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Hi all, I am new to this forum and glad to learn from all of you. I have been in the process (very hard) to save. i used to be a money spender, love to purchase big ticket items, from electronic gadgets to brand name apparels. And I am still trying to resist the temptations and most of the time I got defeated. Any advise?
 

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Watch any documentaries that show the ultimate effects of hoarding as well as the millions of tons of electronic waste that we all produce. Also ask yourself if your financial goals are being met. Also read some of the other threads here such as 'how to consume less' and the iphone thread where we debated the unadvertised effects of new products.
 

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It goes back to the basics of wants and needs, ima.

There has been many discussions in this forum regarding the iPhone and its new brother, the iPad so I won't re-hash them a lot here...but you really have to ask yourself the question: Can I survive without owning either and if the answer is yes, why should I buy them and the pay the incurred monthly plans?

As for brand name apparels, I don't know your personal situation (age, status etc) so I won't pass any judgment but remember you are more often than not paying for the expensive logo and if you insist on wearing designer clothing, make sure to frequent Winners or the factory outlets.

Put your credit cards away and try not to shop for these items for a month. You will feel more invigorating and liberating ;-)
 

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And for some (me included) it's way more satisfying to see some savings rather than a $300 pair of brand name jeans in the closet.
 

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One suggestion I liked for people who have problems with impulse buying is to never buy something the first time you see it. Make a note of the product, and wait a day or a week and then decide if you still want it.

Budgeting also helps. Budgeting doesn't mean living like a pauper, it means giving yourself a set, affordable amount of money to spend on certain items, allowing you to make trade-off decisions (if I get this, I can't get that).
 

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I save money and I buy brand name

I only spend money I have on hand and that I have designated as spending money. I always research a lot before I buy. I buy things I know I will use for a long time

Marketing is very tricky, and it's all against you. Big box stores actually carry the brand name items with lower quality parts. Don't buy a brand name just because of loyalty or reputation. Any brand name can sell junk. Never line up to buy something that just came out.

If you're having trouble saving, just pay yourself first!
 

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Certain brands are worth buying if you know from experience that their products are well made and will last. I have a few Patagonia shirts and jackets that I bought in the 1980s and they still look great 20 years later. Plus when the zipper failed on one of my Patagonia jackets I sent it back to them and they sent me a new jacket for free. They also repaired (for free) another jacket whose snaps broke off when I took a head-first fall down an icy slope and scraped the snaps off while sliding on my belly.

My approach is pretty similar to mode3sour: I research beforehand and I buy stuff to last. This generally means I buy fewer items each year but each item is more expensive.

Setting yourself limits for particular categories of expenses (as mentioned above) is a good approach and can help you avoid impulse buys.
 

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One method of savings that I used to do was to make lump sum payments on my mortgage. I know that is not 'saving' in one sense but it saved plenty on interest... and avoided spending a lot of cash elsewhere and on things I obviously could live without.

If my mortgage balance was $65,611.33 I would make a lump sum of 211.33 and make it $65,400.00. I became addicted to even amounts and also getting it below a $1,000 increment. The next month my normal payment would come off and reduce the $65,400 to something like $65,227.15 and I would get it under the $65K threshold.

After a couple of years I realized that I never missed the cash, saved quite a bit on interest and suspect I made a better credit rating. The bonus was my mortgage was hammered down pretty fast.

On my latest house I am so maxed out for lumpsums and increased payments that I have to wait for my mortgage anniversary in the fall. I will continue to this quirky paydown then.
 

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I've a teenage daughter who likes brand name items. I'm not big on paying huge dollars for that. So she is just careful with what she buys and actually wears the stuff rather than accumulating it. In the end I doubt she spends any more than if we just bought her non-name brand more frequently.

She has a friend who's parents do her clothes shopping at second hand stores and I'm told she's got plenty of fab name brand clothing articles. I won't do that myself (got a thing about buying second hand or hand me down clothes) but if you don't mind, second hand is the way to go I would expect.
 

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avoiding brand names all the time may not be a great idea. if you think what goes into branding, it is much more than the ads. i am not in a marketing career, but as i understand, it involves proper product definition, survey of needs vs affordability, quality, durability, warranty, support, consistency, reliability etc etc. of course, they would charge a premium because of all this. so depending on what i buy, i sometimes seek out for certain brands.
 

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I agree that brand sometimes also means quality, but of course not always. I do buy quality - for instance, we paid $100 for a couch and chair set that was "refurbished by Eatons" in 1970. The set was most likely built in the 40's, possibly earlier, and is built damn solid. We just paid to have the set reupholstered for cheaper than you can buy a 'quality' couch and chair set now a days... only you can't buy this type of quality any more, you simply can't find it. The only way possibly is to have some one hand build it, but you can't buy it store bought for sure.

So for us, there are cases we will buy quality, sometimes it's brand name, sometimes not. For those who research their purchases I think thats the best way to determine how to spend your money.

I do have a wee laugh sometimes regarding quality... I worked for a summer at a factory that made makeup and I know what brands are EXACTLY the same, yet I've seen women swear that the one was better than the other. In my opinion, they felt it was better because it was more expensive. Fools! Haha!
 

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guilty.

I am guilty of this as well. I don't know why but I can just see the quality in designer brands(clothings, purses) vs generic brands. What I've done is learn to keep myself busy. I work longer now so I don't get the urge to go shopping. Instead of going to the malls, I'll stay away. I feel that malls are so large that they have many available shopping options which could lead you to spending more than necessary. Stay away from stores!
 

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Look to what the clothing is made of and where it is made. That is the best indicator of quality, not the brand.
Yes, although in some cases this means looking for clothing made in China, which has some of the best fabric craftspeople in the world. Yvon Chouinard, the head of Patagonia and someone who has very high standards for product quality, environmental impact, the desire to retain local jobs, and the desire to promote ethical labour practices, used factories in the US and Europe to produce Patagonia's clothing before finally settling on China for many of his products because the quality of the work there was better than he could get elsewhere -- he gave a talk about this a few years back that was fascinating. He didn't deny that cost was a consideration, of course. There is a long tradition of excellence in fabric work in China, with attention to quality and detail that is unmatched anywhere else.

There is of course a lot of cheap, flimsy fabric and clothing made in China as well. But it's like Ikea (most of which is made in China too): the cheap stuff is really bad but the good stuff is really good.
 

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I personally think that if it's something that you are going to use many many many times, then it can be justified somewhat.

I am talking about those $200 brand name jeans- they can make your tush look good like no other jeans can lol and if you wear them A LOT then I find I get more of my money's worth than if I were to buy 4 pairs of $50 jeans that I wont ever wear again.

This comes within reason though, I would never be the type to drop 1K on a designer handbag (I don't understand that).
 

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MY perspective is aligned with yours Y&T.

There is value in a brand name. And though not all of the time, a noticeable difference in quality.

What is everyone's take on branded foods? Do they you higher quality ingredients? Do they have higher standards?

I think the greatest thing a brand can offer is trust in their product.
 
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