Call me a tight-wad, but I have always enjoyed being a bit thrifty. Whether it be scraping that last little bit of sauce from the jar before I open the next one, or my “fashion” items from the ’80s that still like to wear occasionally, I like to get the most out of everything before I am done with it.
I suspect that the seed was sown by my parents. As children of the second world war, they grew up with the scarcity of rationing and lived in a world where it was normal to cook from scratch and make your own clothes. For them, fruit and veggies had seasons and there was no such thing as takeaway (other than fish and chips of course).
For many years, it has been considered a waste of effort to be thrifty. When time is the scarce resource, why would you make something yourself when you can purchase it ready done? Even if the quality of manufacture is not that good, if the price is low enough, the item simply becomes disposable. Use it up and buy another.
However, I have been noticing lately that thrift may be coming back into vogue. I have found myself in a few conversations with people who have decided to be more economical. There are different motivations that have prompted them to reduce their consumption. Sometimes it is necessity of making ends meet due to a change in circumstances, or a decision about priorities relating to a specific savings goal. For others it is about environmental and social concerns or a desire to reduce waste. In any event, trying to use less is now something that can be discussed without fear of just appearing miserly.
If you would like to jump on the trend of not spending, here are my 3 favourite strategies as a starter.
1/ Pre-plan your menu before shopping.
Reduces waste and prevents you having to make extra trips for missing ingredients. Also stops takeaway being the default option.
2/ Buy non-perishables when on special.
I have noticed that some specials at my local supermarket are cyclical. By knowing how much I use and buying up big periodically, there are some items I never pay full price for.
3/ Consider buying second hand.
I have a whole room that I furnished a few years ago via Ebay. It just required a bit of patience and research to wait for the good things to come up and then to not pay too much for them.
Or you may still feel that you don’t have time for that!
If you would like assistance working through your financial goals, or setting yourself spending targets feel free to contact me for a chat.
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© Summation Strategies 2018.
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