What Kind of Spender Are You?
October 12, 2009
When you look around at all the things you own, what story does it tell about the kind of spender you are? Are you a smart, calculated spender that parts with your money only when necessary or do you tend to spend more freely and frivolously?
When I bought myself a green hooded Columbia Sportswear winter jacket over ten years ago I didn’t realize it would come to symoblize the kind of spender that I would become.
As a broke college freshmen combing through the bargain racks in the mall I almost choked on my gum when I found the deal on the coat. I almost felt like I was stealing the jacket it was so heavily discounted. Turns out the coat was a great purchase, it’s kept me warm through many cold winter days over the years.
As I walked into my 10 year college reunion dinner this weekend I realized I was wearing that same winter coat, the one I’d used throughout my college career. Reflecting on why I was the only one sporting a vintage 1990’s jacket I was reminded that I’m a rather miserly spender. I didn’t mention my observation to my wife because she I’m sure would have been embarrased and sworn then and there to buy me a new coat.
Of course you don’t have to keep the same coat for over 10 years to think of yourself as a smart spender. Everyone’s priorities are different, you may feel more strongly about your wardrobe than I do and update it more frequently. But look at the overall trend of your spending to see how you spend money. If you spend freely and often in all areas of your life then you have the potential to save yourself thousands of dollars a year simply by taking the time to think over each purchase for a few seconds and ask yourself whether you’re being a smart spender
For me, my green coat represents the approach of minimalist spending; I try and spend money only when I have to. That approach doesn’t work for everyone but I’ve done a decent job mastering the skill.
What approach do you take to spending? How much money could you save each year if you put a little more thought and discipline into your spending?
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