Live Better Cheaper

Live Better Cheaper

Having money is better than not having money. Saving money is like earning money. Just ask Ben Franklin. He will tell you “a penny saved is a penny got ”. I will tell you that saving that penny gives you an extra penny to spend somewhere else.

So if that interests you, here are some thoughts and tips to help you save money so you can spend more money without having to borrow it and incur debt.

Don’t Pay Interest

Not paying interest requires you to not use credit that you cannot pay off each month before interest charges start to be charged. Many credit cards have interest rates over 20%, but if you have one that only charged 6%, not incurring these interest charges and potential outrageous late fees is a worthy goal. In fact you should look for credit cards that carry no annual fee, but instead pays you a reward of one, two, three, or even 4% like the Costco Visa card pays on gas purchases. An added benefit of initially putting your purchase on a credit card is that the credit card company provides and maintains detailed records of your spending habits for your perusal.

Shop Your Home First

Need to buy something? Tape? Nails? Scissors? Fabric? Blank checks? Look in your closets, kitchen cabinets, junk drawers, and garage to make sure you don’t already own the item you want. It is humbling to impulse buy that roll of two-sided Scotch tape only to find two rolls already on the shelf when you put your new purchase away.

Don’t Buy Books

Love to read? So do I. But until you read all the free books at the library and the free e-books online from your library (download the Libby app) or available as a free read on your Amazon Prime account, you don’t need to buy, just borrow your read. You can get on an online waiting list for the new books not yet in the library.

Need to Buy a Car?

New cars are offering purchase plans up to 6 years long. That’s a goodly portion of the rest of your life for a purchase that starts decreasing in value before you get home. Consider buying a good used car and let the first owner eat the depreciation. And if you are concerned about miles per gallon, don’t be. Calculate and compare dollars per mile instead, i.e. add up the average annual cost of owning the car and divide the dollars into the number of miles you estimate you will drive each year. Include maintenance insurance, depreciation, tags, and registration. You may find that a used Lexus is a better value than a new Camry. You can also calculate miles per dollar for electric vehicles.

Eat Cheaper

You gotta love a good restaurant. But if you insert a good pizza parlor, neighborhood Chinese restaurant, or good burger establishment into your eating out itinerary, your savings will add up. Pick up a Costco large pepperoni for less than eleven bucks. Two Whoppers for six dollars can be had if you like fast food burgers. You can save enough to pay for the lobster special at the more upscale restaurant.

Buy at Upper Scale Thrift Shops

You would be surprised at the good buys you can find in a thrift shop. Need a set of table or wine glasses, odds are you could find what you need at a thrift shop. Squeamish? They will have been used a whole lot less often than the glassware your liquids come in at a restaurant. Same goes for dinner plate sets. Want some jigsaw puzzles to take to the beach, they are also available. What about a lamp for that dark corner in your sitting area?

Do Not Buy on Impulse

If you did not know you needed the item before you went into the store, it is a good bet that you still don't need it. Just leave it be for the next shopper.

The bottom line is that your money is not gone until you spend it. Spend less for what you need and the saved money will be available to spend elsewhere.

Stay safe and stay out of debt.