I had an interesting chat with my wife a few days ago. We were talking about how to save money for retirement – I noticed that our spending had increased in recent months and we started to talk about why.
“I just don’t understand, I’ve been careful, she said. “Just last week when my friends were in town I said dropped them off at a play in the city, but said not because I wanted to save the money . . .”
I didn’t tell her this, but that was not the problem (I knew what it was), and in fact she should have gone to the play with her friends.
I have what I would consider to be the best free money saving application on the planet – Mint.com. Mint.com is a web-based money management site that tells you where all of your money goes. I quickly pulled it up and noticed that we spent a lot of money on clothes in the last six months. “I got them all on sale” she said. I then tallied the number of trips to the various clothing stores and realized it was a ridiculous amount – too many for me to list here for fear of embarrassment.
As it turned out, my wife and daughter found a new activity together – clothes shopping. They would relentlessly pursue sales to justify the purchase and then it became “a thing” that they did a few times a week, like going for coffee or chatting on the phone. They did their chatting while shopping for clothes!
Just remember, if you get it for half price, but you buy four times as many, you’re still spending twice as much!