How To Save Yourself Money

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For years I lived my life like most people; penny wise and pound foolish.  I would pinch pennies at every opportunity.  Successfully, I would save just a few dollars after spending countless hours researching my purchases. You can save yourself money (pounds not pennies!) now by not making these same mistakes.

A few days after my wife crashed my BMW 325e (I loved that car. RIP!)  I had to grab a ride with my buddy Vinny.  The Vinster was and is a car dude.  He will put you to shame when it comes to cars.  He loves them and his enthusiasm is contagious.

He rolled up in a beautiful hot red Audi TT Coupe Quattro.  I had to do a double take for a few reasons.  One, the car was awesome.  Two, after I regained my focus I noticed Vinny sitting in the driver’s seat.  I got in and asked 50 questions on the way home.

The next day I was all over the Internet researching my new discovery.  By the end of that very UN-productive day I found the nearest dealership.  It was almost 2 hours away from where I lived.

Long story short, I told the salesman that if he could get me an Audi TT Coupe with my exact specs I would be down the next day to pick it up.  He made it happen by having a brand new TT shipped from 5 states away.

Sure enough, I went and picked up my new car the next day.  What a fool I was!  I should have sat on that for at least a week.  Penny smart, dollar dumb.

  1. I didn’t need a sports car.
  2. I had 2 children at the time so it was totally useless for any family activities.
  3. I wasted a bunch of cash.
  4. I bought it on emotion.

The right way to save yourself money is to:

  1. Pay cash (had to start with the obvious)
  2. For buy, waste time - take your time and then wait some more.  For free - have at it!
  3. Keep your eye on the big picture - while small savings add up over time, it’s the big purchases that kill your budget and put you in the hole.
  4. Don’t buy on emotion - there is nothing you can buy that will fulfill that emptiness you may feel at times.

I had the right intentions but the problem was I was too focused on what I wanted in the moment.  I missed the big picture.

The story continued… exactly one year later I bought a nice year old BMW X5 SAV.  Big enough for my family and still very stylish.  I could have paid cash for it if I wouldn’t have blown it with the Audi TT Coupe.

Lesson learned!

Craig Kelley

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Craig is the author of How to Get Out of Debt and an avid blogger. He strives to help people maximize their time and succeed financially as well as personally. He has been a leader in several start-up companies including Mokumax Virtual Domains & Servers, Inc. and currently HealthcareSupplyChain. Read more...

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