Everyone knows the classics. Only use cash (eh). Wait 30 days before making a purchase to see if the impulse wears off. Track your expenses. Save X% of your paycheque. But what are some more interesting ones?
Here is a good one. Consider affiliated costs. Say you buy a printer. The printer needs ink and paper. Research maintenance and operating costs.
Consider unconventional alternatives. You don’t need an air compressor for a car tire. Bike tires operate at higher pressures than car tires. A nice $25 bike pump with a built-in pressure gauge will surprise you at well it works on car tires.
You don’t need to buy a pickup for a boat trailer if you only use it a few times a year. Compare rental to purchase costs of big ticket items. Even if you use them more than most, renting is likely cheaper.
That’s actually really interesting, I like it. I’m trying to brainstorm areas where I’ve neglected to consider associated costs. Probably cooking for me? I have a strong tendency to get culinary inspiration and drop way more cash than I intended on all the things I didn’t realize I would need.
Divide your savings up. Having a single lump savings doesn’t account for all the things you need to save for. If you have $1000 in general savings and you have to fix a car, it leaves you no money for that birthday coming up that you need to get a gift for, and suddenly you’re in the red. Have a separate bucket for car savings and birthday/holiday savings, and you could have a separate bucket for vacation and investments and home repairs. Even a little bit each month builds over time
