$1 Saved is $2 Earned

Controlling your spending impulses is hard. Here’s a unique way to think about spending that has helped thousands of people to save more money.

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$1 saved is $2 earned. Wait, what!? If you earn $2 at work, by the time you pay taxes, CPP, EI, whatever deductions, many are often only left with about a buck. So, again, not spending a dollar is like earning two. Hence, $1 saved is $2 earned. Basic statement but so important to constantly remind yourself of.

Honestly, thinking about it will help you to control your spending impulses. “Man, I’m going to buy that new wedge for $250.” Ah, but that could be your next $500 in earnings. $500. And, trust me, you’re still going to scull it. Been there, shanked that. “Yes, we went out for a nice dinner last Friday but it’s been a very stressful week.

It’ll be $200 again but we deserve it.” That’s $400 in earnings. You know what truly reduces stress? Breakfast for dinner. Love that. Anyway, back to the theme—again, $1 saved is $2 earned. You know, I stole that one from the original “The Wealthy Barber” written in 1989 by a then 11-year-old Dave Chilton.