If you're singing the budget blues, maybe it's time to change your tune.
Instead of eliminating spending altogether to save money, follow what's called the "step-down principle," which offers several options to make a purchase.
Here's how it works. First, imagine a staircase with five or six steps, with the top rung representing the most expensive way to make a purchase, and the bottom rung the least expensive. For clothing, the top rung may be a high-end department store, followed by a discount store, a factory outlet, a consignment store, and finally a garage sale. If you typically purchase children's clothing at high-end department stores, move down a few steps and purchase gently used children's clothing at a consignment store.
Identified by Dr. Alena Johnson, Utah State University, the step-down principle also works with frequency. For example, you may decide to eat out five times a month instead of 10. Or, use the step-down principle to reduce caloric intake. Rather than drink whole milk, step down to 2% or skim.
Find ways to stick to your budget without cutting out the things you enjoy. The step-down principle is a simple strategy that works. For more ideas to save money, visit the professionals at TCU or call today at (800) 552-4745.
Instead of eliminating spending altogether to save money, follow what's called the "step-down principle," which offers several options to make a purchase.
Here's how it works. First, imagine a staircase with five or six steps, with the top rung representing the most expensive way to make a purchase, and the bottom rung the least expensive. For clothing, the top rung may be a high-end department store, followed by a discount store, a factory outlet, a consignment store, and finally a garage sale. If you typically purchase children's clothing at high-end department stores, move down a few steps and purchase gently used children's clothing at a consignment store.
Identified by Dr. Alena Johnson, Utah State University, the step-down principle also works with frequency. For example, you may decide to eat out five times a month instead of 10. Or, use the step-down principle to reduce caloric intake. Rather than drink whole milk, step down to 2% or skim.
Find ways to stick to your budget without cutting out the things you enjoy. The step-down principle is a simple strategy that works. For more ideas to save money, visit the professionals at TCU or call today at (800) 552-4745.
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