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Spending Filters – How I Save Money On Just About Everything

09.02.2009 by Matt Jabs //

A few new financial concepts and practices are being ushered into the Jabs household as of late.  Today I will briefly touch on a few of these but will be focusing on laying out several nifty little tricks that help save me money on just about everything.  I use these nuggets of wisdom every time I even think about spending money.  The good news is… these “spending filters” as I call them, are completely free and can be used by anyone that wishes to start saving money… and they can be used right away!

What are Spending Filters?

A spending filter is a concept or idea that can be employed in various ways to help save you money in almost any spending circumstance.

For me, any decision that involves spending money is run through at least one of these filters – usually several.  You can employ different filters for different situations at different times.  What you are purchasing is not nearly as important as how you are purchasing it.

Spending Filters I use on a daily basis

  • Do I need it? – Ask yourself… “Would proceeding with this purchase be a good exercise in stewardship, and a proper use of the money God has blessed me with?”  Stop to consider needs vs. wants.  Sounds simple right?  But are you actually using this age-old, tried and true method before opening your wallet?  Taking a few seconds to deliberate with yourself on this matter may very well be your best bet to saving money.  Yes you will have to sacrifice a few wants from time to time… but if you are reading this post chances are that is EXACTLY what you need to do.
  • Ask for a discount – I do it everywhere I go, every time I buy.  It use to embarrass my wife, but after watching me get discount after discount she finally jumped on board the “ask-train” and tries it herself when she can muster up the courage.  This “filter” is easier for the extrovert, but can just as easily be employed by the introvert if they just live outside the box for a minute or two.  A related technique I employ that will yield similar results is the art of negotiating price.
  • Consider alternative products/services – This is a broad filter and can cover anything from buying store-brand items to deciding to scale down a home project.  Next time you are grocery shopping, skip the name brand products in favor of a few store brand options… chances are you’ll never notice the difference.  Is the purchase you are about to make necessary?  Is it the best purchase you can make for your situation?  Consider your needs, make sure to do some research on alternative options, then adjust your purchasing decisions accordingly.
  • Compare prices– Just yesterday I needed to scan a 5 page document into digital format.  I did not have the means to do this at work so I began calling around for prices.  Instead of just picking the first store I thought of — FedEx Kinko’s — I kept digging for a better deal.
    1. Kinko’s = $0.99/page
    2. OfficeMax = $0.25/page
    3. My sister’s office next door = $0.00/page

    In the end I chose option number three and saved as much as $5.  Not too shabby eh?

  • Be productive instead of spending – Next time your friends are going out to overindulge in whatever… take a rain check and choose to go home and work on your goals and passions.  Sure, going out to eat with friends is fun, but sometimes it can be a waste of both time and money.  This determination will be unique for each of us, but once we clearly define “time well spent” it will be a powerful agent for change in our financial lives.  This concept will help save you money, accomplish more, and achieve goals more quickly.
  • Use a spending ledger – Simple record keeping fosters personal accountability that simply does not exist otherwise.  Going through the exercise of tracking every purchase will instantly help you curb extraneous spending. This is one of our newly adopted  financial practices that I mentioned above.  It all started by keeping a grocery ledger and has now morphed into spending ledgers for both me and my wife.  We continue to keep a grocery ledger — and most likely always will — but now each of us keeps a personal ledger that we use to track any personal spending that does not already have a fixed monthly amount in our budget.  For example, we track daily spending for gas, misc., irregular expenses, variable expenses and anything else that could cause an unforeseen “spending leak.”

Sound overwhelming?

Start by using just a couple of these filters.  I recommend you start with the first and the last bullet points — successfully implementing these into your life will help breed the others into existence.

Also remember that not all of these example are going to be a perfect fit for everyone in every situation, so take them and make them your own.  Just remember…

Thinking through each purchase WILL save you a lot of money.

photo credit to adamadam

Categories // Money Management, Spending Tags // Savings, Spending

Financial Fasting! – DFA Tip of the Week – 4/6/2009

04.06.2009 by Matt Jabs //

There are many ways to reduce costs in our every day lives, so to help do just that each Monday I will post a money saving “Tip of the Week”.

“And he said unto him, Well, thou good servant: because thou hast been faithful in a very little, have thou authority over ten cities.” Luke 19:17

This weeks tip involves…the benefits of financial fasting!

What is fasting?

Noah Webster originally defined fasting as “The act of abstaining from food.” In his definition Webster also said of fasting that it is, “a day of religious mortification and humiliation.” While voluntary abstinence from food is indeed the prime example of biblical fasting, today I challenge you to apply this concept to your finances, that you may benefit.

The following areas of your life can all be greatly influenced by a voluntary decision to abstain from normal activities.

  1. Your personal finances – regular abstinence from all spending is a fantastic exercise for all of us.
  2. Your health – voluntarily abstain from food one day a week has been shown to be very beneficial to the health of your digestive system.
  3. Your spiritual well-being – the main focus of any fast should always be to get closer to the Lord.

Effects of Financial Fasting…

Though I could go into an enormously long post explaining all areas of fasting, today I will focus solely on the benefits of fasting as it relates to our personal finances.

My wife & I recently discovered how hugely beneficial financial fasting can be. During the month of March we decided to fast from spending altogether!  This may not seem like that big of a challenge at first, but when you stop to consider & meditate on not spending any money for an entire month…you will begin to understand the enormous effect such a decision would have on your life!

Shortly after starting the fast we quickly realized we were not only saving a lot of money, but were also noticing the following effects:

  • We are much more thankful for what God has entrusted us with, and much more in tune with the fact all our possessions are not ours…but His.
  • We are much more patient with those who provide services.
  • We are much more aware of how much money we were spending unnecessarily.
  • We are much more excited about “going out to eat” and no longer take it for granted.
  • We are much more disciplined about how we will spend our money from here forward.

Although I would encourage you to start with a month long financial fast, that may be a little much for some people.  If it seems overwhelming to you then start with a day long, or week long fast.  Keep in mind that the longer you fast the more beneficial it will be.

Are you going to commit to a financial fast?  Have you participated in a financial fast in the past, what did you discover? Leave your comments…

Click here to see all our past DFA Tips of the Week.

Categories // Money Management, Spending, Spirituality, Tips Tags // abstain, fast, fasting, from, Spending

DebtFreeAdventure::Category List

01.11.2009 by Matt Jabs //

I’d like to take this time to address and expound upon my newly formed category list for this website.

The categories I chose for DebtFreeAdventure are based upon the principles used in the book “Your Money Counts – The biblical guide to earning, spending, saving, investing, giving, and getting out of debt.” by Howard Dayton.

This website is in no way infringing upon the copyright of the book mentioned, instead it is a journal of one man’s chronicles to become debt free using the principles from said book.

Here is the category list I will be using along my description of each:

  • Bible – Biblical references regarding the handling of finances, Jesus Christ, or salvation.
  • Budget – Information on budgeting and how it is a must regarding your finances.
  • Children – Training children to understand that all things are from God, that money is only being entrusted to us by Him temporarily, and that we needs be faithful stewards of that money.
  • Counsel – Any form of outside help we can get to aid us in the proper handling of our finances.
  • Debt – How to get out of it as quickly and as biblically as possible.
  • Giving – All things are from God and we cannot properly manage money unless we are giving according to His Word.
  • Honesty – “Ill gotten gain shall not prosper!”
  • Investing – The proper saving and investing of our money according to God’s Word.
  • Spending – How to spend our money wisely.
  • Work – Work hard, as unto the Lord.

Let it be noted that my wife & I do not currently have any children, but of course we need to prepare ourselves to properly train our future children in the way of finances according to God’s Word.

I do not forsee any categories being added or taken away from this list, however I will do as the Lord leads me in this endeavor.  My prayer for this website is that the Lord will lead me in my efforts, will work through me to help my family and my readers, and will bless my efforts abundantly; for without his blessing all is vain.

Categories // Debt, Earn Money, Giving, Investing, Money Management, Spirituality Tags // Children, Counsel, Debt, Giving, Honesty, Investing, jesus christ, Money Management, Spending, Spirituality, Work

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