Not Made Of Money

We control spending in our household by evaluating all purchases. If we are considering buying an item, we like to put it through a process before we decide to spend the money for it. Now, I am not talking about a grocery item but the bigger types of discretionary spending such as a new electronics purchase or a redecorating project.

First, we ask ourselves if this item is a need or a want. Sometimes it can be difficult to tell them apart. Often times, the kids want something so badly they think they “need” it. We’ve had lots of discussions about telling the difference between the two. While they need shoes, they don’t need the latest name brand item. That applies to myself and Mr. NMOM as well. I find myself needing a “want” from time to time and keeping myself focused on the budget numbers helps bring me back to reality.

Sometimes we limit our spending by postponing a purchase. If we don’t need the item right now or in the near future, many times we will wait. Shopping around gives us plenty of time for price comparisons and watching for discounts or clearance sales. I found some things I would have liked for Christmas decorating, but put off my purchases until the Christmas clearance sales. I will now be able to enjoy those items next Christmas and a year’s wait for a want was worth the 75% savings.

Oftentimes, we will brainstorm a list of acceptable alternatives. We ask ourselves how can we get ________________ for less money? By evaluating features we can pick and choose which ones matter the most and which we can live without.

Sometimes just taking the time to re-think a purchase will help us to clarify if it is something we need right now. Especially in this current economy, I’ve found myself pushing purchases off for the future – the distant future. It’s amazing how frugal is the new “in thing”. Who would have thought?

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