How To Start Saving Money By Controlling Your Spending With The “Last $10″ Concept
Posted on August 30th, 2010 in Budgeting | No Comments »
For many people spending money is a lot more fun than saving it. When you spend money you’re able to buy yourself lovely items that bring you pleasure. When you save money you deny yourself this pleasure and this is why saving can be so tough.
About six months ago I decided to try out an idea I had late one night which I call the “last $10″ concept.
The principle is simple enough. Whenever you’re going to buy something – from a newspaper to a sandwich to a coffee – imagine that you’re down to your last $10 till pay day. Imagine that money in your pocket is all the money you have.
Now consider whether you really want that newspaper that much. Or whether you’d rather hold onto your money. Maybe you can borrow someone else’s paper. Maybe you’re just wasting time and don’t really want the newspaper anyway.
I find this “last $10″ concept makes it easy to either not spend money or to at least try to find a cheaper alternative to what you were going to purchase. And either way you save money that you can put to better use elsewhere in your life.
