How Minimal Spending Will Lead You to Save More
Curb on impulse buying
Minimal spending is the goal of many spendthrifts. To spend money on our daily essentials is a need. But not on things which are not.
How to curb the spending? Well, if we focus on everyday essentials and something which we use daily will help us prioritize. Things that we buy in haste, giving no thought if we need or not, are the reason that hurts our savings.
Upgrades of products like a brand new iPhone every year is tempting, but ask yourself, do you need to update every year? I am guilty of doing it every year and realizing this; I restrain now and urge you to do the same. A big company’s motto is to fill your brain that you need the product, but you need a phone that works in reality.
Ask yourself, do you need the upgrade every year? They are ripping you off your savings and making billions with minor upgrades that are not even noticeable from the outside.
The value of the iPhone 11 pro max component is approx. $490.50 as per this report. They sell the starting model at $1099 and the most expensive model at $1449. They make an average of 50% profit.
Do we need to buy expensive things to feel good? I leave this to you to answer. I have realized this and am controlling my expenses to things that matter the most.
Unless you make a 6 figure a year, don’t even think of spending on luxury. It is necessary to have a roof overhead, food in the kitchen, and a car to drive.
To define luxury — “When you can afford to pay for an item, don’t lack or need.
You could drive a Honda that does the job well, but you saw an advertisement for Audi’s latest launch. And you’re tempted to buy. Now, do you need an Audi? Can you afford the down payment or the trouble of paying the monthly installment every month? Isn’t that too much?
Impulse purchase always leads to a big hole in your savings. Learn the art of saving and spending on necessary goods, not on luxury. Someday, you will see an increase in your savings.
Materialistic goods don’t help us. They burn us instead and take away our mental peace. Making a list of items you require daily will help you learn better.
House rent is increasing at a regular interval; purchasing a house is a far-stretched vision for many. If you want to achieve things you desire the most? Cutting on unwanted outgo will help.
Minimalism is the new cool, one who knows when to spend aces it & leads a purposeful life.
Every time you want to buy something expensive, ask yourself three questions:
1. Is it necessary?
2. Is it worth it?
3. Does it add value to life?
Anyone who is self-aware of his/her finances will answer the above questions and make a wise decision.
Minimal requirements soothe you to focus on yourself. You will turn to value things. Distinguish in what brings joy and stress. The real purpose of living life to the whole is to divide between worldly and religious means.
Final Thoughts
I have spent thousands of dollars on Apple’s new phones and plan to control my spending from now on and prompt you to do too. Necessary goods are a must in our lives.
Differentiate what’s essential and luxury and mark all things which you need and don’t. The difference will help you plan your expenses and savings. By doing this, you will be in better control of your finances.
We are in an era where earning potential is minimal. Big companies are looking for ways to cut expenses and make more profit. Savings will help us through uncertainty and will be our savior in dark times.
Thank you for reading this article. I hope you enjoyed it. If you have any questions or feedback, please feel free to leave a comment below or contact me directly. I would love to hear from you.
