Notes from Women Building Wealth Meeting- How To Manage Your ...
We had an excellent session at the Irmo Chamber of Commerce and, as always, many insights were gleaned from our group discussion.?? Here were some of the top line lessons learned.
- We opened with an introduction with each woman sharing a story about a recent item that they wanted and whether they purchased that item or not.? Many of you delayed your purchase decisions and, only after much research and careful consideration, did you make the purchase.? Regardless of whether the purchase was a fun item (ornamental tree stand) or needed (new Prius) you felt better(less remorse) when you deliberated about the item and got a good deal.
- We talked about the concept of ?mental accounting? and how making a ?fun? or large purchase will often prompt you to cut back in other areas to offset that purchase.
- Several great shopping tips to save money were shared:
- Aldi continues to be a popular place for buying produce. (89cent avocados and blueberries!)
- Several of you had had great success with Kmart clothing- quality and design.
- Some of you shared some on line vendors for specialty clothing and jewelry.
- We discussed the importance of ?value-based? budgeting and putting together a bottom up budget based on the prioritization of your values based goals.
- We also discussed a simple method for cash management to help you stay on track.? This three bucket+ approach is more proactive and should require less tracking and time.
- Since we had such a lively discussion about smart shopping tips we decided to devote our next session to this topic.? We will focus on how to get the best deals on food, clothing, electronics, and how to use on line tools for comparison shopping.? Bring your top two to three ideas to share with the group.?
This session will take place Tuesday, April 10th from 8:00 to 9:15AM at the Irmo Chamber of Commerce.? Save the date on your calendar.? Hope to see you there.
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