Better Budgeting: Another Perspective on Spending

Another Perspective on Spending

Money Saving Tip of the Month (featured column)
submitted by Naomi Knudsen

Here is a tip my mom gave me when I first started working. I have used this for years and saved thousands of dollars.

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Whenever you make a purchase, mentally (or with a calculator) figure out how many hours you would have to work to make the purchase.

For example, an $80 pair of jeans is looked at in a completely different light if you get paid $8 an hour and would have to work for 10 hours to earn the money to purchase these jeans. Suddenly, the $20 pair looks really good.

This tip benefits in a lot of ways. First, it makes you aware of the true cost of an item, because every hour at work is an hour away from your friends, loved ones, and hobbies. Second, it makes you stop and think about how badly you need this item, or if it can be found somewhere else cheaper. It also cuts down greatly on impulse purchases.

This tip allows you to save money in other areas as well. Once I realized that I was spending the money from one hour of work everyday just on a quick lunch so I could have the energy to keep working, I started packing my own lunch and it's been great!

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Copyright © 2007 by Naomi Knudsen. All rights reserved.

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