The Practicality of Saving Money! (Part 1)
Image sourced by Nathon Oski @onatecan
On July 4th weekend, I was overdue for a haircut.
I aim to get a haircut every three weeks. It was four weeks and a day since my last one.
Early Saturday morning, I walked down the block, only to find that Joe’s Barber Shop, my go-to, was closed for the holiday.
I love Joe’s. The barbers are between 75 and 90 years old. If I didn’t like the joint so much, I’d be nervous, but none of them had shaky hands. At least not as far as I could tell.
Joe’s is a throwback to the 1970’s. A tradition of sorts.
Some of the photographs on the wall were 30 or 40 years old, maybe even 50. Classic!
In fact, they may not have made any upgrades for a decade or two, maybe three.
But that’s the great thing about the place.
What’s more, Joe and Antonio charge only $25.
My schedule for the upcoming week was very busy, including a trip to Boston one day and business in New York City another day. In other words, not much time to get a haircut.
So happens that Towne Barber Shop is located just one block away from my old standby Joe’s.
Considering the upcoming week’s schedule, I walked in. Better to look clean-cut.
I didn’t check Towne’s price list.
How expensive could it be?
It was just a simple barber shop on Main Street. Yet the décor and fixtures at Towne were definitely more upscale than Joe’s. But that’s a low hurdle, needless to say.
Although if you’ve met me, you know there’s not too much hair on my head. So a haircut isn’t very complicated or time-consuming!
$35 for a simple haircut that took maybe 15 minutes. Ouch!
Towne gave me a decent haircut I must say but hard to really say with conviction that it was worth $35 instead of $25.
You might be saying, “$10 isn’t that much,” and you may be correct.
But first, money is a mindset – the money mindset.
You have to be aware and mindful of ways to save money and build wealth. And create a savings plan and an investment plan, and take action.
Second, pennies add up to dollars. And dollars add up to $10s, $100s and so on.
Which is precisely your ladder to building great wealth.
What’s an extra dollar worth to you?
How much effort would you make to save a dollar?
$10?
$100?
Or $1,000?
To be realistic, in my experience, it’s A Lot Easier to accumulate – build wealth – $1,000,000 by saving $10 a bunch of times!
Than it is to accumulate $1,000,000 in one shot!
Hands down.
Joe’s is great or good enough for me, at least for now.
Plus, I know Joe, Antonio and his buddies since I moved into town eight years ago.
And Time is Money!
It’s important to me to look sharp, crisp and clean cut, especially for business (and for dating too. . .).
So I didn’t want to wait another week, even with what little hair that I have.
But $10 more adds up.
If I get a haircut every three weeks, that’s 17 haircuts every year – 52 weeks divided by a 3-week interval.
And the incremental cost would be $170 – that’s $10 multiplied by 17 cuttings in a year.
And that’s in after-tax dollars. After taxes.
To put all this in perspective, when you adopt the money mindset and commit to save money, you’ll be amazed at how much money you can save.
Freeing up cash enables you to pay down debt, save for retirement, build an investment portfolio, build wealth and get rich! Bit by bit.
With more cash in hand, in your pocket or in your checking account, you can treat yourself and your mate or your family to a nice meal and a night on the town.
Hopefully, without incurring costly credit card debt.
And that’s the ticket!
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Grab these 9 ways to build wealth by saving money:
Set a monetary value on your time. This gives you a framework for evaluating the tradeoff between time and money. Remember, “Time is money.”
Be on the lookout for ways to save money. For me, Joe’s is just fine at $25 a haircut. But you get the point.
While you’re at it, decide when it’s worthwhile to take action to save money and when it makes more sense to go with the flow and kick the savings can down the road.
At the same time, saving pennies – if it doesn’t take an inordinate amount of time and effort – add up to big dollars and great wealth over time!
Saving some money some of the time is better than not saving any money at all!
You probably don’t; But Don’t obsess like I do every now and again.
Make smart decisions with your newfound money: save it; invest it; open a retirement account; add funds to your retirement account; pay down debt. Treat yourself and your favorite people to a nice dinner. I like a nice back massage every now and again. And maybe you’ll finally take that long-awaited vacation to Tuscany or whatever destination suits your fancy!
Balance saving money and enjoying life.
Smile all the way to the bank!
See you next week.
Arthur V.
P.S. To Save More Money Every Day – click here.
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Disclaimer: OH and Please Remember, we are Not financial advisors, financial planners, attorneys or accountants and are Not providing any specific financial, tax, accounting or legal advice here. Be sure to conduct your own due diligence and consult your own professional advisors to get sound professional advice that’s specific to your financial and personal circumstances, risk tolerance, time horizon and investment goals and objectives among other key factors!
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