Monday, December 7, 2009

Saving Money Is Different Than Getting A Good Deal

Tip #213 - Saving Money Is Different Than Getting A Good Deal - Many blogs are focused on getting a good deal - where to get a free ice cream on your birthday, how to get a box of cereal for 39 cents, and how to pick up some buy one get one free glasses, for example. But there is much more to saving money than getting good deals on things.

When getting good deals on things, the focus is still on buying whereas the focus should be on buiding up your savings. So rather than trying to find out where you can get the best deals instead concentrate on how you can keep more money in your pocket. It is a subtle difference, but it is a difference.

Pick a reasonable amount you'd like to have saved by the end of the month, the end of three months, or the end of six months. then figure out how you can meet those goals - by bringing up your income, going out less often, eating in more, shopping less, etc. And if getting good deals on things you would have spent some money on anyway, then use that as a means to the end with the end being having more money in your pocket. The goal is not just to get a bunch of good deals.

In Real Life (IRL) - I've always mentiioned that I'm not a big mall or store shopper. But the online deals I read about on a daily basis are more tempting to me. They are just so easy! And who can resist very cheap or free? The problem is that "things" are more appealing when everybody is talking about the good deals they get than keeping track of how much savings you as an individual are building up.

I find myseelf getting caught up in the excitement of getting a good deal before it goes away or being one of the lucky few who got something cheaper than some others. I have to remind myself that my goal isn't to get more doll dresses for my daughter, no matter how good of a deal they are. But, instead my goal is to build up my daughter's college fund. If getting a good deal on a birthday present is one means to building up her college savings, along with making some income selling one eBay, and eatin out at restaurants less, that's fine. But my focus shouldn't be on just the best deals I can get my hands on.

This holiday season when lots of excellent deals aboound, remind yourself that your goal is to save money not to spend it.


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Stephanie said...

So true! The best deal is spending no money at all. Great post!