Quick Financial tip: “are there any discounts available?”

As you know we do finance pieces on this blog from time to time. Please remember that any financial advice you receive here is strictly my opinion based on years of experience, before making any financial decision you should do your own research and become as educated as possible to ensure you make the right decision for you.

“Are there any discounts available?”

Money is extremely important, save it where you can!

You’d be surprised how many are, and equally surprised at how many people never ask. Many people feel uncomfortable asking for a discount when they are making a purchase. I understand believe me I do, but there are a lot of discounts you can get just by asking at the register. Here is another thing to keep in mind, the person behind the register isn’t the “company” they are normal people like you and me. They like discounts too and most people, if they can will give you one.

There may be a sale going on you weren’t aware of, there may be a specific product rebate you weren’t aware of. That’s actually part of a cashier’s job in a retail setting. It’s not just to take your money or up sell you, it’s to ensure you cash out is a positive experience so you will want to come back soon and buy more. Part of how they do that is getting you available discounts. Now will some people give you attitude when you ask? Yes. Aren’t they already giving you attitude though? I mean unfriendly cashiers are unfriendly regardless, so might as well ask.

Will this work every time? No. Will this work more often than you think? Yes. Even online shopping, look at the checkout menu, there is often a “coupon” or “discounts” button click it! Having anxiety sucks, and asking people for things is often uncomfortable, but saving money to help with your financial freedom later down the line is one of the most empowering things you can do now to help your anxiety later.

Do it, ask if there are any discounts available.

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A Sinking Fund is perfect for people with anxiety

There are all sorts of financial terms used in the finance industry to create the appearance of complexity. A sinking fund is one of those terms but it’s actually a very effective tool to use. For those of you unaware I am a finance professional. Now this blog isn’t a finance blog but from time to time I do financial posts for those with anxiety. Today we are going to quick post on sinking funds.

What is a sinking fund: A sinking fund is simply a strategic way to save money by setting aside a little bit each month.

It really is that simple. The key to the sinking fund is assigning the savings a purpose. As an example if you want to go to Ireland, or you want a new car, or you want a Great Dane. The sinking fund is a long term strategic effort to achieve that end.

So you’ve decided you want a Great Dane puppy, its $2,000 and you want it in 2 years. You now have the basis for a sinking fund, you are going to “sink” money into this fund until you hit the $2,000. Now the “fund” can be a simple savings account, an envelope in your dresser or a stack of cash under you mattress.

This isn’t an investment fund, and this is a key difference. Your goal isn’t to get interest, or get dividends or buy shares. Your goal is to get $2,000 in 24 months.

So you look at this weekly, monthly, annually however you want. Monthly you take $2,000/24=83.3 dollars per month. You then find this money in your current budget and begin to set it aside. Months go by the fund grows you get closer to your goal.

Can I Round up to $85….

I know this all sounds simplistic, it is, until you actually have to do it. You see the hardest part of a sinking fund isn’t putting the money aside, its knowing the money is there. Something else will come up in the 24 months per the example above and you will be tempted to use this sinking fund to fix it. You can’t, the sinking fund has been assigned, and that is the trick.

Now the truly disciplined can use this principal for multiple long term objectives, like:

  • Planning a wedding
  • Saving for a down payment on a home
  • Buying a car
  • Elective surgery

Remember the Sinking fund has a designation for a singular planned event. That’s its great strength as that money is to be used for nothing else. I saved for my first vacation to Cancun Mexico this way, it took me 3 years a LONG TIME AGO. It worked, I was a broke 22 year old at the time, I had very little to my name but I had saved 4,000 by scraping every month for years. I started at $10 a week and every month put that money in a savings account. I adjusted the amount as I went but ALL OF IT went to the “Cancun Mexico Sinking Fund” and I went and had a blast.

If I can do it, so can you! Thanks for coming by and supporting my blog I really appreciate it!

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