These days we all want to save money with cheap tricks. Jobs are scarce and disposable income is low. We are doing what we can to pinch pennies. But what if all of that penny pinching was actually costing you money?
In the recent article for Entrepreneur Magazine entitled “Cheap Tricks,” Erika Napoletano suggests that selecting the cheaper option could cost you more money in the long run. Napoletano provides three tips for improving your spending habits. Taking your time can allow you to find the most value for your money. Often times we think more impulsively when we have less time. Secondly, increase the flexibility of your budget. “adjust your spending-when one balance-sheet line item goes up, another should go down.” This will decrease the negative effects of stretching your budget too thin. Finally, don’t miss out on the right opportunity. It is important to compare prices, but don’t jump at the first chance of a discount. A discounted item could break and you might have to pay to fix it.
Follow these easy tips and with some patience, you will be on your way to saving money.
For the complete list of cheap tricks, read an excerpt from the article.
- Take your time. When rushed, we tend to make less-than-optimal decisions. Time is your greatest ally on the value front. Take as long as you possible can to calmly explore and analyze available options, rather than automatically writing a check for the one that’s least expensive.
- Get flexible. Every business owner has to stretch the budget from time to time. But if you stretch yourself too thin, you’ll break. Instead, commit to being flexible and adjust your spending–when one balance-sheet line item goes up, another should go down. This will help you meet your business’s needs and protect your company’s longevity.
- Look twice. Buy Once. Real values do come along; I call them bluebirds. But every time you think one of those bluebirds is flying around in front of you, there’s a chance you’re comparing it to a pricier bird. If the cheap choice blows up and you have to pay to fix it, your budget will blow up, too.