Your Money or Your Life Summary: Chapter 6

Don’t Go Shopping. Obviously, if you don’t go shopping you won't be spending money. We all need food, of course, but this refers to things such as ‘retail therapy’.

This applies to online shopping also. I am not a fan of wandering through a mall, but I can go nuts on Amazon or when I see an interesting gadget in my news feed. The answer? I block Amazon in my browser. I can get in if I really need to, but just having that extra barrier in the way makes me think twice.

Live Within Your Means. This essentially means to only buy things you can afford. Don’t use credit. Save until you have enough to buy it outright.

Take Care of What You Have. This reminds me of the “Sharpening the Saw” principle from “The 7 Habits of Highly Effective People.” Whether it is your body or your possessions, taking the time to maintain them and to treat them with respect will save you repair bills in the future.

Wear it Out. There is no need to replace your phone every year just because it is the latest model. There is also no need to buy new socks or a new pair of shoes ‘just because.’ Use things until they are truly no longer working properly.

This doesn’t mean you have to put up with things that keep breaking because you can duct tape them back together, but often things will last a little longer than you think.

“Use it up, wear it out, make it do or do without.”

Do it Yourself. It pays to learn how to do simple jobs yourself, such as basic plumbing, house repairs, car maintenance, and scratch cooking. When you do need a professional, watch them work so the next time you have the same problem you will know how to fix it yourself.

These days you can find out how to do almost anything by researching it on YouTube.

Anticipate Your Needs. This is about buying stuff on sale or in bulk at a discounted price. This doesn't mean to buy stuff you don’t need just because it is on sale. It means for stuff you know you will use, such as toilet paper and toothpaste, then buying more when you see it discounted will save you money in the long run.

Do Your Research. Especially for larger purchases, don’t just buy the first thing you see or the cheapest version. Research the different models and features and decide on the item that best fits your needs in regard to price, practicality, and durability.

Find the Bargain. You will be surprised at the price difference between some items in different stores. All it takes is a quick online search to see who has it cheaper, or a phone call to your local vendor to ask for a discount.

Do your research first. The more you know about the product, especially if you know the exact model number you want, the more equipped you will be to get a better deal.

And don’t be afraid to ask for a discount, anytime, anywhere. The worst that will happen is the vendor will say no.

Buy it Used. One man’s trash is another man’s treasure. Even in the store you can get floor models at a discount price.