Make it Your Job to Shop

June 3, 2007

 

Flickr Photo Credit: J. Pockele

One of the coolest phrases I’ve ever heard to describe the necessary mindset for turning around your financial life was “make shopping your job, not your hobby”. This is so very true.

By putting your mind to it, you can carve big bucks out of your household budget that can be put towards personal goals, family emergencies, charitable responsibilities and more. Here’s a recent example. Before we packed up to move, two specific pieces of office equipment bit the dust. Our shredder and our fax. When we started to unpack and get settled here, it became apparent that these would need to be a priority rather quickly.

We spent some time looking around and found both items on clearance. One of them also had a rebate. Since we put them on our business card that we pay off each month, we also saved 5 percent which we’ll get back in a check. The office supply chain store we bought these items at also offers an extra 10 percent back on items that are printing / copy / office related, as well as paper products. Our money saved on this one stop with a little bit of prior effort and really working with sales person to see what he might have tucked away? Eighty U.S. dollars. That’s more than I have previously brought home after taxes for a full aggravating day of substitute teaching in a difficult situation. There are other ways you can put this concept to work as well. Here are just a few:

• Carve out time each week to check the sales fliers, rebate items and coupon - sale overlap.
• Carry a list at all times of things that are on your list to pick up that you don’t want to pay full price for. If you plan ahead here and don’t wait until it’s an absolute emergency, you can stop by whatever thrift stores and yard sales happen to be on your regular route. Usually, within 4-6 weeks of looking for an item I don’t need for another few months, I’ve found what I need for at least 80 percent less than I would have paid. Plus, at the price I acquired it, it can easily be liquidated for the same amount when we are done with it. Long term, that’s the same as eliminating it from your budget altogether while still having use of it in the mean time.
• Know when certain clearance sales are held for items you won’t be able to find used.
• Usable home items and consumables aren’t the only things you should take the time to shop for. Consider interest rates on CD’s and savings accounts something you should shop for as well. These banks and investment vehicles want your money. If one of them will skip a load fee or give you a higher interest rate, that can only be to your benefit.

This philosophy has done wonders for our financial health. If you like to shop anyway, this shift of mind set may be just what you need to motivate you along the road to financial freedom.