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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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https://www.cnbc.com/2020/01/08/how-this-japanese-method-of-saving-money-changed-my-lifeand-made-me-richer.html

cnbc.com

I tried 'Kakeibo': The Japanese art of saving money-and it completely changed how I spend my money
In 2017, I decided to quit my job working for a London publisher and move to Japan. I enjoyed my work and had a great social life, but was craving something new and different. After living in Tokyo for six months, I became fascinated by how small details, mindfulness, and incremental changes were given more emphasis in Japanese daily life.

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Kakeibo

Kakeibo

Kakeibo translates as "household financial ledger" and is a simple approach to managing your finances.

For the past 116 years, kakeibo has been effective in helping people make smarter fin...

495 SAVES


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 t...

276 SAVES


Reduce impulse buying

Before purchasing non-essential items ask yourself:
  • Can I live without this item?
  • Based on my financial situation, can I afford it?
  • Will I actually use it?&...

574 SAVES


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 i...

503 SAVES


SIMILAR ARTICLES & IDEAS:

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...

Salary is not the same as savings

Having a high salary does not automatically make you rich; having a low salary does not automatically make you poor.

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...

....not within your means. 

The only way to get ahead financially is to stay behind your own earnings power.

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Side Hustle to Make More Money

You don't have to sacrifice all of your free time to start a side hustle, use the time you’re comfortable with and make a little bit of progress every day. 

Take Action

Get to working on improving your finances today, not tomorrow. Reading the steps and thinking you’re capable of doing it but postponing it is just an excuse, an unprofitable one.

Communicate With Your Partner

Talking about your financial goals, and scheduling time once a month to go over your finances together can prevent money from affecting your relationship.

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