The word FRUGAL is a label that has been stitched to me since I can remember.
My mother (first generation Vietnamese) has engrained it in my brain….as long as you owe money-you don’t have money and if you can pay rent then you can pay a mortgage. It’s extremely black and white. Don’t spend what you don’t have.
Having money, saving money, and spending money seem to be very difficult for many people. Being financially responsible definitely takes some discipline. You have to constantly ask yourself:
•DO I NEED IT?
•DO I WANT IT?
•WILL I DIE IF I DON’T HAVE IT?
We aren’t lacking resources by any means and it’s not brain surgery. We have Suze Orman, Jean Chatzky and Alan Greenspan to name a few. If we just followed their guidelines we wouldn’t be in the emotional money pit we are in every pay period, but again it’s a discipline and not an easy one to master.
I was recently asked to help out a friend who was unaware of where her money was going. I already knew of her crazy spending and went into this with no judgment. My bank account is no more important to me than her $2560 Prada bag that she’s making payments on is to her.
This is what we found.
Extra cell phone features that she wasn’t even aware of or had been using
WHAT SHE COULD SAVE: $32.81 a month
HOW TO SAVE: Call your cell phone provider and ask for a less expensive plan. Most providers have plans/features that aren’t advertised. You have to ask!
Manicures/pedicures twice a month
$25.00 per visit not to mention if you want anything cut off is an additional $10
WHAT SHE COULD SAVE: $70 per month.
HOW TO SAVE: Invest in a file and a top of the line base coat and top coat. Make it an excuse to have a girls night.
The daily coffee run x 7
WHAT SHE COULD SAVE: Additional $15.05 per week/$60.20 a month
HOW TO SAVE: Invest in a good coffee pot and make coffee from home. Spend the money on a really cute stainless steel insulated travel mug. Very stylish!!!!
We haven’t even begun to really dive deep into her finances, yet with those three tips alone she could potential save $1956.12 a year.
MORE TIPS: Grocery stores have certain days that they double up the value of coupons. Instead of spending $65.00 to take a fam of four to the movies, go to red box for $1.00 per movie, make dinner, and cuddle up on the couch. For every activity that requires spending money there is an alternate activity that takes less money, a little more thought, but can potentially be more rewarding.
Just remember to ask yourself:
DO I NEED IT? DO I WANT IT? DO I ABSOLUTELY HAVE TO HAVE IT?
Jean Chatsky’s latest book…PAY IT DOWN creates a plan on how to become debt free in three years with $10 a day. $10 a day is lunch for most people. And keeping with my calculations comes out to $3640 a year.
Less time worrying about money means equals more time with family, friends, and kids that you can be 100% present for.
Written by Kimlai Yingling, creator of EatinAsian.com
Known as frugal, dime diva, coupon cutter & bargain hunter
Follow Kimlai Yingling on Twitter @KimlaiYingling
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