If you're looking to save money—and who isn't?—good money habits go a long way towards keeping cash in your checking account. Establish passive spending barriers to keep spending in check.
Adam Baker, over at the financial blog Get Rich Slowly, decided the best way to keep money in his pocket was to set up passive barriers that worked for him instead of against him which made it easy to keep with them until they became a habit. For those of you behind The Great Corporate Firewall, you can check out the contents of the video via the list below:
- The 30-day list for Wants - [1:20]
- Two items out for every [one] item in - [2:40]
- Experiences over possessions - [3:55]
I have a strong appreciation for the last two. I'm at the age now where the majority of my friends have purchased homes and have accumulated a bunch of stuff. I'm actively decluttering my home and office every day to pare down the stuff I already have and I feel almost hypocritical piling more stuff on somebody else as a gift. Lately I've been much more likely to give something to a friend that they can experience—theater tickets, a bottle of wine, taking their kids to the park so they can have dinner with adult conversation, etc.—than I am to give them something they have to dust and put a roof over. You can read more about the idea of giving experiences here.
Have a tip or trick that you'd add to the list above? Let's hear about it in the comments.
Three Passive Barriers I Use to Counter Consumerism [Get Rich Slowly]