Sentry Page Protection
Want to Save Money? Stop Spending!
If you are a CINO (Cheapskate in name only) then this is going to upset you. You'll feel I'm judging you. You'll think I'm being harsh. You'll think I don't know what it's like to struggle (yeah, right!).
Let me help you out: no, yes and no.
It's not my place to judge. We all have different circumstances, and we're all at different places in this journey to living the Cheapskates Way.
Yes, I am harsh. I'm here to help, but I'm not here to do the hard work for you.
And lastly, if you think I don't know what it's like to struggle, have you read my story?
If you really want to save money and pay down debt then you need to stop spending. Simple.
Being realistic, you can't not spend. You need someplace to live. You need to eat. At the very least you need electricity and water. And living in 2019 you need a phone. Everything else is pretty much optional. Even if you think a car is an essential. Or new clothes. Or getting your nails done. Or a TV or even the internet (you can access it via your phone or go visit your local library for free).
Every single day I hear from people begging for help to get out of debt. And every day I do what I can to advise and show them how they can get out of debt.
And then the excuses start.
The best one so far is "but I have to get my nails done each week, I'm on the front desk at work". No, she doesn't need to pay to get her nails done each week. She could just learn to do her own mani-pedi; the truth, when I kept nagging about it, was she doesn't want to. She likes going to the shopping centre and sitting in the nail salon. It makes her feel rich. Well folks, the only way she's ever going to be rich it to either win lotto (and with her expenses, she can't afford a ticket) or to marry money.
Stop making excuses for spending money. Just stop. Be honest with yourself and add up just how much you spend each month, and what you spend it on (no one else is going to know). Then subtract the essentials: accommodation, food (I'll talk about that in a moment), gas, electricity, water, phone, pharmacy and some form of transport.
You'll notice I didn't include internet as essential. That's because most phone plans have some internet use included, and if yours doesn't, you can always go to the library. If you go over your plan allowance, there are plenty of free wi-fi hotspots you can use.
So what can you spend on?
Well, the mortgage is essential. You must pay it. You can't control the repayments, but you can control how much you repay. And you can always ring and renegotiate for a better interest rate (it's fiddly and time consuming, but it can be done).
You have no control over how much you are charged for utilities, (but always haggle and negotiate the lowest possible price and biggest possible discount) but you do have complete control over how much you use, and so ultimately, how much you are spending. Become a power vigilante and turn things off. At the wall. Unplug that phone charger. Make sure your computer monitor is turned off, not just asleep. Turn off the microwave. Unplug the kettle. When you leave a room, turn the light off, even if it's just for a few minutes. Look for all the ways you are paying for power you aren't using, and stop.
Food. Everyone needs to eat. We just don't need it to cost hundreds of dollars a week. Make a meal plan. Write a shopping list. Stick to the list and the meal plan. If you forget something that's on the list make do with what you have. Don't waste anything, and in this instance composting leftovers is wasteful - food should only be composted if it is unsafe to eat. Just because you ate it last night, doesn't mean you can't have it tonight, even if it is boring.
Unless you're needing to put newspaper in your shoes, then stop buying them. If you have a pair of shoes for work and pair of shoes for home, you don't need any more. Learn to take care of your shoes so they'll last. And when you need to replace them, do you really need to pay $70 or $80 for them?
Stop buying clothes and work the clothing items you have to full advantage. Fix hems. Sew on missing buttons. Treat stains. Tidy your wardrobe, putting things in colour and season order. Sort and tidy your jewellery so it's easy to find what you want. Spend an afternoon making up outfits. Lay them on your bed and take a photo on your phone. When you need an outfit, flip through the photos to pick what to wear.
Repair rather than replace. There are plenty of DIY tutorials available online. YouTube is full of them. Google what you need to repair and then try to fix it yourself. You have nothing to lose and everything to gain - you were going to toss it anyway.
If you do need to replace, look around home to see if you already have something that will do the job. If you genuinely can't find anything, shop second-hand first. Look for gently used, in good condition. If that draws a blank, shop around. Don’t be a brand snob. Know your price, and then be prepared to haggle for the lowest possible retail price.
Save $140 a month and learn to cut, colour and condition your own hair. Again, YouTube is a veritable fountain of hairdressing information. Then shop around for the colour. They are always on sale somewhere, but don't forget to check The Reject Shop and other discount stores because they often have over-runs and discontinued stock for a fraction of the RRP. And lastly, if you have short hair, don't use a whole box of colour. Only mix half, then carefully store the remaining half for next month or to do touch-ups.
All these things are nice, but not essential. If you have a big debt to repay, then giving them up until you're debt free will be well worth it. Set a timeframe to become debt free and work a plan to reach it.
If you need to build savings or an emergency fund, set a goal. Determine how much you want to save and set a timeframe to do it.
When you have a goal, with a timeframe you can see, then not spending isn't going without, it's working towards what you want (see that attitude shift?). And having an end date ensures that you're not giving up the things you want forever, but just until you reach your goal.
Once you've done that, you can go back to having them again (if you want to, chances are you'll choose another goal and just keep saving).
But in the meantime, until you reach that goal: STOP SPENDING!
Let me help you out: no, yes and no.
It's not my place to judge. We all have different circumstances, and we're all at different places in this journey to living the Cheapskates Way.
Yes, I am harsh. I'm here to help, but I'm not here to do the hard work for you.
And lastly, if you think I don't know what it's like to struggle, have you read my story?
If you really want to save money and pay down debt then you need to stop spending. Simple.
Being realistic, you can't not spend. You need someplace to live. You need to eat. At the very least you need electricity and water. And living in 2019 you need a phone. Everything else is pretty much optional. Even if you think a car is an essential. Or new clothes. Or getting your nails done. Or a TV or even the internet (you can access it via your phone or go visit your local library for free).
Every single day I hear from people begging for help to get out of debt. And every day I do what I can to advise and show them how they can get out of debt.
And then the excuses start.
The best one so far is "but I have to get my nails done each week, I'm on the front desk at work". No, she doesn't need to pay to get her nails done each week. She could just learn to do her own mani-pedi; the truth, when I kept nagging about it, was she doesn't want to. She likes going to the shopping centre and sitting in the nail salon. It makes her feel rich. Well folks, the only way she's ever going to be rich it to either win lotto (and with her expenses, she can't afford a ticket) or to marry money.
Stop making excuses for spending money. Just stop. Be honest with yourself and add up just how much you spend each month, and what you spend it on (no one else is going to know). Then subtract the essentials: accommodation, food (I'll talk about that in a moment), gas, electricity, water, phone, pharmacy and some form of transport.
You'll notice I didn't include internet as essential. That's because most phone plans have some internet use included, and if yours doesn't, you can always go to the library. If you go over your plan allowance, there are plenty of free wi-fi hotspots you can use.
So what can you spend on?
Well, the mortgage is essential. You must pay it. You can't control the repayments, but you can control how much you repay. And you can always ring and renegotiate for a better interest rate (it's fiddly and time consuming, but it can be done).
You have no control over how much you are charged for utilities, (but always haggle and negotiate the lowest possible price and biggest possible discount) but you do have complete control over how much you use, and so ultimately, how much you are spending. Become a power vigilante and turn things off. At the wall. Unplug that phone charger. Make sure your computer monitor is turned off, not just asleep. Turn off the microwave. Unplug the kettle. When you leave a room, turn the light off, even if it's just for a few minutes. Look for all the ways you are paying for power you aren't using, and stop.
Food. Everyone needs to eat. We just don't need it to cost hundreds of dollars a week. Make a meal plan. Write a shopping list. Stick to the list and the meal plan. If you forget something that's on the list make do with what you have. Don't waste anything, and in this instance composting leftovers is wasteful - food should only be composted if it is unsafe to eat. Just because you ate it last night, doesn't mean you can't have it tonight, even if it is boring.
Unless you're needing to put newspaper in your shoes, then stop buying them. If you have a pair of shoes for work and pair of shoes for home, you don't need any more. Learn to take care of your shoes so they'll last. And when you need to replace them, do you really need to pay $70 or $80 for them?
Stop buying clothes and work the clothing items you have to full advantage. Fix hems. Sew on missing buttons. Treat stains. Tidy your wardrobe, putting things in colour and season order. Sort and tidy your jewellery so it's easy to find what you want. Spend an afternoon making up outfits. Lay them on your bed and take a photo on your phone. When you need an outfit, flip through the photos to pick what to wear.
Repair rather than replace. There are plenty of DIY tutorials available online. YouTube is full of them. Google what you need to repair and then try to fix it yourself. You have nothing to lose and everything to gain - you were going to toss it anyway.
If you do need to replace, look around home to see if you already have something that will do the job. If you genuinely can't find anything, shop second-hand first. Look for gently used, in good condition. If that draws a blank, shop around. Don’t be a brand snob. Know your price, and then be prepared to haggle for the lowest possible retail price.
Save $140 a month and learn to cut, colour and condition your own hair. Again, YouTube is a veritable fountain of hairdressing information. Then shop around for the colour. They are always on sale somewhere, but don't forget to check The Reject Shop and other discount stores because they often have over-runs and discontinued stock for a fraction of the RRP. And lastly, if you have short hair, don't use a whole box of colour. Only mix half, then carefully store the remaining half for next month or to do touch-ups.
All these things are nice, but not essential. If you have a big debt to repay, then giving them up until you're debt free will be well worth it. Set a timeframe to become debt free and work a plan to reach it.
If you need to build savings or an emergency fund, set a goal. Determine how much you want to save and set a timeframe to do it.
When you have a goal, with a timeframe you can see, then not spending isn't going without, it's working towards what you want (see that attitude shift?). And having an end date ensures that you're not giving up the things you want forever, but just until you reach your goal.
Once you've done that, you can go back to having them again (if you want to, chances are you'll choose another goal and just keep saving).
But in the meantime, until you reach that goal: STOP SPENDING!