If you want to get saving and not spending, these five rules as a great place to start. They are all aimed at maximizing your bank balance and limiting impulsive spending.
Choose and apply these rules for saving satisfaction!
- Have a credit rule: If you do not have the cash on hand and need to use credit to make the purchase, for example credit card, store finance), then you cannot buy it.
- Have a price rule: Any purchase over $$ amount must be approved by both partners. To stop impulse buys, make a rule that both husband and wife must agree the purchase is necessary.
- Have a cooling off period: Any purchase over $$ amount must not be made instantly, you must wait at least 24 hours before buying it.
- Ask the question: “Do I really need it?”. It is amazing what we can come to consider essentials these days. Apply this question for some soul-searching and think whether you consider your potential purchase an essential, or can you live without out it.
- Do the maths: Before buying something, work out how many hours of you working it would take to purchase that item. Is it worth it?