Did You Know That Regardless of Income Level You Can Control Your Spending Habits To Gain Wealth? Try These Tips!
Are you in a position where no matter how much you earn your savings are always at an all-time low? Do you find yourself constantly in debt? Then pay attention to what I have to say. It can take you from level zero in your financial status and set you on the way to level 100 before you know it.
A friend of mine, who is now a millionaire, was in a financial rut some years ago and he taught me a few things about getting out of such a place.
One of the things he opened my eyes to, and which still resounds in me to this day, is the fact that the smallest choices we make can have a lasting impact on our wealth and personal happiness.
Think about it. You just got paid and instead of taking care of your savings first, you head straight to the JustFab online store. Or how about not doing up a budget and so have to end up delving into your savings to buy something you need?
If you were to change these two things, do you know how much you could save? Now add investing some of that savings into something worthwhile, the results could be mind-blowing!
So what do you need to know about acquiring wealth while spending? Here are some key facts:
1)Pause, reflect, and make different allocation choices — This simply means pausing before spending your income, reflecting on whatever bad spending habits you may have had in the past, and then setting up a budget in such a way that your spendings are allocated to the things that matter.
2) Realize that moderation is essential for maintaining a balance between overspending and financial starvation — Again, consider before you spend. Is it worth it? Do you need it? Compare prices then choose the lesser of the two evils.
3) Recognize your spending biases and harmful practices by unpacking the psychology of your wants, needs, and gratification — this may take a little bit of research. Educate yourself by reading books on finances and how to save while spending.
4) Understand that overcoming the psychological need to have instant gratification can be beneficial to you down the line — You know there are some things, like a car that can wait until your next paycheck (depending on your level of income) or even until you would’ve saved enough to get it? Now, if you were to spend what you currently have on that car, think of what it could cost you in the future. As the saying goes, “don’t give up what you want most for what you want now”.
It’s a fact that, as humans, we often spend money on things that have no future financial value, instead of recognizing that we probably can achieve future financial growth by not overindulging in certain things. We have the power, however, to change our financial destiny.
So, what are you waiting for? Be the change you want to see and get out of that financial rut by educating yourself and making those spending adjustments.
Wealth awaits you!!
