‘Kakeibo’: The Japanese method of saving money

[BoyNextDoor]

According to the kakeibo method, you must ask yourself the following questions before purchasing any non-essential items — or the things you buy on impulse, but might not necessarily need:

• Can I live without this item?
• Based on my financial situation, can I afford it?
• Will I actually use it?
• Do I have the space for it?
• How did I come across it in the first place? (Did I see it in a magazine? Did I come across it after wandering into a gift shop out of boredom?)
• What is my emotional state in general today? (Calm? Stressed? Celebratory? Feeling bad about myself?)
• How do I feel about buying it? (Happy? Excited? Indifferent? And how long will this feeling last?)

Here are some simple kakeibo-themed strategies to ensure that you spend more mindfully:

• Leave the item for 24 hours. This highlights whether you genuinely want or need it.
• Don’t let “blowout sales” tempt you. Ask yourself whether you would buy it if it were full price?
• Check your bank balance regularly. Checking your balance will help you feel more in control of your finances
• Spend in cash.
• Put reminders in your wallet. My friend came up with the brilliant idea of attaching a sticker to her credit card that bluntly says, “Do you REALLY need this?!”
• Change the environments that cause you to spend. If you notice that you often spend money after clicking on a marketing email or seeing pictures of an Instagram influencer wearing a particular brand, for example, then unsubscribe or unfollow.

 

[RoryN]

Leave the item for 24 hours.

^^^
Tried this.

As a result, the eBay auction ended before I could bid.

You owe me a garden gnome.

 

[pointless]

i would say using cash is a good tip that is sadly not always actionable in this silly, stupid world we live in. still, there's something about being able to see, count and feel the money you're about to spend that can make you think twice.

 

[Ann_Tagonist]

Titanium piggy banks are another way.

 

[rae121452]

fuck all of that, i want instant gratification. i never buy anything unless it's on sale, marked down or dirt cheap. or in a thrift store. i hate the japanese anyway.

 

[BoyNextDoor]

^^^
Tried this.

As a result, the eBay auction ended before I could bid.

You owe me a garden gnome.

My bad

 

[BoyNextDoor]

i would say using cash is a good tip that is sadly not always actionable in this silly, stupid world we live in. still, there's something about being able to see, count and feel the money you're about to spend that can make you think twice.

My translation for the digital word is to take my after tax, take home pay per hour, and then divide by the cost of the "thing". And decide if the thing is worth that many hours of my life.

 

[IrezumiKiss]

i would say using cash is a good tip that is sadly not always actionable in this silly, stupid world we live in. still, there's something about being able to see, count and feel the money you're about to spend that can make you think twice.

This is why cash bars will always rule over card only. Cards make you feel invincible, with crumpled-up Georgies in your pocket or your grubby hands, you know exactly how far you'll go.

although the proliferation of in-bar ATMs sort of killed that barrier.

 

[Conager]

There's nothing specifically Japanese about the proper money management.

That is like referring to chicken broth as "Japanese" Chikinsūpu

 

[HisArpy]

My translation for the digital word is to take my after tax, take home pay per hour, and then divide by the cost of the "thing". And decide if the thing is worth that many hours of my life.

This is why cash bars will always rule over card only. Cards make you feel invincible, with crumpled-up Georgies in your pocket or your grubby hands, you know exactly how far you'll go.

although the proliferation of in-bar ATMs sort of killed that barrier.

One method I go along with is putting your entire paycheck into a savings account via direct deposit. You pull cash money for everyday expenses like gas/food/mad money from your checking account from funds you transferred at the time you paid your bills. The rest stays in the savings account. Pay your bills on the same day every month by writing a check and then transfer ONLY that amount (plus the pre-set mad money amount) to the checking account to cover the checks.

You pay cash for everything. If you shop online, use a loadable debit card or pay the balance off monthly.

You will be surprised as how quickly the money in your savings account becomes something you guard zealously against everyone else who "wants to steal it from you".

 

[Ziggins]

Tiny Japanese apartments and various disasters that may destroy all possessions limit their accumulation of stuff. Similar lessons are learned in some areas of the US.

 

[Liar]

I'm not thrifty. I'm lazy. And buying stuff is a hassle. You have to haul your ass to the shops and carry shit home, you have to unpack whatever it is, make room for it at home, thow away boxes and packing material, andm if we talk about upgrades, get rid of the shit you already had.

I just can't be arsed.

It's most of the time not a qurstion of "can I afford the money?". It's rather "can I afford the energy?"

 

[BotanyBoy]

fuck all of that, i want instant gratification. i never buy anything unless it's on sale, marked down or dirt cheap. or in a thrift store. i hate the japanese anyway.

Cries about how capitalism is economically oppressing him and how rich people owe him their money.

 

[RocketLauncher]

 

[RocketLauncher]

 

[RocketLauncher]

Have you tried it? Does it work?

 

[heathergives]

In related news, there is a deposed Nigerian Prince in desperate need of your help!

 

[BoyNextDoor]

Have you tried it? Does it work?

I'm adopting it for my 2020 spending mantra. Will weigh in NYE to see if it makes a difference