Spending

Your income is not enough? Changing how you spend is way easier

We are always willing to make more money. However, it is usually way easier to have a better life by just adjusting spending habits to that income. We put together a short list of common tactics that are reasonably easy to implement and can make a huge impact in your daily life.

1. Plan and save

Run the numbers and check how much you need to pay your main bills (rent, water…). Pay for those in advance if needed, you need to make sure that you won’t even see this money. Leave some money in your account for your daily expenses and save a small portion right away. Your savings need to get out of your sight. Start small (you don’t want to touch your savings to pay for lunch at the end of the month) and grow the saved amounts slowly one month after another.

2. Buying nothing is better than buying green

Don’t be fooled by great marketing strategies. Even the greenest of products is no better for the environment than not buying at all. It takes resources to manufacture and transport all products, regardless of being recycled or not. Remember, in order: reduce, reuse, recycle.

3. Fool your emotions, not your pocket

People think rationally but act emotionally. If you are in emotional distress, you can go hiking, read a book, play a game, but don’t go window shopping. If you really want to buy that one thing, think about for how long you have been craving that. If this is the first time you are thinking about buying,it is a good clue that your desire is just good marketing and not a real need.

4. Research and Research

You need to keep in mind that the more effort you put in looking for the best, the closer you get to the best (product or price). If you can buy online, usually you get a better price. If you can buy in bulk (but no more than what you need), usually you get a better price. If you can buy with coupons, usually you get a better price.

5. Deals are only deals if you really need those products

Think about the things you need right now and would by in the next few days. When you catch a deal opportunity, go for it only if you would already buy it anyway in the next couple of weeks. Otherwise you might end up with that great blanket with sleeves that you never use. You can execute this even better if you write down beforehand (once a month) what you need and what you only “want”.

6. Don’t finance consumer goods (TV, couch, dinner table)

If you want to buy it, save in advance and pay for it in a lump sum when you need and can pay for it. If you take the “thing” home before you buy, you are paying more than if you paid up front. You are also playing with the odds of how your earnings are going to be in the coming months. And nobody knows exactly how your earnings are going to be. It is also a big pain when you are paying for something that is no longer in use or broken.

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IMMI Financial Solutions

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