{"id":42539,"date":"2021-07-15T12:01:00","date_gmt":"2021-07-15T16:01:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=42539"},"modified":"2021-07-26T12:29:22","modified_gmt":"2021-07-26T16:29:22","slug":"conscious-spending","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/conscious-spending\/","title":{"rendered":"Conscious Spending: 4 Tips to Get You Started"},"content":{"rendered":"\n

Would you say you are a responsible spender? Do you tend to live above, below, or just in line with your means? How can you get better at conscious spending<\/a>?<\/p>\n\n\n\n

It\u2019s common to think that being successful means living a lavish lifestyle and not having to think about what you spend money on. Though living the lifestyle you want while investing and growing your wealth is an admirable goal, it\u2019s still important to learn how to consciously spend money. <\/p>\n\n\n\n

Keep reading for tips on developing a conscious spending mindset.<\/p>\n\n\n\n\n\n\n\n

What Is Conscious Spending? <\/h2>\n\n\n\n

Conscious spending means two things:<\/p>\n\n\n\n

  1. You spend only the money you have. <\/strong>You earn more than you spend, and don\u2019t take on debt to buy what you want. <\/li>
  2. You do what you want while spending little. <\/strong>You devise creative ways to do things that don\u2019t require spending a fortune.<\/li><\/ol>\n\n\n\n

    On the whole, conscious spending will allow you to get what you need without having to go into debt or spend much to get it. <\/p>\n\n\n\n

    Tip #1: Pay in Cash<\/strong><\/h3>\n\n\n\n

    To encourage yourself to spend only on what you need, pay in cash for most things. Counting the amount of cash you spend on a given purchase and seeing what you have leftover makes you more aware of the money leaving your possession than when you use a card.<\/strong> You may find that purchases you deemed essential feel less so. It\u2019s also harder to make large purchases because you can\u2019t use credit and may have to save up for them.<\/p>\n\n\n\n

    Tip #2: Pay Less Than Full Price<\/strong><\/h3>\n\n\n\n

    Another way to buy expensive things is to buy them for less. Here are five ways to do it:<\/p>\n\n\n\n

    1. Buy used. <\/strong>You can often find barely used, second-hand items for a fraction of their normal price. For example, Canfield knows a woman who buys all of her designer clothes from a consignment store.<\/li>
    2. Buy on sale. <\/strong>Many companies do seasonal sales, offering significant discounts on their wares. For example, Canfield knows someone who likes buying vintage Cadillac convertibles, but he makes sure to buy them in the winter when they\u2019re usually steeply discounted\u2014most people aren\u2019t thinking about buying a convertible in cold weather.<\/li>
    3. Ask for a discount. <\/strong>Though it may feel uncomfortable to ask for a lower price, the worst the seller could do is say no. Since it could save you money, it\u2019s worth a try.<\/li>
    4. Do your research. <\/strong>Use the Internet or call different stores that offer the same item to find the best price.<\/li>
    5. Trade. <\/strong>Instead of paying for something in cash, ask the seller if they\u2019d accept another good or service as payment. For example, in exchange for your neighbor repairing your car, you could give them a home-cooked meal instead of cash.<\/li><\/ol>\n\n\n\n

      Tip #3: Carefully Consider Student Loans<\/strong><\/h3>\n\n\n\n

      U.S. residents have more student loan debt than credit card debt<\/a>. This is in part because it\u2019s fairly easy to get an education loan. This may allow universities to justify increasing tuition and fees because they figure students and their families will have no problem paying.<\/strong> Instead of resigning yourself to taking on massive debt to attend college, strive to take on as little debt as possible using one or more of these methods: <\/p>\n\n\n\n