Friday, August 17th, 2018

How To Really, Truly Save A Dime

Published on June 24, 2010 by   ·   3 Comments Pin It
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Save Your Savings

Discount doesn’t count
The beauty of buying a handbag, digital camera or sofa on sale for “50% OFF!” is that you feel, deep in your wallet, that you are saving 50% of the price.

But you’re not, notes Peter Tufano, professor of consumer finance at Harvard Business School, who has studied this illusion.

dw  savings

“You aren’t saving money-for a goal or for your future-when you consume more at lower prices.”

Luckily, there’s an easy fix: Learn to save your savings.

Make it real
If you “save”, say, $25 on a new pair of shoes-try to save some or all of that money. (You probably can’t save it all, or you would have bought the darn shoes two months ago, at full price.)

Likewise, whenever you commit some courageous act of frugality-by hosting a potluck, mending your kids’ jeans-don’t pat yourself on the back for being economical.

Translate money-smart moves into tangible rewards, by throwing a few extra bucks into your savings account.

Bottom line
Saving is a series of habits and reflexes. Strengthen that anterior latissimus savingus allofit muscle right now, even if you saved just $5 by bringing lunch to work today. G’wan, save it. Then…

Your Move
Struggling to save? Revisit the Save-to-Spend Budget and consider a revamp.

Via our beloved money saving sisters at DailyWorth.com; DailyWorth is a free daily personal finance email for women. They deliver practical tips, empowering ideas and the occasional kick in the pants.

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Readers Comments (3)

  1. […] This post was Twitted by GirlieGirlArmy […]

  2. Love the insight! Thanks!

  3. […] 46. The Girlie Girl Army –   Blogger Chloé Jo is a “NYC local celebrity,” and was named as one of the Hot 100 by HEEB Magazine. She was also the host of Celebrity Dirt on RiverWired, and has made cameos on several popular television shows. She describes her award-winning site as a “Glamazon Guide to Green Living” or “‘Sex in the City’ with brains and a pit bull.” Recommended posts: “New Vegan Recipe Finder iPhone App” and “How To Really, Truly Save A Dime.” […]




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