Time for Change-Get Your Pockets Right: Part 2
According to a 2012 Nielsen report, the collective buying power of the African-American population is projected to be at $1.1 trillion by 2015. That’s trillion with a “t” (source: http://www.nielsen.com/africanamerican).
Simply put, black people love to consume.
So, this week’s financial tip from Carrie Thompson might prove radical for us. It’s going to challenge our psyche.
You should remember my financial muses, JB and Carrie Thompson.
They are the Oshkosh couple who has successfully eliminated more than $50,000 in debt without filing for bankruptcy. They did so in record time by using simple-to-implement, common-sense strategies.
In our previous Time for Change-Get Your Pockets Right post, JB recommended purchasing a notebook from the local dollar store and documenting every dime spent. That simple step enabled JB and Carrie to identify spending patterns and trends which started them on the path to turning things around for themselves.
I have gotten feedback from readers of this blog who have purchased and are using their notebooks. Many have reported that they can better see where their unnecessary expenses are and have been working toward eliminating those. Thanks, JB.
Today’s tip is from JB’s better half, Carrie. Carrie suggests:
1. Delaying your gratification. If you find something that you want to buy, sleep on it for 24 hours before purchasing it. Never impulse buy even if the item is on sale. Nothing is that good a bargain.
2. Plan your meals instead of eating out. It’s also good for the waistline.
3. Do your own manicures, pedicures, haircuts and shaves. The money you save will add up quickly.
So, there you have it. Three feasible money-saving ideas from a woman who did not let instant gratification and impulse shopping derail her on the road to financial freedom.
Take our quick Instant Gratification Poll. The results will be posted next week.
blackvoicesofoshkosh 
I would go one step further and say that those with very modest incomes contribute billions to our economy each year. From talking to those close to me impulse shopping is an issue for all of those in that group – yet they are the ones who can least afford it.
I cannot tell you the number of people who have negative things to say about my car – yet I can proudly say it doesn’t look pretty, but we have no car payment, our insurance premium is low, and it gets me to work everyday.
Living within your mans does not seem to be the American way.
I cannot say enough about couponing which I recently started. This week, I had to unexpectedly buy a major appliance. I checked my coupon pouch–which I now take with me everywhere–and low and behold, I had a $25 coupon. Using the coupon and doing some comparison shopping resulted in a $75 savings.
I’m an impulse buyer. The sad thing is that often times I don’t want or appreciate what I’ve purchased once I get it home. As I get older I try to make smarter financial decisions. Waiting for sales, using coupons,etc are good ways to save!!!! Comparison shopping/price matching are awesome ways to save as well.