One word, two letters, yet most people aren’t comfortable saying it. The word “no” holds a lot of power and will save you a lot of money! If you have a hard time saying “no” to people it can seriously hurt your pockets and cause you to overspend each month. In this article we’ll be discussing the art of saying “no” and how it could be saving you so much money!
Think about the last time your friends invited you to go out to eat. How much money did you spend? Did you just go out to eat or did you end up going somewhere else after? Next thing you know you’ve easily spent $100 in one night. This amount could be the difference in you paying your rent or having enough money for groceries. While spending time with your friends or family isn’t a bad thing, not knowing when to decline plans can be the reason you’re struggling financially to pay bills or don’t have enough money to buy the things that you actually need.
5 tips on how to say no and save money!
Self-first not selfish. Before being able to take care of others you have to take care of yourself. Developing this mindset will allow you to identify situations where saying “no” is better for yourself. It’s important to be comfortable saying no when a situation doesn’t align with who you are or who you are trying to be.
Plan to go out
There’s a healthy compromise between going out and saving money and that is to plan your outings. Planning allows you to organize yourself and allocate your budget accordingly. This helps you avoid any overspending or paying any last minute expenses. An added bonus is that you can search for discounts or offers that can save you money.
Offer an alternative
If you’re being asked to go out somewhere that isn’t in your budget try offering an alternative that is within your means. This could mean that instead of going out to the movies, you can have a Netflix movie marathon at home. If your friend wants to go out to eat you can offer to make them dinner. Your friend most likely wants to see you not the fancy restaurant you thought they might like!
It’s easy for your friends to think that you don’t want to see them if you’re always saying no. You can avoid any miscommunication by being honest with them about your reason and goals. Explain to them that the reason you can’t come out to a dinner or to the bar is because you’re saving up for the downpayment for a new home. Your friends will understand you if you explain what’s going on instead of leaving them hanging.
Encourage your friends to say no
Encourage your friends to also say no to any unnecessary spending. By discussing your goals with them you can also inspire them to save up for theirs! You can encourage each other to not spend any money and participate in no spend challenges together. These challenges could be set for two weeks or two months. It’s an easy way for you to save money and have your friend save money as well.
It’s important to know when to say “no” so you can afford to say “yes” to your goals. Having a self-first mindset isn’t selfish and can save you a lot of money. As you can see, there are a lot of alternatives when saying “no” that can save you money and still allow you to spend time with your friends. Start saying no to the things that don’t align with your position and it will make you richer!