How Being Cheap is Making YOU Poor!

Good Tuesday All!

I know, I know you’re probably thinking I watch Extreme Coupons, they are saving money. In some retrospect, this is true. I want to go off of my own experiences of how being cheap has not always worked for me. So as you know or may not know I am on a financial kick! I love saving and spreading my new found wealth of knowledge to others. (This week I get to talk to young kids about financial literacy) How awesome!

Anyhow, I have been told I am cheap, because I like to allow my money to stretch. Now don’t get me wrong I like the nicer things in life too. I love to travel, I love clothes and shoes and home decor.. but I try to find a good deal just about anywhere. Even at Goodwill I kind of cringe when it’s not a 50% or a military/student discount day. I feel like I am getting a bad deal (this is terrible)..

Sidenote: Don’t squish up your face at Goodwill if you are :). They have awesome things that people don’t want anymore. You can sometimes find brand new clothes (with tags on), gently used appliances, rugs, curtains and more. I found a Michael Kors Jacket and a Nicole Miller dress for a total of $12.. (MK and NM show at MBFW in NY every year, they are not cheap items) That’s a steal! I try not to buy anything that is brand new, because (a) I change up things very quickly, when I’m done with it it more than likely it goes back to Goodwill and (b) my jobs moves me often, buying a brand new XYZ could be damaged in the moving process. Things are big things like couches, appliances, mirrors, lol not my underwear that’s gross.

Now let’s get back to why being CHEAP is making me, in a sense, poor. I always go for the most thrifty deal. I just spend money on cheap items that will hold me over till I get bored again, which virtually is costing my pockets more. Don’t get me wrong I use the items that I have, but I think if I would just purchase exactly what I want (at a discount of course) things would be a bit better for me.

Here’s an example:

Purchased appliances for $155 (ok, not the greatest but they were cute though)

Sold appliances for $155

Bought another set of REALLY NICE appliances for $350

Costs: $350 – if I had patience to buy something I really liked, I could have just waited and saved a headache and a change in my home decor 😦

What I do now is keep a mental list of exactly what I want! And I monitor to the prices until they go down to what I am willing to pay. If it is not something I need right away I wait for it get old on the shelf or floor then go in for the kill at a discounted price.

My advice to you is buy what you want, so it can last you for years instead of that temporary fix that will satisfy an urge for a couple of months. This will help your finances tremendously, because you won’t be spending more on replacing items you don’t want.

All these lessons happened for a reason, so that we can learn from it and do better. AND so I could share this blog with you!

Hope you liked it.

Till next time, be cheap (with in reason)

Jasmine Ay

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