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I tried 'Kakeibo': The Japanese art of saving money-and it completely changed how I spend my money
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Your relationship with money
The idea behind kakeibo is to help you understand the relationship with money by keeping a ledger with all incoming and outgoing transactions.
The difference from other budgeting systems is that kakeibo emphasizes the importance of physically writing things down as a way to observe your spending habits.
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Reduce impulse buying
- Can I live without this item?
- Based on my financial situation, can I afford it?
- Will I actually use it? Do I have space for it?
- How did I come across it in the first place? (Did I come across it after wandering into a gift shop out of boredom?)
- What is my emotional state in general today? (Calm? Stressed?)
- How do I feel about buying it? (Happy? Excited? Indifferent?)
- How long will this feeling last?
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Spending money mindfully
- Leave the item for 24 hours. If you still want it and can afford it, then make the purchase.
- Don’t let “blowout sales” tempt you. Ask yourself if you would buy the item if it were full price.
- Check your bank balance first thing every morning. It will ensure that you are aware of how much money you have to spend.
- Spend in cash. Handing over cash makes you more conscious of what you're spending.
- Put a sticker to your credit card that states "Do you really need this?!"
- Change the environments that cause you to spend.
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Being Frugal Is Not Cheap
Frugal people do spend money, but want the maximum bang for the buck, without stressing themselves.
Frugality does not mean compromising quality, neglecting your social life, or being a...
Be A Smart Spender
- Use tools like financial books, podcasts, and online savings groups.
- Avoid indulging in unnecessary expenses daily, reducing them or finding healthier and more affordable alternatives.
- Cultivate a healthier attitude and the right mindset towards your finances.
- Know that small, practical, money-saving actions can compound into better living for you in the long run.
Use Smart Hacks
There are plenty of financial and budgeting tools and apps that can help us manage our funds, keep track of our expenses, and trigger us when we are off-track.
Simple hacks like carrying a debit card or cash instead of a credit card, or deleting our card details from shopping sites can help us avoid spending impulsively.
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Money Hacks
# Writing every transaction down
# Using a spreadsheet to track your spending habits
# Loving credit cards
# Never thinking of purchases in terms of *present* value
# Studyi...
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Salary is not the same as savings
Your net worth is more important than how much money you make. It’s amazin...
Saving is more important than investing
Pay yourself first is such simple advice, but so few people do this.
The best investment decision you can make is setting a high savings rate because it gives you a huge margin of safety in life.
Live below your means...
The only way to get ahead financially is to stay behind your own earnings power.