No matter how much money you make, you will never be able to keep it if you do not know how to manage your savings. In addition, it is not just about learning how to put your money into investments, exchanges, or stocks. Controlling your spending is also useful because this is where your journey of accumulating a lot of capital starts.
It is not brand stuff that makes you wealthy
In today's world, people spend too much money on the brand, with no thought about the practicality and sometimes even the item’s beauty. We buy expensive things not because we like them but because they are costly and popular, which supposedly improves our status in the eyes of others. However, leave such worldview for middle school. Trying to show off "wealth" through branded items often makes one look foolish. So, stop pretending and buy quality items at fair prices.
Buy cheap, buy twice
When faced with the choice of buying a bag made of cheap, low-quality leatherette or real leather, we often think about price first. These two bags may look the same at first, so we gravitate towards the cheaper option. However, after a few weeks, you will already notice the difference between a quality and low-quality product. Nevertheless, not only your wallet suffers from this attitude. Much more importantly, irrational overconsumerism harms our ecology by creating more garbage. So buy one expensive item instead of five cheap ones and make our world a little cleaner.
Learn to cook instead of spending money on eating out
Eating out is often more expensive than home cooking, and frequent snacking at a fast-food restaurant can have a negative impact on your health. You do not know what products a particular establishment uses or how much sunflower oil or harmful margarine they add to their dishes. So it is a much better idea to cook at home with quality and healthy ingredients. You may even need to adjust your perspective on life. Realize that you do not work for the sake of food. Most importantly, food should provide you with the energy you need to work, develop yourself, and live a happy and healthy life.
Quit smoking not only to save your money but to save your life too
If you try to track monthly expenses for some time, you may notice that seemingly inexpensive bad habits like a pack of chips after work hours, cigarettes, or lottery tickets cost you a lot of money in the long term. Small spending habits can translate into big hits to our wallets.
When you cut back on your spending on unnecessary things, you will soon notice an improvement in your financial health. Ultimately, it is not about stopping pleasing yourself with small things. You can still go to the movie theater with your family or give your girlfriend a big bouquet of flowers. Nevertheless, give up the things that harm you; you will not only be richer, but you will also be much healthier and happier.
Unsubscribe from Netflix if you do not watch it
A not-so-popular but still quite relevant money-saving tip is to stop spending a lot of money on various subscriptions you don't use. For example, it often happens that after subscribing to Spotify for a month, people switch to Apple Music, forgetting to cancel their Spotify subscription. Thus, they accumulate many useless subscriptions, spending large amounts of money on an ongoing basis.
To stop wasting money, cancel all subscriptions you don't use or opt for more affordable and economical plans (e.g., consider couples or family plans to save significantly on costs). Approach it rationally: get rid of junk, but do not eliminate what you really need and enjoy.
Do everything good in moderation
Still, no matter what others tell you, you must not overdo it when it comes to finding ways to save money. Remember that by trying to save too much, you are likely to turn into a cheapskate, unable to enjoy life. Every expenditure of money will seem empty to you, and you will wither over your gold like a dragon in a cave. Everything must be in moderation, even your personal finance management.
If you start feeling lost or unfulfilled, a helpful thing would be to start a gratitude practice. Here is our article with advice on how to do that: Daily gratitude practice: how to start?
There is no need to look for complicated articles and books on how to prevent spending money. You can start with simple things: stop smoking, stop compulsively getting takeout coffee, buy one quality pair of shoes instead of many cheap ones, and so on. Save rationally – let it become a part of your life that does not interfere with your joy but, on the contrary, makes you feel better.
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