A few months ago I read this article on saying “no” to purchases, and it has really stuck with me. I thought I’d share a quick tip that has helped us save about $20 in the last 2 months. It’s not a big number, I know. But if you’re looking for a quick way to save some money, it’s an excellent place to start. It can also give you some motivation when you start to see how quickly the small changes can add up.
I pulled a pretty envelope out of my drawer and wrote “NO!” on it with a Sharpie. Then I put it back in the desk drawer. Every time I’m out and want to spend “a couple of dollars” – usually at a fast food restaurant – I’ll tell myself “no.” And when I get home, I’ll take $2 (or $4, or $8) out of my wallet and put it in my “no” envelope. Whatever I would have spent goes instead in the envelope. When it reaches $10, I deposit it in savings. Depending on the amount of money you generally spend without thinking about it, this could add up pretty quickly.
(You can also do this without cash by just writing down how much you would have spent and then transferring money to your savings account once it reaches a certain amount.)
It has been a good reminder to me that those small purchases add up. The more you tighten up on purchases, the faster you’ll be able to save.