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Set Boundaries For Yourself To Guide You to Wealth
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I got a letter from Etrade today about completing my details for my online savings account. One of the things I noticed is that they didn’t include the enclosed envelope for us to mail the paperwork back.
These days, companies are finding more and more ways to save money. The simple idea I mentioned might be able to save Etrade tens of thousands of dollars since they don’t have to provide the postage fees.
Although corporations are looking for ways to save money, not all of us are. For most of us, our money leaks like the extra coffee we buy, that extra large fries that we really couldn’t finish, or paying extra for that electronic gadget we wanted because we were too lazy to find a good deal online really waste much of our money.
It’s actually quite hard to not waste money when there are no rules to go by. This is especially difficult when the amount we often slurge on is small. It would make things much easier however if you limit our boundaries. For example, I realized that all electronics are much cheaper when bought online. Therefore, I setup a mini policy that I would check at least 3 places online for the price before I can buy the product I wanted. It helps me be disciplined so I don’t buy it at a store just because it is convenient. Furthermore, it helps me stop my “impulse buys” because it gives me time to think of purchasing something if I always have to do the price research.
Another policy I have for myself is only going out to lunch once a week. That way, I can limit myself to something manageable. This helps me decide whether or not I should go out since I would always end up saying yes if I never made that rule.
It doesn’t sound like it would help much and some of us might think these boundaries are insignificant. However, I urge you to try it and you will be surprised at the results!
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Debt Free Direct are the UK's leading debt help providers and are the UK's largest IVA provider. A payday loan can be found at Wonga who offer an alternative to a short term loan.6 Responses to “Set Boundaries For Yourself To Guide You to Wealth”
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Carnival of Personal Finance #112: Best Week Ever Edition | The Frugal Law Student on August 6th, 2007 at 5:04 am Says:
[...] Money Ning suggests setting boundaries for yourself to guide yourself to wealth. [...]
excellent article. I find that I need to eat breakfast at home and my money will leak less.
late fees seems to leak a lot of people’s money.
examples: blockbuster restocking fees
libraries: late
coupons expiring and still buying the thing full price.
Stephen: Food is definitely a money leak since most people end up being lazy and just eat out.
Late fees should be pretty easily avoided though since it just requires being organized!
You should keep track of everything so you won’t forget
Maybe you can use a spread sheet and just list everything out with their due dates to remind yourself.
I use email reminders for bills and such. They are send it via text message to me. That’s the best way to keep me organized.
I do the eating out once a week thing too, and boy it saves me some serious mula. It also makes the experience more enjoyable
Stephen: Hey it’s pretty cool to hear that someone is using the text message feature. I only use emails but not text messages. I needed the reminders sent to the places where I would check when I’m home since that’s when I can get them paid.
Modern Worker: Yup it definitely makes things better when you aren’t going everyday