Reduce Waste by Following the Five Rules
Most of us spend at least a little money. Whether it was throwing away unused food or overspending on gadgets, we could all save more. To understand how to do this, focus on these five principles.
The personal finance blog Budgets Is Sexy explains five rules for spending money (adapted from a similar set of rules designed to reduce physical loss in the home). Simple guidelines are meant to ensure that if you are spending money, you are at least spending it efficiently. Five R:
- Refuse: You don’t have to say yes to every event or costly service.
- Reduce: You can probably save on some of your existing bills. Perhaps just by asking .
- Reusable: Your old smartphone is still usable for something. Use it for a new purpose rather than buying new gadgets.
- Resale: If you need to get rid of old things, at least take the time.
- (Don’t do it) Rot: Saving money doesn’t really matter if your financial future isn’t growing. Make good investments and think about the long-term sustainability of your finances.
Sure, most financial advice falls into these categories already, but it’s a handy way to help you think about how to approach your financial life.
5 Tips Not to Waste (MONEY) | Budgets are sexy via Rockstar Finance