Unclaimed Money

In this world geared to instant gratification, patience can be hard to come by. We have the world at our fingertips, and it tells us that we can have what we want now. In most cases exercising patience works to our benefit. Patience, after all, is a virtue, and this is especially true when it comes to our finances.

When I look back at our financial history I see many purchases that were made impulsively. Most of those impulsive buys were made with credit cards. Some of those items seemed like deals to good to pass on at the time. When we were unable to pay the balance of the credit card at the end of the month, the interest charges made those good deals quite expensive.

Some of our impulse purchases were things we convinced ourselves we deserved. We worked hard, and lived frugally most of the year. Didn’t we deserved that three day cruise that we got the good price on? The plain and simple fact was that these items were beyond our means.

Some of these impulse purchases were things we really did need, but maybe did not need right this minute. These purchases were not planned for, nor were they well researched. Taking the time to plan (and save) ahead, and to find the best deal could have saved us a lot of money.

Over the years we have learned to be patient when it comes to our finances and purchases. Things still come up, and we still are tempted to buy impulsively, but where we have exercised patience we have consistently seen three results.

The desire goes away.
Sometimes in the heat of a moment you can convince yourself that you really need something or that a particular item is too good of a deal to pass up. Waiting often shows you that you truly do not need the item, or that the deal really isn’t that good.

One example from our life is our computer. Our computer is old, and a few months ago I was really frustrated by it. I had myself convinced I needed a new one. I went to a local store, and started picking one out. Then I went home to think about it. I am still using the old one. A new one would be nice, but there really isn’t room in the budget, and this one really is adequate.

You find a better deal.
Knowing that you want (or need) to make a purchase, but choosing to wait gives you time to research, and find the best deal. Often, by waiting, we have found the items we were wanting to buy used at a fraction of the cost. In the best cases we have found free items to fit our needs on Freecycle or from acquaintances.

The latest example of this in our lives is bunk beds for the kids. We have four kids; two boys and two girls. They share rooms. We had one set of bunk beds. The youngest two were in a crib and toddler bed. Several months ago we realized that we were going to need another set of bunk beds soon. A few weeks ago my husband’s co-worker mentioned his daughter wanted to give away a set of bunk beds. Score! Now we have a second set, and only need to purchase mattresses.

You find an alternative.
Sometimes when there is a need or want patience breeds creativity, and you find another item that will serve the purpose for less money.

Recently, our microwave died. It was the third one in as many years. I really was ready to go out and buy another one, but wrote about my frustrations at another place. I was surprised by the responses I got from people who do without a microwave. They offered alternatives to some of my most common uses for our microwave. I decided to wait on that purchase. I have found that those alternatives really are almost as convenient, and have decided not to buy a microwave, for now anyway.

Patience really is a frugal virtue, and I hope that the examples above have helped show that. So, how do you develop patience in this world of instant gratification? Here are some things that have worked for us:

Look to the future.
Many times you can see upcoming needs. Prepare for them now by saving money and researching now.

Impose a waiting rule.
If you really want to buy something self impose a three day rule, or whatever time period you feel is sufficient.

Cash only.
Don’t carry your credit cards. Then you can only buy what you can pay for.

Make it a team effort.
If you are married, hopefully, this is something you and your spouse are doing together. If you are single you can partner up with a like minded friend or family to encourage each other in your frugal endeavors, or start a blog. It really does help keep you accountable.

Instant gratification may be the way of the world, but it really is not the best way for your finances. Patience is a frugal virtue. Developing and exercising patience will save you money, and help you to reach the financial goals that are most important to you.

Yes, it is the end of July, summer is over half through and I am telling you now is the time to hit the stores for your summer items, for next year that is. Take a look at the families closets. How do the summer clothes look? Are they worn out or too small? Will they make it through another season? Start of a list of things that you may need for next summer.

Don’t stop with the closets though. Think about other summer items that you may want to buy for next summer. Maybe patio furniture, pool toys or camping equipment are on your “want” list. This is the time to shop for these items.

Retailers are gearing up to move out the summer merchandise. It is back to school time in the retail world and they need room for that merchandise. They are drastically marking down summer merchandise already. Here is where you can save big by buying for next year.

This is not only true for new merchandise. If you are a thrift or consignment store shopper, like I am, you can also enjoy big savings. 50% off of resale items equals very cheap!

Now that you are all excited to hit the stores, a couple of cautions.

1. Don’t go crazy. Don’t buy something just because it is a good deal. If you don’t use it, you just wasted your money. Make your list, and stick to it!

2. It isn’t a good deal if you have to use credit to pay for it. Don’t ruin your good deals by paying interest on them. Use cash or your checking account. If you don’t have anything but credit, you are better off not buying now.

So go, find those deals. Enjoy the savings, but stick with what you need and what you have the budget for.

Apart from spending less, another option to pay your debt faster is to increase your income. You can make money for an extra payment with a little creativity and a few ideas to get you started. You know the best debt reduction technique is to pay faster.

On the practical side, as obviously you have to pay your debts, finding extra money to pay them faster can make your month. How to save for an extra payment on your credit card? Probably you are looking for some practical tips to get you started. There are some common sense steps you can take and some you probably are. Check the list to be sure your have a tick on each point and you are saving as much as you can.