Owl Adam Diary

The Most Significant Step for Money Saving

18-December-2018

Description:Most people believe that money saving is about seeking substitutes for lower prices in order to achieve the money saving goal. It's NOT entirely correct!


Story:
I always see my parents discussing about money saving. Their strategies are to seeking substitutes for lower prices, such as taking a cheaper transports, only buying discounted food and goods and more. Do they really work? They work if you can stand dissatisfaction and low quality life-style for a long time. 

I tried to study each of them deeply and have found that every suggestion has a disadvantage, such as taking a cheaper transports, you need to pay more on the time cost. Only buying discounted food, you may not keep the food for a long time because it will be expired soon. Also, discounted goods may not be in good quality.

How to save money? I searched on Google, it displays countless money saving posts, most of the advises are about seeking substitutes and not waste any kind of supplies, plus using coupons and credit cards to take advantages. I suspected my parents also found suggestions on Google.

I wonder why there is lack of suggestions about studying the money spending behaviour first, then find out an improvement based on it.

Two years ago, I developed the Simple Budget a free Android App for jotting down what I buy so that I can study my money spending behaviour. Eventually, I found that I spent too much money on soda and computer programming books. If I just buy both items less, I could save up to 30% of my total spending. Drinking too much soda isn't good, but computer programming books for learning, is it really a bad behaviour which I need to have a change? I took out those books and reviewed them carefully, one third of them I have never read, because I still don't have time. If I buy them when have spare time to read, it should be better than wasting money to purchase them for barely occupying my living space. After then, I really buy less and I don't feel that I have to sacrifice something in exchange of saving money.

Of course, if I would like to save more money, I have to seek alternatives, as well as changing my life-style. But, I recognised the most significant step is to understand the money spending behaviour. Otherwise, you will still waste money on useless things. 

Simple Budget
Available at Google Play 




I have also found you 2 relevant books, hope you enjoy them!

1. The Total Money Makeover

You CAN take control of your money. Build up your money muscles with America’s favorite finance coach.
"Okay, folks, do you want to turn those fat and flabby expenses into a well-toned budget? Do you want to transform your sad and skinny little bank account into a bulked-up cash machine? Then get with the program, people. There’s one sure way to whip your finances into shape, and that’s with The Total Money Makeover: Classic Edition."

2. Kakebo - The Japanese Art of Saving Money : Discover the path to balance and calm
Are you really aware of what you spend? Do you know how to value things beyond their price? For the answer to these questions and more, look no further than Kakebo - the budgeting journal used by millions every day in Japan to manage their household spending. The Japanese believe that tidiness in one's finances is as important as tidiness in one's house - indeed for them, the act of thinking mindfully about where one's money goes is in itself a recipe for calm and wellbeing. 


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