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Re: When do the savings kick in?
By Meg | January 21, 2008
I just read, When do the savings kick in? at Mrs. Micah: Finance for a freelance life. Then I read the follow-up, Saving the Enron way. Then I read both to my husband.
Mrs. Micah makes a really good point. You can’t save money on something if you weren’t going to spend the money anyway. The example she uses is borrowing Buffy DVDs instead of buying or renting them. For me, it might be buying a pair of shoes on impulse because they were on sale. I wouldn’t have saved because I probably wouldn’t have bought them at full price. Even if they had been a pair of fabulous Manolo Blahniks for $1, I wouldn’t have saved a penny — but I would have spent another dollar. Granted, I’d probably be crazy not to buy them, but I’d be lying to myself if I thought I was saving anything.
Now, I do feel that it is possible to save on clothes and shoes. If I intend to buy clothes but spend less than I budgeted, then I saved money. Last night I budgeted about $50 for clothes but got caught up in the sales and spent nearly four times that. I got a lot for my money, but I didn’t save money. Maybe, in the long run I will, but that’s only if I don’t spend my any of my clothing budget for the next few months.
It’s not all about clothes and shoes, though. My husband and I are trying to save money together. Recently, we’ve been buying kitchen appliances to hopefully save in the long run, but looking at the statements right now, it’s easy to see that we haven’t saved anything yet. Fortunately, we do seem to be spending less than we used to. When we really save, though, is when we spend less than we earn. I’m still working on that.
Tags: Links, Saving Money, Spending Money
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January 21st, 2008 at 12:17 am
Sales can really get me too. On the one hand I have a pair of $3 sandals I wasn’t planning to buy that were on sale…and they lasted me 4 years and through a time where I would have gotten them. On the other hand, I generally think doing without works best for me. If I don’t forget about something and it keeps nagging, that’s a sign for me to reevaluate.
I’m glad you found my thoughts helpful. Micah and I had a great conversation about that after I posted and then again after the comments started coming in. :)
January 21st, 2008 at 12:28 am
Welcome Mrs. Micah!
Your posts were definitely helpful and I’m sure my husband and I will talk about it even more. I’ve been really enjoying your blog.
Doing without definitely sounds like the best plan, it’s just that doing without seems so hard at times even when it’s just silly stuff. While I’m not a big impulse buyer and I rarely go shopping just to shop, things tend to nag at me pretty hard.
January 21st, 2008 at 4:30 am
so funny I wrote a post on that same post of ms micah’s too. it should be up any minute. basically says what you said too.
m
January 21st, 2008 at 2:01 pm
Hi M,
Maybe I think I’m psychic. I do that all the time, particularly with Individual Chic and Fabulously Broke in the City — entirely by chance. At the very least, we’re on the same wavelength.
Anyhow, I checked out your post and I think it’s a great addition to the conversation : )
January 21st, 2008 at 3:52 pm
I hear that sista!!!
In the whole psychic thing, but also on your thoughts about savings….for example, my obsession with technology :\