When it comes to budgeting, people either love it or hate it. My husband falls in the latter camp. Even though he majored in math in college, he doesn’t like dealing with, managing, or even thinking about money. This is extremely lucky for me, because I happen to love budgeting. It must be the little accountant in me that yearns for order and balance and (dare I say it) fun.
What’s not so much fun is actually staying ON budget. There is not a month that goes by where I don’t overspend in at least area. I’ve been pondering and researching how I can tighten the belt a bit more. So, I thought I’d occasionally post tips and tricks for staying on budget as I try them out myself.
This first trick is one I’ve used on and off for many years now. When a friend of mine got married, her mother-in-law advised her that her new husband would always overspend because he wanted things new, nice, and now (the 3 Ns). The solution was to implement a rule in their house that every major purchase (say over $50) could only contain 2 of the 3 “Ns”.
They can buy things now and new, but not nice.
They can buy things new and nice, but not now.
They can buy things now and nice, but not new.
We’ve implemented this same rule to a certain extent in our house, although we tend to choose nice and new. As a result, we don’t get things now. My husband is an excellent researcher and will pick the best model available within our price range and will determine a bargain price. We then save for the item and watch the sales. When the item hits our price, we buy with confidence that we are not wasting our money. Waiting also helps with those situations where we think we need something, but really don’t. Given some time, we usually find a way to work-around the issue with things we already own.
Another friend is talented at finding used furniture that is in great shape or that, with just a little work, turns into a stunning piece. She has to buy the item on the spot as it may not be available tomorrow. But she is able to furnish her home beautifully while staying within her budget because she chooses things now that are nice, but not new.
So, next time you have a purchase in mind, try choosing something with only 2 of the 3 Ns and let me know how it goes.
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