8 Thrifty Thoughts that can Save You Thousands
Thoughts are powerful things. They are the wellspring of our words, actions, habits and consequently, everything that happens and doesn’t happen to us and for us. And that includes managing our money well.
As many will probably attest, difficult to do tasks such as saving money are often only done when you start with the right mindset. If you’re willing, determined and have the right mindset, you can achieve practically anything, including saving thousands of dollars monthly. Want to know how? Start by carving a permanent place in your mind for these eight thrifty thoughts:
- “Luxuries are luxuries.” The thing about luxuries, like high-tech cars and gadgets, massage chairs and the like, is that once you give them a try you start seeing them as something other than luxuries. You begin to see them as necessities. You start to make up seemingly logical reasons to buy those luxuries for yourself, when in fact you really don’t need them. They’re called luxuries for a reason. So before you test drive that fancy new car, think long and hard. Are you sure you won’t get suckered into buying it afterwards? Are you really going to just remember it as a fun experience, or is the thought of getting one going to nag on your brain for days on end? If you’re in doubt, better just avoid trying out those luxuries altogether.
- “Let’s save the environment!” Saving the environment may seem unrelated to saving money, but they are surprisingly well-linked. Walk or ride a bike instead of taking your car, buy used, and purchase things online. All these acts help save the environment by saving on gas, saving on materials and packaging that come with brand new items; and they also help you save a lot of money.
- “Let’s live a healthier lifestyle!” Just like the idea of saving the environment, keeping in mind to live a healthier lifestyle can be good for your savings plan. From walking or riding your bike instead of your car, to preparing your own meals instead of ordering fast food, to quitting smoking and other vices, living healthier can significantly reduce your expenses and increase the quality of your health at the same time.
- “All my possessions are valuable.” Everything you own, from your car down to your dishwasher, is valuable. Always think of them that way, and always think of your possessions in the long run. Never think of them as easily replaceable, even if they are. When you think about the value of each of these things, you take better care of them, keep them longer and avoid purchasing every new model that comes out, thereby saving you thousands. And when the time comes that you absolutely need to replace them, don’t just throw them out, sell them. Even the lowest price you get for them will mean savings for you when buying a new one.
- “If you can’t afford it, don’t buy it.” Don’t fool yourself. If you know you can’t pay for something, or are grasping at straws telling yourself the money you need to pay for something will eventually come, make things easier on yourself and just don’t go through with the purchase. Same goes with taking out loans- whether you pay now or pay later, if you know you really can’t pay it off, better not get one or just get a smaller, more manageable loan to avoid getting deeper in debt.
- “I’ve got everything I need.” This is probably the hardest mindset to take on. The human spirit is after all, constantly needing to be satisfied. But getting a shiny new toy for yourself is not going to satisfy it. Remember that. By always focussing on buying only the essentials (and maybe just a few luxuries that you can afford every now and then) you will never have to worry about not having enough money to buy everything you want.
- “Branded and brand new don’t always mean better.” Branded and brand new products always seem to make buyers go wide-eyed and eager to buy, but if you take a step back and think about it, not everything branded and brand new are wise buys. Sometimes, buying used such as used cars, cameras, appliances and other items can be the wiser and more economical choice. Brand new or not, these items will often get replaced after a few years’ time, so why pay more for the same amount of service? Branded products are also widely advertised, and advertising adds to the price of the product without really adding to the value or benefits you get out of the product.
- “Live below your means.” This is an old mantra, but it’s still one of the wisest. By living below your means, you always end up with more money than you need, and more money left over for savings or emergencies.
Gandhi once said: “Your beliefs become your thoughts, your thoughts become your words, your words become your actions, your actions become your habits, your habits become your values, your values become your destiny.” If you want to be destined for a life of wealth and financial satisfaction, you need to possess the right thoughts and beliefs first. So what are you destined for?