What if you could spend the same amount of money and get more stuff? What if you could spend less and get same amount of stuff? What tips do you have that help you maximize your spending?
On February 3, I predicted that Trump would purposely create economic conditions that would lead to a recession. Now on April 4 (when I wrote this), it seems like I may be the Oracle of Orlando. So if we are headed into another 2008 or if I’m wrong and this is the beginning of a Golden Age, let’s talk about being smart with your spending.
Tip #1: Costco
If you know, you know. I could have done a whole blog on just Costco. Sure there’s an annual fee, but if you play it smart you’ll earn that back several times over. Here’s my top tips at Costco.
- Food court! $1.50 glizzies and a soda? Costco loses money. $2 pizza is mediocre but not bad. I’m a human vacuum cleaner and can barely finish a hotdog and a slice of ‘roni for $3.50.
- Prepared foods: I recently had my parents over for dinner. We spent $134 and half the produce went bad. The other niche ingredients will eventually go bad or we’ll forget we already have it and buy it again anyways. Especially when your mom is a vegan! Eating at home is typically the most effective way to spend your food money. But if you account for waste or overbuying or uneaten leftovers Costco’s pre-made dishes or even piping hot rotisserie chickens may be even better.
- Gas: It’s $3.24 this morning at 7-11. It’s 2.94 at Costco. I don’t know how, but plan your day around passing by.
- Secret Costco Pricing:
Tip #2: Learn to Cook
All my friends, family and clients love going out to eat. Same. And I have a place in my heart for the hard working chefs and wait staff put into their craft. That said, the rising cost of food and labor has made Taco Bell an effete indulgence.
During the pandemic, we used Uber Eats. Now it’s time to learn to cook a steak for $15 that is just as good as the steakhouse $65 ribeye. It can be done. Email me for details. Seriously, it’s my thing.
Tip #3: Unsubscribe
I’m so embarrassed to admit how many times an annual fee hits my credit card that I forgot to cancel. At the time, online Roadkill Taxidermy courses seemed like a good idea. And at $33 a year, what’s the big deal? Well, they add up. Furthermore, the annual fees are hard to track, whereas monthly Peacock steaming service is a quick nope. Saturday Night Live hasn't been funny for years.
There are apps like Rocket Money that are supposed to help you with this, but the reality is your credit card and bank statement aren’t that complicated either. So block of an hour or so and ask yourself if it’s worth it.
Tip #4: Sleep on It
When you stand in line at the grocery or at HomeGoods you have to run a gauntlet of bright and shiny impulse buys. Of course, that's by design. Do you really need gum and a neon European plug adapter. Probably not. But that last minute surge of dopamine is what the retailers are banking on. This applies to the online ads on your social media or in your email inbox, too. If it's small and $11.99 you might just click it impulsively. It arrives a few days later and you forgot you bought it and it collects dust on your shelf.
The solution is to give yourself a nights sleep between stimulus and response. Just a few moments and you may realize that you can live without toilet seat warmers this summer. And if you can't live without them, click away.
Got Any Tips?
Those are a few of my favorite have made a big difference in maximizing my spending. I'm not saying stop spending, I'm saying spend effectively. But I'd like to hear some of your best tips. Please reply with a few and I'll include them in our next blog. Thanks!