Thursday, May 28, 2009

To sell, or not to sell?

That is the question. You want something really badly. It costs so much that it'll take months if not years to afford it. You're being quite frugal anyway and could treat yourself to quite a few neat little gadgets, or the odd game if you wanted.

Then there's the realisation that you really, really want this thing that's currently out of reach. The best way to tackle the problem such as this may vary from person to person, but these are my tips:

  1. Decide on total amount that you want to save. It might sound obvious, but once you decide on a target, it's a lot easier to will yourself on to save, rather than just 'aimlessly' saving until you know any better.
  2. Set a realistic timeframe. Again, seems obvious. How long will it take you to raise the cash? Think about a few things. Firstly, you'll probably want to get it as soon as possible but that might not be realistic. How much can be saved per month? Try to estimate your other outgoings and total income for a month and base it around that.
  3. Sell things you haven't used in 12 months. They might not be worth much, but if you have stuff sitting around that you haven't used in the last12 months, the chances are that you won't use it in the next 12. Get rid of it. I'm currently selling things on eBay, as I haven't used them either at all or in such a long time that I just know I won't. I'm also too busy to use them but most importantly, I would rather have my ultimate thing.
So, those three tips are not exactly ground breaking, but I have managed to save a huge amount in the past few months thanks to being frugal, a good budget and a bit of luck.

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