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Episode Info:

You may not realize it, but there are right and wrong ways to save money.

For example, when you go shopping and get things on sale, the cashier may tell you, "You saved $50 today!"

But in reality, you haven't actually saved $50. What you've actually done is spent money on whatever it was you were buying.

Of course sales and discounts can be a good way to save money on things you truly need and were already planning to buy. But, the truth is, many of us get caught up in these sales tricks and end up spending money on things we may not need or have purchased at all if they weren't on sale. When we do this, we aren't saving money the right way. We are actually throwing money away on useless clutter.

Make a List

One of the easiest ways I've found to make sure I'm not falling for marketing ploys and ending up spending more to "save" more is to make a list of the things I actually need before setting foot in a store.

Once I'm there, I try my best to only go down aisles that contain the things I need, and to only go down each aisle once. This way I'm not tempted by things I never go past and I'm only tempted once by the things I do have to walk past to get items from my list.

Even when clothes shopping, making a list can help. Keep your list visible and only look for things you have written down.

Think it Over

If you do find something you want that isn't on your list, add it to the bottom with the date next to it. Then, take time to think it over. Wait a few days before buying that item. Decide if you still really want or need it. If so, feel free to buy it without guilt. If not, you'll have saved yourself some money.

Save Your Savings

The next time a cashier tells you how much you saved, go home and transfer that amount to your savings account. This act of actually saving your savings from shopping can be a good way to add to your emergency fund, vacation fund, or even just a general savings fund.

Be Mindful

One final exercise to try and save money the right way is to be mindful while you're shopping. Don't be in such a rush that you don't take time to think about things before you buy them. Try asking yourself the following:

  • Would I buy this if it weren't on sale?
  • How often will I use this?
  • How long will this be valuable to me?

These questions can help you determine if something that's on sale is actually a good buy or just a waste of money.

Check out our episode for more tips on how to save money the right way.

In This Episode, We Discuss
  • 1:15 - Saving: right vs. wrong
  • 12:30 - Examples of how to save money the right way
  • 23:35 - Save your savings
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