be envious of people who are putting down deposits on homes or going on trips with their savings. It’s like we’re constantly bombarded with money saving tips and tricks, but is there one characteristic that seasoned money savers have in common?
The winning trait is… forethought! That is, planning and thinking ahead. Here are some easy tips on increasing your planning and decreasing your costs.
Avoid impulse buys
Taking the time to scope out sales and researching the best time of year to buy certain products really does pay off. For example, car prices can differ by 20% depending on the time of year it is.
Also, for big ticket items, consider sleeping on it and seeing if you’re still interested in purchasing the item in question. Nine times out of 10, you wont want to.
Avoid poor-value products
This doesn’t always mean purchasing the cheapest version of a product. The best thing to consider is cost per use. For example, if you buy a $20 shirt on sale but only wear it once, that’s a $20 cost per use. If you buy a $400 leather jacket and wear it most days of winter and autumn, the cost per use value is extremely low.
Prep and cook meals at home
We just wrote a whole article on how to stop spending all your money on food. Top tip: write a shopping list. Without a proper list in front of you, heading to a neon-lit supermarket or a bustling city market can seem not only overwhelming, but outright impossible sometimes.
Stay within your budget
As Matt Spillar says, writing a realistic budget is supremely important. Too many people restrict themselves too much then give up as soon as they’ve overspent in any department.
By properly planning ahead, you can incorporate upcoming expenses into your monthly budget. Instead of birthday gifts and social events coming as a surprise, budget them in!
Have an idea of what you’ll spend more money on
The day will (hopefully) come where you do get an influx of money. Be it from a raise at work, an inheritance, a bonus or a lotto win, whatever the case may be, it’s important to think about what you’ll do when that does happen. Otherwise, it’s too easy to blow it all shouting rounds of drinks, a new car or those shoes you’ve been eyeing off. Craft a plan for how you’ll invest, spend or save any extra money you come into.
[h/t The Financial Diet]
Esther is a freelance writer, editor, publicist, content maker and dog patter. She has written for Interview Magazine, New York Press, The Village Voice, Rolling Stone, and local titles Broadsheet, Beat and Tone Deaf. Please tag her in photos of dogs @esthersaurus.