Frugal February #3: Know What You've Got

Have you ever had the experience of looking for an object in your home and coming across something useful that you didn't even know you had?

How about knowing you owned something, but not being able to find it when you needed it?

How about knowing you owned something, and needing it right now, but not being able to find it and having to go out and buy a second one so you can use it right now?

Know what you've got.  It's a way to save money.  If you know what you've got, and where to find it, you won't have to run out and purchase a replacement when you can't find something you need to have today.  Likewise, you won't accidentally purchase a second of something you all ready own and definitely don't need two of.

Being organized is a frugal trait.  It saves you time looking for things.  It saves you money from purchasing more than necessary.  It also helps you to prioritize what you need to purchase.  I don't own a black belt for dressing up, but I do own an 'everyday' brown one.  If all my blouses and sweaters are worn to cover the waistband and belt loops of my pants and skirts--thankfully tucked-in shirts aren't the only style currently--I don't really need to go spend money on a black belt any time soon.  I can use the brown one, and wait until I find a good deal on a black one before I purchase it.  In the meantime, I can use what a new black belt, not on sale, would cost towards something else much more urgent.  Like maybe gas in the car. Or an electric bill that was larger than expected (or budgeted)!

So that's an over simplification, but I think you get the point.  I know someone who has about a dozen white cotton ribbed turtleneck sweaters, most of which are all the same size and have never been worn.  She bought a few, put them away, forgot where she put them, couldn't find them, and when she needed one for an occasion, she purchased a couple more (so she had a replacement in case the one got stained).  The next year, she forgot she'd purchased replacements, still hadn't found the first set, and mail ordered a few more. 

What unnecessary expense!

Know what you have, and where to locate it, and you won't needlessly spend money.  Know what you have, and how to maybe make it substitute for something similar, and you can wait until you find a real bargain on that similar item--if you even think you still need to purchase it.