3 Money Saving Ideas
for Big Spenders

There are three money saving ideas that have really helped me in saving money and cutting frivolous spending. It goes without saying that the fastest way to lose weight is to not eat. Money is the same. The fastest way to save is to not spend.

But you know and I know that not spending, and not eating, are not healthy to your lifestyle. Change in mindset occurs when you are aware of your spending and you make conscious decisions on where your money goes.

Yes, there is such a thing as binge spending and it may be wreaking havoc on your finances.

So, here are two money saving ideas for spenders in need of budget help. (The third is lower in the article.)

2 Tips for Most Cases

  • If you’re going to make a minor purchase, wait at least a week before buying it.
  • If you’re going to make a major purchase, like buying a house or a car, wait at least a month before you buy it.

So what does waiting a week or a month do? It puts time between you and the thing you want to buy.

Big time spenders are impulsive. They react to their emotions. "I got to have it. It's so nice and shiny. Jim and Pam have one and I want one too." Emotions are a part of life but they can get us into trouble when we base our purchases on them.

Is this you? Be honest with yourself. When you are aware of how you buy things, you can choose your response next time you are in a buying situation.

So here's how I would go about waiting. We'll use a minor purchase of an iPod. Let's say that Pam from the office got a video iPod for Christmas and now I want one. (Yes, I just watched the Office and it's on my mind right now.)

Follow these Steps

  • Wait. Instead of impulsively buying a video iPod the next day, I wait at least a week. This lets my hot emotions die down and bring back the rational self in me.
  • Research. I research reviews on the video iPod. Amazon.com is great because you get so many reviews and so many alternatives.
  • Search. I look for deals: online, in stores, used, etc. I look for a deal instead of stepping into the first store I see.
  • Weigh. I weigh my other options. Is the video iPod really what I want? Will I really watch videos on it? Do I just want it for music?

Tip #3 - The Revealing One

Ask. This is probably the most important step. I ask myself:
Will this get me closer to whom I want to be?

A lot of times the answer is no. And a lot of times, this causes me to go back a few steps and repeat the cycle.

Asking this question forces you to be honest with yourself. Will this purchase help you become a better you? Or, are you just trying to keep up with the Joneses?

This was me a few years ago. I wanted the video iPod but instead, I got the Nano. Fortunately, I learned these money saving ideas. I went through all those steps, a few times actually, and made my decision. And I'm happy with it because I use the Nano to work out or just play music in the house.

I Still Wait

We haven't bought a flat panel TV yet. Yes, we still have a tube TV (and one TV in the house). We are perfectly fine with it.

I do ask myself occasionally, "Should we get one?" Nope. I can save my money for other things. A nicer TV will not get me any closer to whom I want to be in the near future.

So next time you want to purchase something, think of these ways to save money. Wait a week. Wait a month. Wait a year. The more you are in control of your emotions, the more you are in control of the situation. You'll make better decisions and you won't binge spend anymore.

I bet you'll be happier with your purchases and saving will become a whole lot easier...much more than losing weight.

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