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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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Jessica Charlotte

Jessica loves sharing her tips on life. She writes about happiness and motivation on Lifehack.

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Last Updated on June 26, 2020

25 Easy Tips on How to Save Money Fast

25 Easy Tips on How to Save Money Fast

“How to save money fast?” This is the question asked by all of us not in the top 1% of rich people.

If you are looking for ways to drastically reduce your expenses immediately, first look at what you need to spend money on every week. And I mean really need.

You don’t really need to order in food. You don’t really need to buy expensive perfume.

Building from that, you can work out how your regular expenses can be reduced.

As for irregular expenses, they can also be deceptively costly in the long run. Once-off buys can also be tackled with some prudent planning and a little extra research.

And remember: a budgeted lifestyle does not mean a bad or boring one!

But first, understand what budget you can cut down on daily:

  • Regular expenses for the average adult (can be trimmed but not eliminated):
    • food
    • rent/mortgage
    • cell phone
    • insurance
    • socializing/entertainment
    • transportation
    • hygiene products
    • household bills
  • Irregular expenses for the average adult (can be eliminated or cut down a lot):
    • travel
    • clothing
    • medication (*depends)
    • grooming (hair, nails etc.)
    • gifts

Now, let’s dive right into the 25 ways to save money fast:

Save Money on Food

1. Bring a stock of food to the office/work

Instead of popping out for an overpriced salad and a smoothie, leave a set of basic utensils at the office as well as a stock of non-perishable goods such as tinned fruit, tuna, rice crackers and so on (try to avoid the junk food and this can turn into a pretty great diet!).

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Stocking up means you won’t forget or say “I didn’t have the time” when you rushed out to work in the morning.

2. Buy the store-brand version

Many basic foods, such as bread and milk, will taste exactly the same as their branded alternatives. Go for stuff with minimal additives and preservatives. Meat in a tube is probably insanely unhealthy!

3. Eat cheaper cuts of meat

Learn how to tenderize and flavour cheaper meat and fish, and save on the (typically) most expensive item on your grocery bill.

4. Have group dinners

If 10 friends put $5 each in the kitty, it’s pretty easy to make a giant lasagne and get refreshments, as well as hang out with your favourite people.

Save Money in Transport

5. Get a bicycle

Save on gas money and bus/metro fares with this underrated mode of transport.

6. Use public transport and/or don’t get taxis

Some places can only be reached by car. But as a good practise, check your public transport website and see if any routes pass nearby where you need to get to. Walk as much as you can.

7. Find the cheapest gas

Regularly check out where the cheapest gas can be bought.

Save Money in General Shopping

8. Shop online

Not only will you save on the gas or transport fares from going to the shopping mall but you will also find better deals

9. Sell your old stuff

Get your unwanted belongings up on eBay ASAP and earn a few dollars.

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Here’re more ideas for you: 25 Things to Sell to Make a Lot of Money

10. Bulk buying stores

For regular non-perishable/slow perishable purchases such as toilet paper, cat food, pasta, washing powder and so on, do an epic stocking-up trip to a co-op or equivalent (my mum used to go to a place that restaurants buy from).

Be wary of supermarket “deals”, as some have been found to be fraudulent after working out a simple calculation.

11. Become a flea market/car boot sale/street market guru

You can find original gifts and develop good negotiation skills at these places.

12. Generic brand medication

More often than not, the generic version of paracetamol and other basics work the same as the branded version.

13. Choose deodorant, not perfume

It blows my mind when someone drops $70 on a bottle of spray. Stick with a nice deodorant, and not only will you smell just fine but you’ll be sweat-free as well!

Cut Down on Household Expenses

14. Printing

Ink is one of the most expensive substances in the office and coloured ink is doubly so. B

e more efficient and choose black and white, and if your printer doesn’t have a print-both-sides options, just print odd pages first, re-insert the paper and print even pages.

Expand the margins of what you are printing as often as you can to save on paper.

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15. Minimize SMS and phone calls

A combination of a free chat service such as WhatsApp and a free call service such as Skype can reduce your bill to nothing (so long as you have a decent Wifi connection).

16. Shop around for insurance

Most people don’t spend enough time searching for the best insurance deal.

Keep a watchful eye out for deals and new competitors in the market.

17. Try re-negotiating your rent/mortgage

If you have built up a good credit history or a good rapport with your landlord, then chances are a frank chat about needing to tighten your spending could result in lowering your payments. You’ve nothing to lose from trying.

18. Don’t get a TV

Invest in a computer/laptop and an internet-only package. You can watch more (and often better) entertainment on the web, and skip the advertisements as well.

19. Pool your internet bill with a neighbour

My apartment building is basically a big old house split into three apartments. There are five of us in total. We pool the internet bill, making it crazy cheap.

Save Money in Socializing, Entertainment And Travel

20. Have house parties

Instead of paying for overpriced drinks, set up a series of in-house get-togethers with your friends. Everyone takes a turn, so it’s not always your house that needs cleaning.

For sound insulation, hang heavy drapes on the walls and windows. For music, invest in a good second-hand set of speakers which you can connect to your computer. Let Spotify or Grooveshark playlists do the rest.

21. Open festivals, meetups and events

It never fails to surprise me how much underground stuff goes on around me for free or for very cheap. Find out who runs the blogs and websites that list all the less well-known cultural activities.

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22. Volunteer

If you can’t pay for a ticket, volunteer and get to be there anyway.

23. Housesit

There are multiple housesitting websites offering you the possibility to avoid paying hotels and skip the discomfort of crummy hostels.

Save Money on Hygiene and Beauty

24. DIY beauty

French manicures, pedicures, waxing, eyebrows… pretty much all of these can be achieved at home (and done well) with some practise. There are plenty excellent blogs and YouTube tutorials to help.

25. Fewer haircuts/volunteer at a trainee hairdresser

If you can’t bear the risk of a trainee touching your locks, learn more ways to manipulate your hair as it grows and get haircuts sparingly. Women’s haircuts are outrageously priced in many cities.

Bonus: Effective Money-Saving Tips for Everything

Here’s a summary of what you can generally do to save more money:

  • Share/pool resources. Organize a neighbourhood sharing scheme, common resources for your apartment block or with your friends. Not everybody needs an individual lawnmower.
  • Buy energy-saving everything. The easiest way to lower your bills – replace those lightbulbs!
  • Buy in bulk. Be sensible about it (i.e. make sure you have space!), and drastically reduce weekly expenditure.
  • DIY. Skill up using YouTube tutorials on plumbing and many other essential services so you never have to pay for simple problems again.
  • Research a lot before making a decision. Most money-wasting is the result of poor preparation and planning. Don’t shirk this part just because you don’t like it!
  • Use your network. Your network is full of resources that can ease the pain of budgeting. Ask for help.
  • Stop and think. Do I really need it?

Unfortunately, there are some things that require plain ol’ giving up for the time being. This can include high-cost sports such as skiing, the latest versions of some technologies, the finest brands of food/drinks, premier seats at the opera and most other indulgences.

What is important to remember during lean times is that when you look back on your life, it will be the experiences that stand out, not the extra comforts.

Living on a budget can teach you a lot about how much you can really get out of your paycheck. We only live one life, so make the most of every penny you earn!

More Tips for Personal Finance Management

Featured photo credit: Unsplash via unsplash.com

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