Hello everyone. I hope you are all staying healthy and safe.
For the fifth Doing More with Our Money blog post, we are going to talk about Repairing instead of just buying a replacement, and where-ever possible, DIY – Do It Yourself or DIM – Do It Myself!
In today’s Western society, a lot of the goods we purchase have relatively short lives with many practically being disposable. Gone are the days where a washing machine would last 30 years!
Combine that with the fact that we have been trained to consume more and more products and services. We even get a dopamine high when shopping! I shudder when I hear someone say they are going to the mall for some ‘retail therapy’.
Your gloves have a hole in them? Get a new pair. Your TV stops working, just buy a new one. Your car needs maintenance, bring it to the shop!
These three examples came up for me recently. I challenged myself NOT to go the easiest (and more expensive) route. My goal was to repair instead of replace and DIM! It is possible the acronym for ‘Do It Myself’ is more relevant to me than I would care to admit though…
This fourth entry in the Doing More with Our Money blog covers many of the Canadian Federal and Provincial Government financial benefits relating to the Covid-19 pandemic. This is a bit of a departure from the intended topics of this blog. Given the financial impact to many people during this crisis, I thought it might be a good idea to talk about this.
There have been many programs put in place for businesses, including wage subsidies, loans, rent relief, etc. There are also many other programs that don’t necessarily give us money or savings but may still directly or indirectly benefit many of us.
Our focus today will be on individuals and families, specifically on the programs and benefits that will put money in our pockets, or at least delay making us part with our money.
For the third edition of Doing More with Our Money, we’re going to discuss a social phenomenon that I suspect everyone has encountered many times, although may not have put a name to it – The Diderot Effect.
Last year, I decided I needed a new suit. Putting aside the fact that I don’t wear suits all that often (especially during the Covid-19 lockdown!), I wanted one and I wanted one that fit perfectly as my suit size had changed.
I found my new suit with the help of a friend (thanks Kate!). It’s beautiful, and I look good in it! When you buy a new suit, the shirts you already own just aren’t good enough; So, I bought four new ones. Also, you have to buy new shoes with a new suit, don’t you? And, you can’t buy new shoes without also getting a matching belt!
My planned purchase of a new suit spiraled into purchasing practically a new wardrobe, and I spent twice as much as I had intended! I did this even though I am very familiar with the social phenomenon known as The Diderot effect.
This second edition of Doing More with Our Money is about recurring expenses.
We all have them, and often we don’t pay as close attention to them as we should. Some are regular subscriptions, memberships or other ongoing costs that automatically hit our bank accounts and credit cards, others are due to our habits. Some are daily, that $5 latte on your way to work or $12 lunch in between meetings, and others are monthly or annually – insurance, cable, Netflix, mobile phone, etc.
Finding ways to reduce these recurring expenses can save you a ton of money and can go a long way in doing more with our money.
I hope you are all staying healthy and safe during all of the Covid-19 craziness! Mike Gludish here with my new (and first!) blog called Doing More With Our Money.
This blog will help us do more with our money, by ensuring we don’t spend more than we must, and that we have a fully informed view of what may be influencing our purchase decisions.
We will do this by sharing tips and tricks of actionable things we can do to save money. We will also cover the psychology, strategy and tactics that brands, retailers and others use to convince us to buy, often spending more than we need to. Through this we will develop a mindset allowing us to consistently do more with our money.
Why am I starting this blog in the midst of the Covid-19 global crisis?
I’ve actually been thinking about this blog for quite some time, well before Covid-19. I thought about postponing publishing it until after the crisis, but frankly, I have more time on my hands right now. And I know many of you do as well. This, combined with the fact that many people have lost their jobs and/or a lot of their savings, I think this makes for perfect timing to talk about doing more with our money.
Why am I writing this Blog and what makes me qualified to do so?
I like to travel…a lot! In 2019, I went on four fun trips, including: