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Saturday, May 30, 2015

Mo Money: In Your Pocket

Mo Money: In Your Pocket

Saving money is something we all think we can do but seldom reach the amount we wish to save. There are lots of ways to save bucks.
One of the ways I have saved money over the years is, I pay myself.
What does that mean? In school, no matter your education level, no matter your ethnic background, no matter how smart your parents were, few of these had any influence on or taught you how to save money.
This is what I have done for about 50 years. It is simple, it is easy, I call it paying myself. It does involve buying some  used items, however, new also works, from clothes, to gear, to cars, to food, or something that is on sale.
Here is how it works.
Lets start with clothes, a shirt is on sale at your favorite store.
The shirt at the sale is 20 bucks, the retail price is 35 bucks.
I buy one shirt. I made 15 bucks that I pay myself by putting the difference in my savings stash/cache.
I buy a wool shirt at the thrift store for 6 dollars, many of the wool shirts I find are brand new, and in great shape. Say that it is a Filson brand. I look up how much that shirt is and I apply the difference to paying myself. Could be as much as a 100 dollars. If you cannot swing the 100, go for 50, or sink it to 25 bucks if you have to but pay yourself something. I buy a great deal of my clothing at thrift stores, yard sales, and flea markets etc. Recently I picked up some Filson waxed bibs and a jacket with a hood, 25 bucks for the bibs, and 25 bucks for the jacket. So for 50 dollars I picked up about 200 dollars of clothes that I will use. I will send them to the Filson company and have them rewaxed for about 35 dollars. I paid myself a 100 dollars. Went right in the kitty.
Food items are treated the same way. All sale items are added up and I pay myself the difference. At times we cannot always do it, we just might not have the difference to pay ourselves with. I always try to pay myself at least something. A little is better than nothing.
Over the years, at the end of a year, the money I paid myself often paid for a great vacation, or for work on my home. Sometimes it went for items for my kids, you get the picture. Once you get in the mindset to  PAY YOURSELF , and start to put a few dollars away, it becomes second nature
and you feel guilty if you don't do it. Shame shame on you..
My suggestion is to create a place to stash the cash or even put it in a separate account. Over the years it can add up to some real money. Like paying for your next car or pickemup truck, CASH.
By being frugal, and dollar wise, you get to keep the money in your own pocket, not the other guys.
By Dude McLean

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1 comment:

  1. this system really works well when applied.. pay me