Where Did All My Cash Go? How to spend more sensibly
When it comes to money, what you don’t keep track of can hurt you. You dig into your pocket or purse and ask yourself, what happened to that $20 I had this morning? You look at your checkbook register or online bank account and can’t imagine where and on what you spent $100. Poof. Gone.
It’s so easy to fritter away money, especially cash in an expensive place like New York City, Los Angeles, Chicago and even small villages with pricey shops or merchandise you just have to have! Money can disappear from us faster than a magician picking our pocket.
Picture this. You walk down a city street where the array of colors, tastes, smells, movement and scenery pull directly at your senses. You are hit with the irresistible aromas of fresh baked goods, flowers arranged in rows in front of boutique groceries, coffee roasting, laundry soap, garlic, pretzels and candied nuts coming from food carts. Oh, those cookies look fab.
Then there are the boutique clothing shops and shoes and home goods stores that reach out and beckon with wonderful window displays. That shirt is on sale. I have to check it out. Earrings? Do I need another pair? Well, they’re such a reasonable price. Oh, a cute hat, I can always use another. You go into a big box or hardware store, to buy one item and come out with multiple purchases.
Stop. There are ways to curb your enthusiasm for heedless spending by being mindful of the traps and following our tips:
Do we need another hardcover book when we’re all running out of space in our bookshelves? Some of us are even downsizing. It’s so tempting to buy another at one of the independent bookstores we support, or at a used book stand. It’s even easier to load one on our Ipad which automatically charges us. No immediate bill. No receipt. Why not just walk around the corner to the public library and take out a book for free. You can even load free public library eBooks on your devices. When you’re finished, you just click a button to return it. And return on time so you don’t incur any fines.
Do you really need that latte? Since they’re now often $4.95—a young city friend corrected us and said think more about $6--at many good coffee shops, it’s far more economical to make a good cup at home. Invest in a good coffee maker, milk frother and some pretty mugs and learn to make it as good as a barista. If you buy coffee for 365 days, you’ve tossed overboard the equivalent of more than $1,800 and that doesn’t include any tips. Speaking of tips, offer them for good service, not just standing in line!
What about magazines and newspapers? We get so many already and barely have time to read them, especially the New Yorker that comes weekly. Another arrives before we’ve really dug into the last. They pile up like dirty clothes with the news getting stale as it sits on a nightstand or in a magazine rack. A printed newspaper subscription? Go digital and save big bucks. Also, you get the news instantly. Or, again, visit the library.
A cleaning person? For those of us who live in smaller spaces, do we really need someone for maybe $100 to $150 every week or every other week or even once every three weeks (New York prices to clean a one bedroom, one bath) when we can do it ourselves. It’s good exercise and something Margaret has done herself since he moved to the Big Apple. It’s no big deal. And like anything else, if she keeps it neat and clean during the week, it requires little work on Sunday cleaning day. Doing it herself is a big savings. If you’re not an expert cleaner, like Barbara, have a cleaning person less often and save that way.
Dog walkers? They cost and the times add up. Either don’t buy a dog or walk the dog yourself. It might even be cheaper to come home on your lunch hour to do so and go back to the office, if you don’t work from home. Of course, if you’re indisposed, it might be necessary to hire a dog walker temporarily unless you have a partner or relative who is willing to help you out.
OTC drugs? These can really add up. Wait until you collect the coupons before buying. Keep a list and when a 45 percent off deal arrives in your inbox, head for the pharmacy. The same applies to grocery store and big box store bargains and discounts. And always grocery shop after you’ve eaten so you’re less tempted to overbuy.
Cutting down on appliance use? If you’re not using an appliance, why not unplug? Also, turn off all the lights when you’re not in the room or leave the house. Want to save on hot water? Time your showers. Sort your laundry in such a way that you do fewer loads.
Hiring a professional to do work? If so, get at least three bids and maybe get a deal. Don’t be shy; ask if there is a discount. Of course, get recommendations from friends and look at reviews online. The cheapest might not be the best, however. And with many moving companies you can cut costs by doing some of the packing yourself with the free boxes many offer.
Can you avoid taking taxis and using valet parking? Take public transportation if it’s offered in your city and if you drive and park, do it yourself. Having someone else park your car is expensive and involves a tip too. There is another benefit to parking it yourself in addition to saving money--park and walk because it’s healthy for you. Both of us would rather walk miles to get to an appointment than spend money to take a cab or Uber.
How to make dining with friends more cost effective? Opt for lunch rather than dinner, which is more costly usually. Maybe ask for separate checks for you’re only paying for what you’ve eaten or had to drink. Order an appetizer or maybe two rather than an overpriced entrée that in, many cases, you could make at home. If you do order an entrée and aren’t a big eater, take half home for dinner the next night. That’s a two for one. And don’t order wine; that’s big savings and fewer calories.
Can you spread out your haircuts and colorings? Yes, we love our hair salon appointments but extending the times between appointments can add up when our colorings are now at about $70 (more than $80 in NYC) and that’s without a tip, which we do like to offer in this case. Highlights cost even more, as well as a good cut.
Stop giving to others or as much? Being frugal or money smart, as we like to say, doesn’t mean we stop being generous or giving to others. Philanthropy is important. It also has a tax benefit if you want to parse it that way. But in many cases you can stop gifting birthday presents unless it’s a big celebration. Give of your time and heart instead or donate to a charity if you must in the person’s honor. Or send a lovely card; maybe, even make them as one of Barbara’s friends does..
Cling tighter to your hard-earned funds. Exert some self-control with a few tweaks in your spending habits. Maybe consider it a game to see how prudent you can be and still live comfortably and well. Then watch your savings mount. Yay! And hey, it’s okay to fall off the wagon occasionally and splurge. And it’s ok also to go cold turkey and do all these suggestions at once. Even a few will greatly help and leave that change jangling in your pocket and the bills growing in your wallet.
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