In this episode, we talk Kakeibo! The Japanese art of saving money! This is one of the most well known and interesting methods out in Asia that helps you manage your finances with a unique twice. It helps take a minimalistic approach to things that help you clutter things that you do not need out of your life! 

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Show Notes:

• What is Kakeibo?
  • It means household financial ledger
    • A simple approach to managing your money. Just a pen and paper are needed
• The point is to physically write things down to meditate and reflect upon your spending habits 
  • It's easy for a computer or an app to do it all for you and just view it on a chart or graph. But the point for actually doing it yourself, you get a different sense of things.
  • Actual research shows there is benefit to writing it by hand rather than a computer doing it 
• According to the kakeibo method, you must ask yourself the following questions before purchasing any non-essential items
  • 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.
  • Don’t let “blowout sales” tempt you.
  • Check your bank balance regularly.
  • Spend in cash.
  • Put reminders in your wallet. 
  • Change the environments that cause you to spend.