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Ditch The Excuses: 15 Tips To Quit Spending Your Money

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Ditch The Excuses: 15 Tips To Quit Spending Your Money

If you want to spend less money, you’ve got to go about it in the right way. You know you have to save for the future, but how do you make sure that it’s really gonna stick? Unless you have some great ideas and a plan, you might run into trouble. Follow these simple tips to curb your spending.

1. Set Savings Goals

It’s always good to make a plan. Are you saving your money in order to buy a car? Perhaps you just want to pay down those credit card balances. Whatever the case, set your goals. Once you have a clear idea of what you are saving for, you will be prepared to work toward that goal. Think of your goals as a line of defense protecting you from spending inordinately.

2. Plan Your Budget

Keep track of what you are spending, and log daily entries into a budget spreadsheet. Over time, you will see how much you spend every day, week, month, and year. If you need some help, there are many effective budget planners that you can find using a search engine. You can analyze your budget, and pinpoint exactly where your wallet is hemorrhaging. You can also keep track of your income in the same manner – make sure that you are not spending more than you earn! In any case, simply cut out the expenses that aren’t doing anything for your savings, and watch your earnings grow.

3. Balance Before You Spend

Pay all of your bills before you leave the house to go out. When you are unaware of your financial condition, you are more likely to spend money frivolously. When you have a good idea of your finances, however, your awareness will help you when you go out. Balancing your checkbook will provide you with the willpower to avoid spending too much.

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4. Wait Three Days

Whenever you are tempted to make a big purchase, wait three days. While you’re waiting, consider whether or not you need what you want to buy. After the rush of impulse shopping wears off, you will know if it’s something you actually want to purchase.

5. Eat Your Food

Don’t go out to eat. There’s food in your fridge that’s probably better for you, and you will save big bucks by staying home. Check your pantry before you take another trip to the store: you probably have some food in there too. And when you do go to the store, eat before you go – a hungry shopper is a spendy one!  Remember, only go to the store when the food is gone. You’ll take fewer trips and lower your grocery bill, effectively saving you some money in the process.

6. Pack Your Lunch

Many people spend their money daily on expensive restaurants and food trucks. Avoid this trap by making a sack lunch before you leave the house for work. You will eat healthier, and you’ll save a great deal of money by following this tip.

7. Shop With a List

Make a list of what you need to buy before you leave the house. This will galvanize you when you are out – just stick to the list. In this manner, you can easily avoid impulse buys. Just remind yourself that you can’t buy anything that isn’t on the list.

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8. Cancel Catalogs and Emails

Retailers are sending you emails and catalogs all the time. They want you to open them so that you will be mesmerized by their latest deals. Don’t open them! Unsubscribe from these emails (usually there is a link to opt-out right at the bottom of the email). Call retailers that send you catalogs and ask them to remove your name from their mailing lists. In these ways, you can allay your temptation to check out the latest deals (saving you some hard-earned cash!).

9. Hide Away Your Credit Cards

Your credit cards can be your worst enemy when you are striving to save money. Therefore, place them in a spot that isn’t readily available to you. A safe is a good place to start: the credit card won’t be readily accessible, and it takes time to enter the combination. Safes aren’t the only way to stop spending with your credit card. You can try anything that will slow you down when you want to pull out the card.

There are more drastic measures that you can take (especially, if you don’t have a safe). Try wrapping your cards in plastic and burying them in the backyard. Or you can freeze them. Just place the card in a bowl of water and stick it in the ice box. (Put a coin atop the card to keep it from floating.) Next time you need to use your credit card, you will need to thaw it out or dig it back up – very effective deterrents, indeed.

10. Cut Up Your Cards

So the icebox trick didn’t work. Or maybe you’re really good at digging. You somehow managed to spend with your credit cards even after you tried to hide them away. No worries, just cut them up. If you find yourself spending too much with debit cards, cut them up too. No more trips to the ATM on a whim, and no more impulse buying. No credit and no debit means no frivolous spending with your cards.

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11. Borrow Don’t Buy

When money’s tight, think of borrowing what you need. The neighbor’s lawnmower, a tie for a special engagement, your brother’s pickup truck. Remember, you often don’t need to rent or buy anything, especially if it’s for short-term use.

12. Trade & Barter

Many things that you currently own have value. Keep this in mind when you need to buy something: you can trade what you already own! Ask the neighbor if he wants to trade his lawnmower for your chainsaw. You can even barter your own time if necessary, like babysitting your brother’s kids so that you can borrow the truck again.

13. Collect Spare Change

Keep a change jar, and deposit all of the pocket (or purse) change you accrue. Another fun idea, put a label on the jar, like “Ski Trip,” “Disneyland,” or “Sound System.” Whenever you put money into the jar, you’ll feel good for working toward a savings goal.

14. Just Do It

Rather than paying someone else to weed your yard, fluff & fold, or clean your house, go ahead and do it yourself. In the long run, these services aren’t doing much for you. Sure, they’re convenient but they’re going to cost you. The cost for doing it yourself is just a bit of your free time – and your savings will thank you for it.

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15. Consider the True Cost

Whenever you want to make a purchase, consider the “true cost” to you. Find the true cost by calculating how many hours it would take you to earn the money to pay for what you want to buy. For example, if you make $20 per hour and you spend one-hundred dollars to go out and eat, you just spent five hours of work. By effectively converting the monetary figure to an hourly one, it can serve to deter you from making purchases you might regret.

With these simple tips, you’ll find that you can eliminate needless spending and start to grow your savings. It might not be easy at first, but it can be fun! Try thinking of the money in your bank account as your score in a video game – avoid the spendy temptations, incorporate these tips into your buying habits, and rack up those points! Before you know it, you will be heading down the road to reducing your debt and building up your wealth.

Featured photo credit: Money/Public Domain via publicdomainpictures.net

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Published on November 8, 2021

How To Achieve Financial Freedom With the Right Mindset

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How To Achieve Financial Freedom With the Right Mindset

What would being financially free mean to you? Have you made the mistake of thinking that financial freedom requires millions of dollars and decades of hard work? When it comes to our relationship to money, the answers really lie in our mindset. Change your mindset around money and your entire financial outlook will change with it.

And no: we’re not talking about putting a check for a million dollars under your pillow at night. This is about you becoming a financially free person, in whatever capacity you choose. And that’s really the key: it needs to be defined by you. So many people outsource this responsibility to society/celebrities/the government etc… and as a result never achieve it.

What if you could identify what financial freedom looks like for you, realize that it is possible to get there in a matter of a few months and then build a road map to do just that?

Read on, because that’s what we’re going to open you up to. This isn’t about giving you specific strategies “guaranteed to work in five minutes or your money back…blah blah.” This is about awakening you to just how powerful you are, where your blocks lie and how to smash through them effectively.

Financial Freedom – What is it?

Well like I said: I’m not going to define this for you. That misses the whole point of this article, but let’s lay out some ideas to get you started.

Typically, when we talk about financial freedom in the west, we really mean: freedom from needing to work, in order to meet financial obligations. We know that there has been a rise in depression amongst nine-to-fivers, 62% as a matter of fact between 2019 and 2020 in the USA.[1] It’s therefore no wonder that there has been correlative uptick in the search for alternative solutions to finances.

This depression is largely as a result of feeling trapped, unable to realize potential and being denied opportunity. It is also likely that, thanks to a more global world and social media: we see just how abundant life can be for some; like a carrot dangled tantalisingly close, but just out of reach. We yearn for more meaning in our lives, more excitement and to be able to live on our terms.

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Finances are (as we see it) the stumbling block and the preserve of the chosen few…not us.

So to start building an accurate picture of what financial freedom would be for you, begin with what your life would look like if you didn’t have to worry about money. How would you feel if you didn’t have to consider your monthly budget, when putting your hand in your pocket to pay for lunch?

The point is that a lot of the stress and resulting depression that comes from feeling like a ‘wage-slave’ is down to our lack of clarity on what we actually want. We get caught, focussing on what we lack and that perpetuates a mindset of lack that very quickly is reflected in our reality. We are allowing our subconscious, emotional mind to be bombarded with imagery every day that reenforces a sense that we aren’t good enough. That we do not have what it takes.

That wouldn’t happen though if we had done the work of pinning down exactly what we wanted in the first place.

Does Financial Freedom Come at Extreme Levels of Net Worth?

There is a tendency, thanks again largely to how we are conditioned through media, to think that financial freedom only comes at extreme levels of net worth. What if I told you that is completely ill-founded and untrue?

Using the standard/assumed definition of financial freedom for a moment; this means that you need enough capital to generate a return that is greater than, or equal to your monthly expenditure. That doesn’t necessarily tell the full picture, but nevertheless; it’s is a good place to start.

If your monthly outgoings (mortgage, bills etc…) come to $3,000 for argument’s sake, you can achieve that with as little as $108,000 invested over three years.[2]

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Hardly the millions you had probably envisioned is it?

Remember: we’re not talking about you living a lavish lifestyle necessarily. If that is what you want; fantastic, it’s certainly achievable, but what we’re getting at here is your ability to meet all of your financial obligations without having to work.

I’m sure you’re unlikely to find $108,000 down the back of your couch, but it is a figure that is well within reach of most working adults. A $36,000 salary opens you up to borrowing that kind of money, and even if you have to continue working in the short term in order to service the debt and keep up with your bills; you’ll have a clear end goal in sight.

And you’ll have doubled your income in the meantime, for the same amount of work!

How To Achieve Financial Freedom With the Right Mindset

As we touched on earlier, coming at your life from a space of ‘lack’ simply perpetuates more of the same. As I always say: your environment doesn’t lie. Look around you, if you’re dissatisfied with any aspect of your life, you first need to accept responsibility for it. If you don’t, you’re abdicating your power to make new choices.

You may well have been the victim of circumstance in the past, but how you respond and what you do with that experience is up to you. If you choose to look for the positive, however minor it might be in any given situation – your experience of life will begin to change.

This is, in essence, what The Law of Attraction is all about. What lies behind it is your reticular activating system (RAS). The part of your brain designed to filter out the (as it sees it) unless information, highlight the important information and prioritize your safety. Thanks to it being part of your primeval/‘lizard’ brain however, it predates the conscious mind, intellect and reason.

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The issue for a lot of us is that we haven’t understood how to communicate in a way that our RAS understands. We can’t translate our conscious desires and are therefore caught in a loop between two incongruous forces.

Our subconscious wants us to be alive and it bases its criteria for this, largely on the principal of: same = safe. Meanwhile, your quality of life, passive income, work/life balance etc… are inconsequential. That part of your mind doesn’t give a hoot about the utility bill or being able to afford a holiday.

It is perfectly possible to show you subconscious/RAS the benefits of financial freedom though, or indeed any other outcome you’d like to see in your life. You just have to speak its language. Becoming debt free and financially free is actually one of the easiest things you can communicate to your subconscious, because you have so much ‘real-world’ experience with money.

Here’s how:

  1. Start by clearing your mind and being present – find a meditation, visualization or breathing exercise that calms your mind, allows you to focus on the present moment and become an observer of your surroundings. The point of this is to stop all of those thoughts buzzing around in your head that are pulling you back to the past, or projecting you into an imagined future.
  2. Then build a mental movie or slideshow of what your average day would look like, were you to achieve financial freedom. We’re not talking about big occasions, huge wins or events; just an average day.
  3. From your position of present observer – start to observe the feelings that arise as you go about this average day in your new life. Do you feel your shoulders relax and drop? Have you got excited ‘butterflies’ in your stomach? Are you smiling more?

Learn to recall these feelings at will – this will connect the dots for your RAS and you will soon start noticing a shift. Think of it as connecting with your desired future and pulling it into/towards your present.

Bonus Hack – Practice Gratitude

We’ve already discussed how you can start attracting/observing the opportunities that will enable you to achieve financial freedom. This involves a lot of work in order to finesse, but the principals are easy enough to understand. Something that we can all do, no matter what we’re trying to achieve, is practice gratitude.

Using the same principals that I’ve outlined above: something of a ‘catch-all’ that we can train our minds to produce more of, is gratitude. If we can shift our mindset so that the next time some negative, external and unforeseen event occurs, we are still able to be grateful for it; your entire experience will shift.

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Not only will you observe more to be grateful for all around you on a daily basis, but you will shift out of a mindset of ‘lack’. All of the barriers that stood in your way before (not enough capital, stuck in a job I hate etc…) they will shift to becoming things that support your desires and goals.

For example:

The job you hate, when reframed as the means to support a transitional stage of your life (i.e. enabling you to borrow money to invest) suddenly gives you a resource to be grateful for.

The added beauty of this is that your RAS doesn’t know the difference between a big win and a small win. You being truly, deeply grateful for your socks (for example) carries the same weight as being grateful for your health, or your spouse. This is why I say “practice” gratitude. You can start whenever you want!

Look around you right now and find something that you really are grateful for, no matter how small and seemingly inconsequential.

Practicing this will create a snowball effect. Much quicker than you might think: you’ll be overwhelmed with gratitude for your life and all that’s in it.

In Summary

Financial freedom is more within your reach than you probably think or feel. Understand that the limits you’re assuming to be there are largely a product of your subconscious mind, having been drip-fed evidence of that over the course of your lifetime. Changing that might take a lot of effort in the short-term, like cranking over an old car, but the effects will begin to build up quickly and self-perpetuate.

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Apply this mindset to your financial situation and you will find that it too will begin to ‘snowball’. Financial freedom is closer than you think, so start looking for it today!

Featured photo credit: Pepi Stojanovski via unsplash.com

Reference

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