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10 Amazing Things You Gain By Spending Less

10 Amazing Things You Gain By Spending Less

Our lives are consumed by constant sense of worth through material items. Do you have the latest TV technology? Do you drive a brand new car?

We are led by our money. We feel that we need money, to buy these material items, in the hope that it will lead us to happiness. I can tell you now, you are wrong. You don’t need money to be happy and spending less will actually relieve you from the stress. Here are 10 amazing things you will gain from spending less.

1. You’ll have a reduced-stress retirement 

Are you in your work pension? Do you ever worry what you are paying in won’t be enough? Do you worry your current spendings will mean a low-budget retirement? But spending less will ease that stress. Remember retirement is about taking it easy, not about appearing wealthy. You have done your years of working hard and saving (for that TV, that car, that house). Now is the time to unwind and to spend time with family and friends. Your stressful days are done.

2. You’ll be free to do what you love

Do you ever feel that there is not enough time for your hobbies? I know I do. I keep thinking, “Oh, I’ll take some photos on my DSLR tonight.” Tonight comes and I become busy working out my finances and worrying about what I need to buy. Next thing I know, it’s nearly bed time and all I want to do is watch TV.

Freeing yourself from money worries will open the door to new possibilities. Stop spending your time thinking of things that you need. You don’t need new surround sound, or to replace those salt and pepper mills (because they don’t match the rest of the kitchen). Free yourself from those worries and spend the time doing the things you love. Say, “No, I have finished work for the day, now it is me time”. Spend that time on whatever you love, whether it is painting or reading a book. Whatever it may be, the options are in your hands.

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3. You’ll be free to prepare for emergencies

Disaster strikes and with it your bank balance drops drastically. And those car repairs or vet bills cannot wait for a more convenient time. As a result your overdraft, credit card and future bills are left in a confusing and catastrophic state.
Spending less means that you have the opportunity to put away savings. That way, when disaster strikes, you won’t be left penniless. You feel at ease knowing that you have those savings set aside should you need it.

4. You’ll have less clutter

Do you ever look around your room and think, why did I buy that? Or perhaps you have glanced at the endless items you have in storage and wondered why you bought it.

If you are spending less, that clutter won’t accumulate. Imagine the relief from having only items you need, not a mountain of junk. This can be very stress reliving as you will have less time needed for de-cluttering.

5. You’ll be free of debt

The credit card statement has come through. The amount of debt is frightening and you wonder how you will pay it back.

Wouldn’t you feel better if there were no debts to worry about? Of course you would. Freeing yourself from constant spending will make it easy to become debt free. Focus less on the ‘wants’ in life, which snatch away your money. Choose to cease spending and use your money on things you need.

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By becoming debt free, you will take the pressure of yourself. You won’t be frequently worrying about how you are going to pay it back. Another benefit of this is your credit score will not be affected.

6. You’ll be free to travel and see the world

Your mind is wandering again at work. You imagine how blissful it would be to be free to travel, to see the world. If only that was reality. But it could be with the correct approach.

Spending less opens you up to new opportunities, including travelling. If you can learn to spend less, you are more than capable of exploring the world. Not only will you have the money set aside (see point 3), but you will have the right attitude for travelling. Travelling is about exploring other cultures, with food and shelter being the only necessity. You will find yourself experiencing different lifestyles, not wasting time on going shopping. Remember, you should spend money on experiences, not on material items.

7. You’ll have happier relationships

Ever had a row with your partner because he spent money on the credit card? And the argument just seems to keep going, spiralling out of control, until you have forgotten what you were arguing about.

Money puts a strain on our relationships. We shouldn’t let it affect our relationships, yet it does. We all fear being financially unstable and not being able to afford things. Unfortunately we tend to vent out of worries and frustrations on our un-expecting partners. However, if you are spending less, making you financial stable, there will be less strain on your relationship. You can’t argue if you aren’t constantly spending. This results in happier relationships.

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8. You’ll learn new skills

Do you feel like you never have the time to learn a new skill? Have you always been meaning to learn a new language, but never got around to it?

Spending less money will free up your time. Just think about how much time you spend on useless money spending; searching online for a new wardrobe, finding the latest gaming gadgets, bargain hunting, the list goes on. With all this free time on your hands, you can finally learn that new skill. You can learn a new language or learn DIY tricks, whatever tickles your fancy.

9. You’ll be healthier

Finances restrict us. They take up our time, our energy and resources. You may feel that you don’t have time to work out, or you’re so stressed you need to pig out. As a result, your health takes a hit.

Spending less will greatly boost your health. It will take away your stress as you are no longer fretting over finances. That spare time you have gained will allow you to work out. You will have your full attention on your eating habits and be less likely to stress eat.

10. You’ll enjoy life

Our day-to-day lives are fairly manic. We get caught up in life’s motions that we forget to enjoy the moment. Among these culprits is money spending. It is regularly on our to-do lists; buy milk, find Hayley a cool birthday present, buy new yoga pants.

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This is where the true beauty of spending less comes to play. Our focus on money takes away life’s joys, straining our lives and turning our focus on material items. Spending less teaches us that we don’t need these things to be happy. It allows us to look at the current moment we are in, to appreciate what we have and to experience life.

Life is too beautiful to spend it worrying about material things.

Featured photo credit: sufinawaz via freeimages.com

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Last Updated on March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

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