Wasting money on unnecessary luxuries could be preventing you from affording the things you really want. Switching your mindset from instant gratification to future investment means the things you want become a lot easier to have. Whether you want to grow savings, take a dream holiday, start a business, or just get into a better mindset, here are five ways to afford the things you’ve been dreaming of.
Talk About It
Money is such a taboo subject yet it's the source of stress for a lot of people. Learn to talk about money and ask for advice or help if you need it. This is the most important step to getting your finances straight and overcoming any initial hurdles (such as debt or loans) that may prevent you from changing your money habits.
Adopt A Budgeting Method
If you struggle with saving vs spending, it’s advisable to sit down and work out exactly where all your money is going, reverse old habits, and start monitoring your spending more closely. Keep track of income and expenses; try to save a percentage of your remaining money and start budgeting the rest. Knowing how much is coming in and going out each month is the first step in learning to be better with money.
Environment Changes Everything
Your environment can play a huge role in how much you can realistically change. Sometimes our job, housing, or location, can hinder our ability to save for the future. It’s obviously not possible for everyone yet it’s worth considering downsizing or moving to a cheaper location; carpooling (walking or cycling) wherever possible and taking steps to reducing costly habits caused by our environment. Try to find ways to reduce the impact your environment has on your expenditure.
Get Your Priorities Straight
If you're used to buying whatever you want but now you want to save money, it can be a difficult transition into that habit and it all relies on changing your mindset. Do you want that takeaway cup of coffee every morning or do you want to go on a dream holiday? Because that’s ultimately the decision you’re making every time you buy something unnecessary. You don't have to completely go without little luxuries altogether but setting your priorities straight and making decisions on where to spend and where to save is crucial to affording the things you really want.
Learn When To Splurge and When To Save
Some things are just worth spending money on and others are simply required expenditures. Don’t begrudge utility bills, it’s not the cost of living that is draining your funds it’s all those little extras you add on. Unsubscribe from online services, skip your morning takeaway coffee, and make lunch instead of buying it every day - you’ll be surprised at how much you can save. On the other hand, don’t try to cut corners by buying cheap products, you’ll end up buying them twice in the long run. Opt instead for “buy it for life” items, focusing on fewer items of higher quality that will last for years.
Share with us in the comments.
Pin This Post:
