Comments on: One Thing You Can Do Today That Will Put You In Better Financial Shape Tomorrow

By: steve

steve — Thu, 20 Aug 2009 17:45:50 +0000

At work my coworker and I have a joke where I suggest doing something absurdly and patently cheap and we say “The Cheap Bastard Strikes Again!.”

Seriously, most day to day spending seems to be on unneccessary stuff and is primarily habitual/emotional. I’m talking about the trip to the coffee shop, lunch “out” at work, etc etc.
I keep tea and coffee supplies at work and bring my own lunch. Sometimes for my lunch break if I’m not hungry I just go outside and walk around outside with a mug of office-made tea in my hand for the change of scenery and the exercise. Or do tai chi in the parking lot (doesn’t that sound hippy dippy? or go to the nearby library and soak in the AC and smell of books.)\

I keep a notebook in my pocket and any task I want to do or thing I would like to purchase goes in the notebook. Then I look over the notebook once a week to preplan my shopping trip.

AS for shopping, once a week to get the groceries, put gas in the car, and replace any things that broke or wore out or need replacing, or which are on my shopping list for projects around the house, and that’s enough. it’s also a lot more relaxing and entertaining and novel to shop when you keep it down to like one day a week.

By: Shambolam

Shambolam — Mon, 13 Jul 2009 02:22:26 +0000

I love this post! My biggest effort in this has been to not spend any money on food I didn’t cook. Breakfast, lunch and dinner are homemade meals every day. I take breakfast and lunch to work, and cook bigger than necessary for dinner so that I always have leftovers. The best ‘investment’ I ever made was a vacuum sealer. Portion it out, vacuum it, freeze it, and it’s good to grab in the morning. I always have a variety to grab because I do this with every meal that I can. You can call me ‘cheap’ any time you like!

By: miles

miles — Thu, 26 Mar 2009 22:02:46 +0000

i do this, its called being a “cheap @$$”

By: prodgod

prodgod — Fri, 04 Jul 2008 14:10:43 +0000

We try to do this every day in my family. Monday morning is our grocery time and our general spending money day (only necessities). Every day we DON’T spend money, we put a big star on the calendar in felt pen. It’s rewarding to see all those stars at a glance.

By: Raymond

Raymond — Fri, 04 Jan 2008 01:38:36 +0000

I think the advice should not only be about avoiding to spend, whick might feel depriving, but rather to force yourself to find a way to do without what you would have bought. There sure is a way since at least 95% of the stuff we use today didn’t even exist some decades ago. all of it feels needed for work, status, comfort… just don’t settle for the first solution to the perceived problem. which will likely be the most expensive and won’t prevent the problem from happening again.

once again, the winner question:
I know i “need” it, now how could i just “do without” ?

By: Sandy

Sandy — Thu, 15 Nov 2007 14:19:32 +0000

I love this advice because it is so simple. I find that staying home, I’m able to save a lot of money, and nearly evrytime I leave the house, I part with money. When I do go out, though, now,with a day or 2 at home, I’m able to reflect on our needs for the week, and target those items, rather than frittering the money away.
Some retirees that I know, who have downsized their lives and own 1 car, decide that they only leave the house every other day…the other day is home, with time to cook and freeze meals, hang out laundry, go for walks, and save in many other ways that can’t be done easily out and about. as a mostly stay home mom, this works, for the most part in our family life.
I also love the idea of a frugal month or week..using up all the leftovers, making do with all the things we do have, simple meals, using items already in the pantry,etc…And coffe from home I think is the best idea for those of us who are coffee addicts. If you are spending just $2 a day on a cup of joe…hello…that adds up to $700 per year! That’s a great start on any savings plan that anyone has in mind. My husband, who makes a great salary, still to this day, makes a pot of coffee and puts it in a really fashionable thermos and packs his snacks for the day…better for health, better for wealth! And I think his SUV driving, Starbucks chugging co-workers see him driving his new Civic, purchased with low gas necessity in mind, his coffee and snacks, and probably think he’s crazy! But the bottom line for us is much better every year because of just a few small actions every day.

By: popslashgirl

popslashgirl — Wed, 14 Nov 2007 01:00:29 +0000

I love this advice, and I follow it as much as I can. I keep my expenses pretty minimal, so my biggest expense each week is groceries. I wait until the weekend, do all my grocery shopping at once using a list and planning my menus for the week, and then I have no excuses to go out again.

By: Barb Minton

Barb Minton — Sat, 08 Sep 2007 02:24:45 +0000

I need a new bathroom,car insurance, etc. I spend as little as possible of the money that I do make and am back to selling on eBay. Now that my health is improving, I will be having more energy to do more which means save more. Just don’t spend it.

By: JS

JS — Tue, 17 Jul 2007 20:50:49 +0000

I do something similar, but with my family: We have a “spend nothing” weekend one weekend a month, where we find creative ways to have fun without spending a dime.

Usually this involves going to the park or the beach, having a picnic, going the library, walking around some cool part of town, maybe even going into neat stores and browsing but not buying.

We save at least an easy $50 per month this way.

By: Elden

Elden — Tue, 10 Jul 2007 23:33:08 +0000

Coffee, cigarettes, alcohol. These are all non-necessities, and unhealthy. Try cutting them out of your diet, and you will truely be happy, healthy, and have more money

By: Elaine

Elaine — Tue, 10 Jul 2007 23:09:53 +0000

I do this all the time. My boss will often pay for my lunch so as long I recently went grocery shopping I can go for 3 to 4 days without opening my wallet.

By: lori

lori — Tue, 10 Jul 2007 18:24:40 +0000

I get paid on Thursdays. I gas up my car, buy groceries for the week, and pay the bills that are due. I then challenge myself to see how long my “cash on hand” can last until the next pay day. Since last Thursday I have had $53 in my wallet for discretionary spending, and I have spent only $1 cash for a newspaper, and that is because I wanted to see the coupons. What is left before next Thursday goes in my bank account.
I want to ad that just a few months ago, I would have “blown” that $53 before the weekend was up. I would have bought fast food, a lottery ticket, or some trinket to make myself feel better for a minute or two. It is getting harder and harder for me to part with a dollar – and believe me I have been a free wheelin’ spender most of my life! Packing lunches and drinking water during the day are not that hard for me anymore. I used to think that eating out was not that expensive, what with 99 cent value meals, etc. But now I realize they are expensive when I can cook one cheap meal for about a dollar and it lasts for two or more meals. It is better for my health, too!

By: m360

m360 — Tue, 10 Jul 2007 18:11:50 +0000

I agree with Drew, the point is to abstain from non-essentials here and there. Why not splurge on a coffee mug and a can of coffee and then brew coffee at home once a week. How much would be saved in the course of a year if someone was to do this? There are always things that will need to be purchased, just use a little discretion. I do this sometimes with cigarettes. I will roll myself a pack here and there. If I did this once a week, I would save at least $260. Or plan ahead for the week, think of how much will be spent on incidentals, take that much out, and put the rest away. Leave the credit cards at home. The temptation to spend is greater when there is money in your pocket. This is really simple but profound. I observe a lot of people who talk about how much they make, and how much they spend on food, shelter, utilities, etc. They say they are broke and I scratch my head, wondering how it can be.

By: Kenny

Kenny — Tue, 10 Jul 2007 18:00:36 +0000

Yes, but the trick is to not double up on your spending the next day. Not so much “you have more money,” but instead it seems to be “you keep your money longer” or “you spend your money slower.”

Like Trent’s Nintendo Wii! He delayed that purchase for quite some time before buying it.

By: Elaine

Elaine — Tue, 10 Jul 2007 17:28:32 +0000

Great advice, especially on the day I’m dropping $600 on a plane ticket. ha!

By: Moneymonk

Moneymonk — Tue, 10 Jul 2007 16:17:42 +0000

I do this everyday. I buy what I need everyday. The only thing I spend money on is food. I do not have a hobby of spending on trinkets. I do not practice instant gratification. I see something I really want, I wait 2 weeks to make sure I really want it and then I save for it.

By: Erin

Erin — Tue, 10 Jul 2007 15:53:52 +0000

There have been days where I realized that I had only $2 in my wallet – and it had been that way for a week or more.

The kind of spending that Trent is talking about isn’t groceries or rent. It’s those non-essentials – the $1 candy bar that you’ll just have to spend extra time at the gym working off anyway, that $2 trinket at the store that you only bought because you saw it in line.

It’s about learning to avoid the temptation to buy it because you see it.

By: SNL Did It

SNL Did It — Tue, 10 Jul 2007 13:48:14 +0000

I can’t find the link but SNL did a skit with Steve Martin called “Don’t Spend Money You Don’t Have” where Steve was basically selling a financial advice package that consisted of that simple phrase.

By: Drew

Drew — Tue, 10 Jul 2007 13:43:19 +0000

Many of you seem to have missed the point. Rent, utilities and other such required expenses are not factored in to this theory. I believe Trent is suggesting you put off any unnecessary expenditures. This means don’t buy that cup of coffee; grab a free cup from work (if available), otherwise make it at home. Don’t buy breakfast, lunch and/or dinner; make them at home. This will increase your grocery bill but it is still much cheaper than buying them from shops.

With that said, feel free to continue spending money and, thusly, supporting the economy (so I don’t have to).

By: martha in mobile

martha in mobile — Tue, 10 Jul 2007 13:38:30 +0000

We have “frugality month” twice a year at our house. Any nonessential purchase we want to make is written down on a list and saved for the following month. If we remember to consult the list, we often find that we don’t really want any of those things. It is a way to avoid spending without feeling deprived, and we end up saving lots of money.