Many of us have been known to have the cavalier "it's mine I spend it " attitude when it comes to our finances. That "sure, why not?" Spender. Then there is the impulsive buyer, who immediately falls in love with those must have "So Kate" pumps, and makes a purchase throwing all caution to the sales rack. Finally there's the therapeutic shopper, someone who shops to make themselves feel better, while avoiding the true matter at hand. The therapeutic shopper can loose hours on the internet filling up shopping carts. After placing an order, the anticipation for its arrival is like waiting for Christmas Day. The adrenaline rush of the excitement tearing open boxes of shiny new things is indescribable, however short lived. During undergrad, I was a combination of these. How I managed to continually shop on a $25 a week allowance I will never understand.
Here are a few ways to save without feeling deprived. These tips will help you quickly establish a firm financial foundation that will ultimately lead you to your financial freedom goals.
1. DONT EAT OUT! Great way to fatten your wallet and slim your waist. To stay a-course, pack snacks for on-the-go. Having something on hand will allow for a healthier and more frugal food choice. There's nothing worse than being in the car starving, and seeing those Golden Arches! If you have a significant other, make date night more intimate and cook at home. Any opportunity to sell yourself as being a keeper is always good!
2. THRIFT! The idea of purchasing previously used garments might creep some people out but that's what the dry cleaners are for! Thrifting is a great way to find statement pieces to spice up your wardrobe while also being economically friendly. It's all about location, location, location! A thrift shop near a well-to-do neighborhood can house some amazing name brand designers at criminal prices! This is perfect for the everyday shopaholic, you can find something great without steering off track.
3. WRITE A BUDGET having a clear view of income, expenses and savings helps account for every penny you earn and spend. It's a great way to become financially literate and responsible. Having a hard copy of your budget will allow you to view it often. A constant reminder will help keep you on track.
4. OPEN A SECOND ACCOUNT "hide ya coins, hide ya bills cause we spending everything out here" creating a second account will allow you to underestimate and even forget about the money you've tucked away. What's even better is if your account is at a credit union, you won't pay monthly fees!
5. SHOW YOUR WORK. Write out your numbers plan. Make it clear how much should be saved, and by when. Come up with a number that should be deposited into your savings account on a weekly basis. Here you can find details a great, and super simple weekly savings regimen.