Saturday, November 3, 2012

Frugal Friday

Here are a couple of tips from some known finance writers that can help you both buy things less impulsively and cut down on your spending when you get to the check-out counter.

1. From Liz Westen of MSN : Create a “wait and see” list.  If you spot something you think you want to buy, write it down (in a physical notebook you carry with you, or as a note in your smartphone) or take a picture of it. Then give yourself a “cooling off” period. Three days is good; three weeks may be better. Chances are pretty good that your passion for it will have cooled, and you’ll realize you can put the money to better use elsewhere.

2. From Phil Fremont-Smith of : One trick I like to use is “minus one”. Every time I get in a checkout line, I stop, look at what I’m about to purchase, and remove one item. If you’re already a disciplined shopper and only buy things on your list, you probably don’t need this. But for the 99.9% of us who tend to leave stores with more than we came for, it’s an easy way to break the cycle of mindless impulse buying.