Learn more about moneyandinvestments with this collection
The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
Figure Out How Long You Have to Save
The best way to think about this step is to figure out when you’ll need to make your purchase, then divide that time period into months or weeks.
For example: If you tend to spend about $1,000 on a new phone every two years. If you do the math, you’ll find that to save $1,000 in two years; you’ll need to save approximately $41 per month.
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The Key Principle
The key is to save small amounts over relatively long periods of time so that you can then buy the things you want without any guilt or worry.
Computers and phones, for example, are two staple items that most of us tend to buy regularly. That means we can ...
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Figuring Out How Much You Need to Save
If you want to buy anything, you first need to know how much it’ll cost. Most stuff will have a fixed price, but some things may fluctuate in price. If that’s the case, figure out a ballpark range for whatever it is you’re trying to buy.
At best, you’ll have exactly what yo...
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Automate Your Savings
Once you set up your savings goals, chances are, you won’t even notice the money getting pulled from your checking account on a weekly or monthly basis.
You just need to do the hard part of setting up your automated savings.
To do this, you'll want to use an app or bank accou...
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"Having to spend money all at once can be painful. But paying yourself, little by little, helps to ease that"
KEVIN HA
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Buy Whatever You Want
After completing the above three steps, the day will come when you can buy the thing you want, completely guilt-free!
There’s another added advantage with saving for the things you want to buy. Sometimes, you’ll find that the thing you thought you wanted so badly isn’t some...
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Generalist. Great minds discuss ideas, average minds discuss events, small minds discuss people.
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Figuring Out How Much You Need to Save
If you want to buy anything, you first need to know how much it’ll cost. Most stuff will have a fixed price, but some things may fluctuate in price. If that’s the case, figure out a ballpark range for whatever it is you’re trying to buy.
At best, you’ll have exactly what yo...
SOME TIPS TO OVERCOME STRESS AND BE HAPPY
It’s a cliché for a reason: exercise really does prompt your body to release feel-good hormones like endorphins, which can help you to feel less stressed. Stress can also make you subconsciously tense your muscles, which exe...
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