Post Black Friday Savings Strategy or How I Will Mitigate My Guilt

 I indulged in a bit of shopping therapy over this past Black Friday weekend (does that even make sense?).

My justification? I “saved” a lot of money- but is it a savings if you don’t actually SAVE it?

So, I made a pact with myself. Starting with receipts from September (and going forward), I will tally the “savings” from discretionary spending and transfer the money to my investment account.

This will be a big boost since I “saved” about $1880 this weekend alone. I would never have purchased these items at full price or even half price (though I love everything I picked up, I can’t afford to pay full price) so how much am I really saving? For the sake of ease, I will base the calculations on the original MSRP.

I am waiting for friends to laugh when I tell them my plan. That’s fine- I laugh at them for other things.

But really, why?

This is an exercise in keeping me honest- putting money where my big mouth is.

It will be transferred from an account holding the remainder of a modest inheritance, my emergency fund, sums for investment in real estate and renovations to my house. (My regular savings account is kept fairly lean since I automatically transfer a big chunk of my bi-weekly pay to the investment account.) 

But transferring these “savings” to my retirement account also keeps me from becoming complacent with my goals.

I’m human. I see a certain figure in my daily chequing and mid-range accounts and I start to play a little fast and loose. Never mind the fact that I was pretty careful calculating the maximum bi-weekly transfer and should not feel guilty about having some fun but now I can legitimately back it up when I score a deal and the savings are actually saved.

Besides, in addition to calculating how many hours it takes for me to earn enough (after tax) to buy something, knowing the difference between what I paid versus the full price (plus HST) is coming out of my accessible funds will make me think twice before even making the purchase.

Despite my fairly comfortable position, I am not immune to those things I have no control. My contract ends in three months and contractions continue to happen in this industry. But it is not just the entertainment industry- the shaky economy has everyone keeping their cards close to their chest.

People talk about how difficult it is to get a decent job (blah, blah and everything else) but I can only do what I can do so I’ll keep making deals with myself to put more money aside and start looking for work.

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~ by angryegg on November 30, 2011.

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