It’s amazing how much money slips through our fingers.
Once I started tracking my spending, I found my frequent trips to discount retailers added up. Buying a dress or blouse for $25 – $30 seemed like no big deal but take all together, the purchases added up to $120 – $150 a month. Until I started tracking my spending, I didn’t even realize I was spending so much money on “extras.”
Was this really the best use of my money?
Was I getting great value from shopping?
Was I buying because of the perceived discount rather than something I needed or really wanted? As my mother-in-law used to say, “Am I going broke saving money?”
Most of the time, the answer was no to 1 and 2 and yes to 3.
Now I hold onto my money! I think twice before whipping out my credit card. You have to be pretty fabulous to make it into my closet today.
Before I make a purchase, I do this “3 Question Dressing Room Drill.” I ask myself these questions and you can, too:
1. Would I buy this item at triple the price?
2. Do I ABSOLUTELY love it?
3. Would I get rid of something else to own this?
If the answer is yes to all 3 questions, consider a purchase (if you have room in your shopping budget that month.) If the answer is no, walk away.
It feels so-o-o-o- good to walk away, doesn’t it?
Check out Ep 12 Tightwad Tuesday Video: Dressing Room Drills
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Strategy is everything.
If you started saving late, you need more than just a 401(k) to fund your retirement.
7 Retirement Lessons For Late Starters