In her books, Rachel Cruze talks about two different kinds of people — spenders and savers. These are our natural tendencies, the things that we would do longer before money became more and more serious. And, this is not a bad thing. It’s just what comes naturally to us.
I am going to admit that I am a spender. I love to shop. I love finding deals. However, if I’m not careful, I can go overboard. And, I am not alone. I know so many spenders out there, and while that it is okay, it’s important to incorporate some of the saver side as well. So, I’ve drawn up this list of things that have helped this spender become a little more of a saver.
List Items on Poshmark/consignment stores: Poshmark is my BFF. And, as I have been decluttering items, I’ve been constantly at my local consignment store. Yes, I buy a lot of things from the website. Yet, I also use it as a great resource to get rid of clothes and accessories that I no longer use. This helps not only reduce clutter, but also add some extra money in my bank account.
Use the 24 hour rule: Wait 24 hours before making a purchase. Plain and simple. And, if you’re still wanting the item, then go for it.
Pay Yourself First: Whenever you get paid, make sure that you pay yourself first. I always try to put 15 percent of my paycheck into my savings account.
Stop Lifestyle Inflation: Whenever you get a raise, don’t raise your lifestyle’s expenses too. Instead, use it as a chance to increase your savings and your investments. For instance, if you are currently making $50,000 and you’re getting a raise for $10,000, then put that extra money into savings in addition to what you already do.
Plan Your Buy: This is easy. If you know a store is having a sale, plan out your purchases. For instance, when Pandora had their Black Friday sale, I decided to make a list of all of the items I wanted. I got to cross off some items on my wishlist, enjoyed the savings, and didn’t feel any of the guilt.
Save vs. Splurge: There are some items worth investing in, and it’s different for everyone. For me, it’s jewelry, shoes, cars and handbags. For others, it’s jeans, makeup, and technology. The point with this is as long as you have balance with what you spend vs what you save, then you’re good.
Stack Your Points — and Use Them Wisely: Everywhere nowadays has a rewards program. Nordstrom has Nordy Notes. Target has Target Circle. Kohl’s has Kohl’s Cash. By stacking rewards points for a treat or even for a huge purchase down the line, you definitely can get some serious savings.
Are you a saver or a spender? Let me know in the comments below.