How Executives Save Money on Big Purchases
It’s not exactly groundbreaking news that executives understand money better than the average person. (It also turns out that they love sleep more than the average person.) Building and managing a business from the ground up takes a lot of sweat equity and sacrifice, so often these people have a ton of experience saving money wherever they can. While we can’t always expect to have the success of Mark Cuban right off the bat, there are some helpful tips to make sure that you’re saving for a future as bright as these top execs. Because sleep and saving money go together like peanut butter and jelly.
Set a Goal for Your Major Purchases and Be Patient With Yourself
Sometimes buying an item can be a sudden thing, but oftentimes we know well in advance if we need to make a larger purchase like a car or a bed. In those situations, it’s best to plan ahead and save up so that you aren’t charging purchases to a credit card and needlessly paying interest on them. Don’t be afraid to get specific either, says CEO Lo Bosworth of TheLowDown.
“I love to create a monthly savings goal for specific things. Like, save $250 for shoes and you won’t spend more,” they said in a recent interview.
This also allows you the opportunity to look for deals and coupons. It also allows you time to prove that you really want the item to yourself. That’s Melissa Gianni, CEO and editor of Nylon Magazine’s, advice to prospective bosses.
“When you’ve got your eye on a splurge item, jot it down as a goal and increase the amount you set aside for savings, Gianni advises. “Check back in a few months. Still want it? Great. If not, even better! Buyer’s remorse averted and healthy savings account.”
Be Knowledgeable About Where Your Money Comes From And Where It’s Going
Be knowledgeable about your day-to-day finances. It’s not just about where you’re money is going, it’s also about learning where you can save some cash too. That’s what CNBC’s consumer reporter Kelli B. Grant has learned from her time around the top CEOs.
“Regularly review your big expenses — like auto insurance, cell phone plans and energy bills — to make sure you are getting the best deal,” says Grant. “You could be missing out on savings!”
It’s also a good way to learn where your money is going in terms of entertainment, and how you can minimize those costs while still having a good time. That’s a big part of Bloomberg editor, Megan Hess’ plan for saving cash on a Friday night.
“I invite friends over to cook dinner or for game night instead of going out and spending money,” says Hess.
As always, check for deals and coupons where you can, and look for savings as they come seasonally so that you can maximize your dollars at every opportunity.
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DISCLAIMER: DreamCloud Sleep are not financial experts and do not give financial advice. We sell luxury mattresses.