Last month’s blog had some tips on saving money from a woman’s perspective on things that are trendy, utilized infrequently, or not that important. This month, I’m excited to present part II of last month’s blog with my tips on when to save and when to spend from a male’s perspective! By working with my clients (and in my own experience), I’ve learned that men may not make as many small purchases that add up over the year, but sometimes we spend thousands of dollars on things that we end up replacing in a few years.
Below are some examples both big and small.
When to Spend: Last Year’s Gadget
When to Save: Newly Released Gadget
As guys we want the newest, best, and coolest gadgets, but spending money on all the “latest and greatest” technology can really destroy your budget. Deep down you know that last year’s gadgets (cell phone, television, digital camera, video game system, etc.) can do pretty much the same things as this year’s technology, but you will save a lot of money by purchasing last year’s model. You can have a house full last year’s technology, save lots of money, and barely notice a difference!
When to Spend: Nice Suit
When to Save: Dress Shirts
A nice suit should be a staple in every man’s wardrobe. You will be wearing this suit for business meetings and nice social events, so spend the money on a high quality suit that will last a long time, rather than buying a low quality suit that only lasts a few years (and probably doesn’t look great). Be sure to buy one that has a classic look, rather than a trendy one that will go out of style in a few years. Finally, pick a color that is versatile like black, navy blue, or dark gray. Save your money when you buy dress shirts. You can purchase quality shirts at JC Penny or Macy’s during one of their many sales throughout the year.
When to Spend: Shoes
When to Save: Trendy Shirts
Spend the money on a good pair of shoes for daily use. Your feet will appreciate it, and so will the rest of your body. Go ahead and pass on the trendy “in season” shirts. You can get nice quality shirts without breaking the bank. If you spend $50 for a T-Shirt, you’ve spent too much (thank you, Macklemore!). Instead put that money toward your shoes. Bonus: Women notice a guy who wears nice shoes.
When to Spend: 2-3+ Year Old Car
When to Save: New Car
Next to buying a house, a car is one of the most expensive things we buy. And typically we don’t pay attention to the overall cost of the car, we just focus on whether or not we can swing the monthly payment. A car depreciates the most during the first few years, so you can get a 2-3 year old car that is “almost new” for significantly less than a new car. If you are really itching for that “new car smell,” then go out and buy an air freshener with a “new car scent” with all the money you saved!
When to Spend: 2nd Date
When to Save: 1st Date
I’ll wrap up these tips for my single readers out there. Before I met my beautiful wife on Match.com, I went on many first dates. If I had wined and dined each of those women on the first date I would have gone broke! My go-to first date was to meet at a coffee shop. This way we could talk and get to know each other in a low pressure environment. If we hit it off, like I did with my wife on our first date at Starbucks, then I would step it up on the second date. If the first date goes nowhere, then at least you have an easy out while spending very little money.
So those are my tips on when to save and when to spend. What do you think? Do you agree or disagree? What are some of the areas where you think you should save or spend? Please share your thoughts with me in the comments section below!
- Published in Spend Wisely