I haven’t been able to post for several weeks due to some major life changes happening. New career, new diet, new city, new house, new lifestyle, new challenges. So I have decided to write this weeks post about something we ALL love to learn more about .. MONEY!
It can be easy to easy inflate your lifestyle once you have graduated and started earning a proper income, or if you get a promotion you suddenly spend more now that your earning more. To avoid living the paycheck to paycheck lifestyle, there is one handy method you can do to control your spending before it gets out of hand. I don’t often sit around and watch You Tube videos, but someone that does offer VERY valuable information and knowledge is Jaspreet Singh from The Minority Mindset.
It’s a similar concept to my blog – He talks about not being the majority of people, I talk about not being ‘average’. He has come up with this concept that forces you to live below your means. It’s is fully explained in the video below:
It’s so easy to look over the fence, but don’t be fooled by people flashing their brand new items in front of your eyes. Your friends may have nice clothing all the time, but in reality their parents may pay for it and take them shopping on a regular basis instead of them supporting themselves. They may go on overseas holidays but could paid have for it with their credit card debt. They may have a brand new car, but chances are they will be making weekly payments for the next few years.
It can be easy to get caught up and think to yourself “why don’t I get to have that”. You just have to focus on comparing yourself to YOURSELF. Set up a financial plan such as the rule of 5, or automate your savings and debt payments so it leaves your bank account/spending account before you even see it. Make a change towards your future, that will allow you to be prepared for emergencies, appreciate the things you do buy, and save for things that are much more worthwhile.
Another thing I like to live by, is learn the difference between a want and a need. I am happy to spend my money on an experience that I will remember for the rest of my life, or quality time with friends and family. I love checking out new places to eat and trying new food, but I only dine out about once a month. I like to have a small selection of clothes that I can put on for a special occasion, but I would hate to waste hours deciding what to wear from an overflowing wardrobe. Minimalism is key. It’s nice to have enough to be comfortable, and to treat yourself here and there, but we have too much unnecessary ‘stuff’. What will you actually remember when you die? The time you went for a weekend trip away with your best friend and made memories and had new experiences? Or that pair of shoes? Start implementing the ‘Rule Of 5’ into your life, and see how it can help you to keep your impulsive spending in check.
Be patient and become more self-aware every time you make a purchase.
Check out my other posts for more financial tips –
- 50 Ways To Earn Extra Money
- Why You Need To Do A Monthly Financial Review
- 15 Money Saving Tips I Learnt The Hard Way