Comments on: 7 Concrete Tips To Curb Your Spending

By: Dan

Dan — Sun, 16 Aug 2009 21:20:32 +0000

Interesting. Very well written and summed up I might add. As an old timer (late 50’s-ish) back in college, I try to enlighten students about finances when the questions arise. I’m astounded by their utter lack of understanding and general lack of caring until it’s too late.

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By: Nicolas | An Extra Hour Every day

Nicolas | An Extra Hour Every day — Thu, 26 Feb 2009 13:38:10 +0000

In tough economic times I think it is very important to shift spending towards your goals. ake your bank statements for the last three months and list the payments for activities in three columns.

The first column is related to cost of living such as rent, insurances, etc. Check how much of your income they represent and think of ways to reduce some of these items (change of provider, renegotiation, etc.). The second column is used for spending that is related to goals of lower priority. The third column is for the payments for activities related to your goals for life. Sum up the total of each column.

It becomes obvious that you probably have potential to shift funds to high priority activities or to reduce overall spending without touching these and cutting in the low priority payments. The current economic downturn is a good opportunity to start this exercise but I highly recommend doing it once or twice a year. In good times you might increase your savings or spend even more on the achievement of your goals for life.

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By: Ceka

Ceka — Thu, 12 Feb 2009 12:30:01 +0000

In keeping with Tip #7, I would say that it's important to be generous with yourself where it counts. In my experience, for example, it's important to be generous with myself at the grocery store so that I don't go out searching for more satisfying food later. It's also very important to be generous with myself when I'm packing my lunch - if the food doesn't taste good, or I don't pack enough, I'll go out to eat instead of keeping my money in my wallet. I wrote a post about how to pack a satisfying lunch and how that works for me that a lot of people have found really helpful.

By: Dee Langdon - BloggerNewbie

Dee Langdon - BloggerNewbie — Tue, 10 Feb 2009 01:39:11 +0000

sounds like personal responsibility? How bout that? I bet that will work. Great ideas.

By: Peter

Peter — Mon, 09 Feb 2009 17:07:32 +0000

I’d dare to suggest a better wording for the last rule (not mine):

“I can’t afford cheap stuff”

pfs.

By: Dan Massicotte

Dan Massicotte — Mon, 09 Feb 2009 16:27:56 +0000

Which also applies to food. I heard that there are quite a few people buying their food at Wal-Mart these days. They can have good stuff..but when it comes to fresh produce you want to make sure you’re buying good quality there-since what you put in your body is in direct relation to the kind of feelings and activities you can get out of your body.

By: Alex Shalman

Alex Shalman — Mon, 09 Feb 2009 02:00:38 +0000

Thanks for the comments guys. Always appreciated.

It seems like #7 hits a button with most of you guys. It has with me as well. Think of all the items that will either increase in value, or remain the same value over the years.

Take an $10,000 Rolex watch for example. There are a limited amount in circulation per year, and if you decide to sell it in 10 years, you’ll either get a little bit less, the same amount, or if you’ll lucky a profit. That means that over $10,000 you got to enjoy a high-quality watch, that created a certain business, and gave you a certain amount of pleasure, and you didn’t lose a penny for it.

The same could be had by buying an antique, solid wood, dining room table. It’s going to be made out of really high-quality materials that won’t break over time. A nice wood polish from time to time will keep it looking fresh. You can even pass it down from generation to generation. The price will just rise over time. You’ll save in your life time, because you won’t be buying plastic furniture that can’t even be repaired, and you must replace time and time again.

What other items can you think of?

By: Marc and Angel Hack Life

Marc and Angel Hack Life — Sun, 08 Feb 2009 20:20:08 +0000

Wise tips Alex! Stumbled.

By: tom

tom — Sat, 07 Feb 2009 16:21:00 +0000

I like your last tip about buying the best, as long as you have the money or you will get a return then by all means invest it in.
Too many people are out running for bargains and will kill someone else for it, literally, listen to the news, not too long ago it happened.

Plus, where do you see less people, are cheap stores or expensive? Why is that, better service, quality

By: Vincent

Vincent — Sat, 07 Feb 2009 05:43:03 +0000

Hi Alex,

By buying the best, we lessen the possibility of the need to spend on maintainence or replacement. This will definitely help us to save in the long run.

Cheers
Vincent
Personal Development Blogger

By: yan starr

yan starr — Sat, 07 Feb 2009 03:32:54 +0000

love this site!! i come here whenever i need some inspiration.

By: Ben

Ben — Fri, 06 Feb 2009 20:12:55 +0000

Good stuff. I generally follow all of these buy #7 really resonated with me as my gut reaction is to go with the cheapest. I’ll have to reconsider next time a big purchase comes up.