Reduce, reuse, recycle. Find alternatives to spending.
"A dollar saved is two dollars earned" is a principle from The Wealthy Barber. Essentially there are costs incurred to make money which must be considered when evaluating purchases.
Costs incurred to make money include:
- income taxes (30-50%?)
- transportation costs
- food, clothing, health/medical care
Costs incurred to spend money include:
- sales taxes (15%)
- product comparison, research
- defective product returns
- learning features/maintenance of new product
- transportation and time spent to buy the products
When tempted to buy, double the price in your mind before weighing the purchase against long-term savings and investments.