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The follow is a post from my buddy Jon over at 2-Copper-Coins.com. He went to college with my wife, has just started a financial blog with his wife, and I’m really enjoying it! Check out the awesome tips here, and then head over to say “hi” on his blog. Thanks for reading!
1) I can fix it, or I will find out how
We lose money when we give up on the items we already have. Our lawn mower breaks down and instead of taking time to fix it we just scrap it and buy a new one. Our television’s screen gets a little scratched and we don’t even consider replacing it (plus we’re not really sure how you even do that – right?)
One way to keep your budget in check is changing your attitude about what’s broken and subsequently what lengths you’re willing to go to fix the problem. I know not every case provides less expensive alternatives to fix rather than purchase new (and sometimes we like to use that broken couch as an excuse to buy a new one), but I’d be willing to wager if we spent a little time researching our options and putting some effort into getting the most mileage out of what we already have, we might be pleasantly surprised how much money stays in our pockets.
We invite you to think “How can I fix this?” before you consider “Where can I buy a new one?”
2) I can wait for the right (time/moment/item/price)
Whether buying a car, sticking with our investments or prolonging an exciting purchase in favor of a little more savings, patience really is a financial virtue.
I can think of a hundred examples of when this is true (but I won’t bore you by listing them all). An obvious example is buying a new phone. We often want the newest and most advanced accessories. With the current speed with which technology advances we also know that four months from now the price of that phone will drop 41%.The corporate world knows we just can’t WAIT that long to get the latest and greatest and they keep coming out with new stuff to capitalize on our impatience. Beat the system! Good things come to those who wait, and at good prices to boot.
3) I know everything has value and I will find out what it is
When Jon and I start to feel overwhelmed by the clutter in our home (we practically have a moral opposition to clutter – so more accurately when we start to notice few things we don’t use) we have changed our attitude from where can we dump this to ‘could we make money from these items in some way?’ This question has generated tons of ideas and provided many surprises when we discover yes, our things can make us money.
It’s all about creativity and venue. Sprucing up old furniture and selling it will be more profitable than taking it to the dump or leaving it with a free sign on the road. Taking old technology like the ‘ancient’ GPS, the old phone chargers or camera lenses and listing them on Ebay or trading them in on Amazon will bring some extra cash. We always encourage decreasing the amount of stuff you have in your home, by all means live as simply as possible. But unless you’re giving your things away to a great organization or family, why not try making a little something extra? You’ll be shocked to see what others consider treasure, it just takes a little effort.
4) I can help
At first glance this may not seem to fit into a financial strategy, but I would argue this is the one attitude that has saved Jon and I the most money (and stress). Friends, family, church family and all sorts of communities are filled with people who need help. People need help moving, painting, watching their children, feeding themselves during rough times – you name it. People have needs.
If you change your attitude from ‘how can I get out of these obligations’ to ‘I can definitely help out’ magical things happen. People start offering to help you when you need something, they show up to your house with random items they thought you might want, they call to ask if you want to join them for a meal, they offer to take a look at your car when they notice a funny sound coming from the exhaust pipe.
This is the beauty of living around people, they’re filled with such variety and talent. Tap into that! The best way to reap the benefits of being surrounded by awesome people is to be a contributing member.
Not to mention this attitude makes #1 come true and contributes significantly to #5.
5) I don’t have time for cynicism
If you play the ‘it’s not worth it’ game, you will never win. As soon as the thought enters your mind you’re already half way to walking out the door, so don’t let it come in! We’ve walked through life with many people who saw a financial challenge like getting out of credit card debt or trying to save for a down payment who eventually felt like the world was out to get them and they never finished (or took three times longer than they would have). There is always opportunity. The best piece of advice I’ve heard is find people doing what you’d like to be doing – getting out of debt, saving money, reinventing themselves- and ask critical questions. How are they doing it? What can I do to move in that direction? There is always someone who’s been there (review attitude #4) and usually those people are willing to help.
Like any sport psychologist will tell you, simply feeling something is impossible is enough to make it impossible. Don’t go there. Are you $100,000 in debt and can’t see how you’re going to pay rent next month? Get creative! Ask for help! Read some great financial blogs and get inspired! Just do NOT assume you can’t do it and NEVER feel like the world is out to get you. It isn’t and you can.
Comments: What have been some attitudes you have cultivated that have contributed to your financial health? Share them with us.
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We are the Maronis – Krista and Jon.
We met in college six years ago at George Fox University in Newberg OR while serving as student ministry leaders; this July we will celebrate our 3 year wedding anniversary. We share a passion for helping people and reflecting to them the Christ that shines in their character, talents and relationships. We started 2 Copper Coins because we believe that just because you don’t get paid big bucks doesn’t mean you can’t have an incredible life.
We chose this life and we love this life.
Website link: http://2-copper-coins.com/
Facebook page link: 2 Copper Coins
Twitter account: @2coppercoins
Number 1 is great. I think the easy trap to fall into is simply going with the first, familiar idea that comes to mind, which is often to quickly replace something with a new version. We all feel busy and typically resent putting in a little extra effort. I definitely fall victim to this. But if you put in the extra effort, I’ve often found that it’s not only profitable, but it’s often less work than it seemed like it would be.
We hear you Matt, we had to top this on our list because it’s the one we’re most susceptible to as well. The goal should be to get the best mileage out of the things we have. Clothing is another area I struggle with this concept, one lost button or ripped seam and I feel like it’s unwearable, when sewing that button or seam would hardly cost me anything!
I always try to wait for the right time to buy. I hate buying stuff and then it’s half off the next day!
Michelle, I totally agree, it kills me when people pre order things like movies or videogames knowing within days or weeks it won’t cost them half as much! You’re right there’s nothing worse than purchasing a product only to return soon after and see it in the sale section…
What a great perspective on life and finances. I especially like the “I can help” attitude. I think good things come to those that do good deeds and help others. I’ll be checking out your blog!
Thank you! We really do believe that’s true, at least in our situation. Of course it’s not the reason you help… but a pretty sweet perk.
Good list! And then, of course, there’s the old standby: I can do without it. 🙂
William you’re absolutely right, that fits easily into the money-saving attitudes list. That mantra has pushed us to our extreme aversion to clutter!
Nice list and definitely worth it. I can relate very well to no. 1. I used to take my car to get every little fix but there is a time my car had a recurring problem that needed a major fix. However I did not have money but there was a temporary fix to keep it going. Instead of paying a mechanic money every time for the temp fix, i learned hos o do it myself. From then I have been fixing many things myself even in the house by just checking for tips online.
This is good to hear Demaish, cars are probably the most expensive items to fix over and over again and keeping up with the maintenance is essential in preventing more expensive damages (not to mention keeping you safe).
Jon and I have committed to learning a few basic fixes – brakes, oil changes etc. so we can save between $15-$100 every time we need this maintenance. It seems easier to take it to a professional, but a few key lessons keeps money in your pocket – who doesn’t love that? Plus it’s a great skill to offer to others when they may need help.
I love these. One attitude that we’ve adopted that has been particularly helpful is that we started being proactive about searching out cheaper options for everything we buy instead of just buying whatever is easiest or closest.
Holly this is a great way to save money – it seems so many of these are just about not settling for the easiest option. A little effort can save you so much. If only we didn’t live in a culture so centered on convenience!
These are all great attitudes to have, and I definitely follow most of them. My dad always used to try fixing things, using multiple methods if he had to, before he gave in and either got a professional to fix it or deemed it dead. I never think to simply toss something aside and buy it brand new. I also always wait for items to go on sale. Instant gratification is the enemy of saving!
Good to hear you were raised to think about fixing first. Can’t say that was the same for me but once you get in the mindset of fixing before buying it does change your habits and save a lot of money. Thanks for your thoughts!
Sounds like you had a good example in your dad, how he was always willing to try and fix something himself. While instant gratification is the enemy of saving, patience is it’s ally.
We have been going the DIY route on a lot of things not just to save money (in same cases we know we absolutely won’t save money by doing/fixing it ourselves) but more to improve our life skills. Most of these attitudes will not only save money but will teach anyone valuable life skills.
Suba I completely agree, it’s always about more than saving money. It’s about becoming a responsible person and contributing member of society.
These are all great attitudes, which I employ. I didn’t used to do number one, but that quickly changed once I found out how much money I could save.
I’ve even thought about keeping a journal of how much I would’ve spent buying new versus saving to see what the savings are… maybe another post to come from that! Thanks for your thoughts.
Well said. We recently encountered #1. Our 8-year-old desktop computer has been acting crazy lately. Fortunately, my husband (a computer genius) figured out how to fix it with a $100 part as opposed to $1500+ for a new comperable computer.
Computers are a big one – we always think they’re outdated because technology changes so quickly. But unless you’re a graphic designer or computer science specialist it really isn’t necessary to be completely up to date. What a save $1400! Thanks for sharing the savings.
Being patient is probably the attitude that I have the most trouble with, but I have improved at it. I hate to think of how much money I’ve wasted in the past due to being impatient.
I think we’ve all been there for sure – thanks for sharing that you’re human! I struggle with this on books of all things. When a favorite author comes out with something new I want to spend that $15-20 to get the new hardcover, even though I know in a few months it’ll be cheaper in paperback or, even better, available at the local library. Patience is tough for me too.
great post – lots of good common sense things that people miss a lot. I love youtube for finding solutions to fix everything from a faucet to a new iphone battery.
I agree Matt, Youtube is the best. And Pinterest I would add, people always have creative ways of fixing things on there.
Youtube is my DIY goldmine! I’ve fixed most everything in my house and cars using a youtube 10-minute-or-less tutorial. 🙂
Well said. I’ve blogged about this before because it just boggled my mind how my neighbour put an expensive mower on the cur for free. Instead of trying to find out what was wrong (It needed a $9 filter) they opted to buy a new one. (we saw the box the next week in the trash) Now I have their old but new to me mower which is in mint condition. I also have never hear of 2 Copper Coins but after reading their bio, I’m sure I’ll be heading over to check out the blog.
Bad luck for them – sweet deal for you! Capitalizing on other’s impatience could be a whole other topic. We do this at yard sales or with freebies on the side of the road as well, people just don’t know how simple having something looked at and fixed is! Thanks for your story.
#2 has been huge for me. I used to want what I wanted when I wanted it. Now that I’m a little older and a little more patient I’ve learned that waiting for the right sale (or freebie) can save me a lot of money.
So true, it’s all about waiting and finding things on sale (of course only if you need the item) or at a less inflated price than highly anticipated items that just hit the market. We can all relate to stories of impatience, I can just picture all those conversations I had with mom as a high schooler “But it won’t be NEW in a few months..” Patience is a sign of maturity for sure.
Great pointers to consider and worthy of time to think about. Saving requires a lot of effort and thinking. It’s how you manage your spending over investment. In order to succeed, so true, timing and patience are needed.
It is funny how something so simple does require so much energy and thought right? Seems all good things are this way though. If it were easy we wouldn’t need to talk about it so much!
One thing that I think would be right up there would be ‘I will not compare myself to others.’ The keeping up with the Joneses mentaility often derails even the best of savings goals, once you see that new car in your neighbors driveway or that new kitchen at your friends house, it’s easy to turn those things into ‘needs’ for your household. Avoiding the temptation to compare (and ‘keep up’) is a big step toward reaching your goals.
You’re right that mentality fits right into this list as a money saving strategy. So much of financial maturity is delayed gratification which is a struggle when others around you seem to be leaps and bounds ahead (whether or not they actually are). Thanks for your thoughts.
Great list, I really like #4, giving back helps out everyone. I also like how this was more of a list of mind sets then just a list of don’t drink Starbucks. Thanks!
Thank you! I’m right there with you on the coffee thing. Probably the most over done budgeting how-to of our generation. (Even if it’s true).
It’s really nice to hear new and fresh ideas. It keeps a blogger like me motivated and inspired as well. If there is a will, there is a way. So cliché but if you are trying to save money, you can wait for the right time and price like you mentioned here. Good tips. Just the attitude that we all need.
Thank you KC – that’s a major reason why we started a blog, we were so inspired by others writing we just wanted to be a part of it.
I learned a long time ago that I can accomplish anything I set my mind to. All I need is a goal and a plan. It helped me achieve financial independence in my late thirties.
Such a true old adage right? You really CAN and it’s not even the skills you possess it’s simply the belief that you are able to. Thank you.
You’ve got a story for the ages! Most people would be lucky to be out of student loan debt by their late 30’s!!!
Your first two points — being able to fix things (and/or being willing to figure out how to fix things), as well as being patient in waiting for the right time to buy something, both resonated with me a lot. I think those are critical to exercising the discipline and the patience that’s hand-in-hand with good financial habits. So congratulations on your attitude and on the habits that you’ve built!