Spending money on things we don’t use that often or that aren’t important to us is a huge waste. One way to evaluate purchases to make sure we’re putting our hard-earned money to good use: The $1 per use rule.
Picture: Richard Elzey
Assess everything on a “$1 per use” basis.
I have my mother to thank for this one. Everything I buy — clothes, shoes, household items — is assessed on the basis of, “Will I wear/use this enough to only cost me $1 per wear/use?” Now, obviously, things like wedding dresses, for example, don’t fall into this category. But, next time you go to buy that trendy, ephemeral “must have” item, break its cost down into realistic uses. Often, you’ll find that what seemed like a deal is actually a waste of money, and, it will find its way to the back of your closet after a few brief wears.
This is similar the concept of spending your money where you spend your time, but it focuses more on avoiding frivolous purchases, like that fancy kitchen gadget you’ll only use once in a blue moon.
10 Truths About Money That Changed My Life [Refinery29]