Welcome back to my blog! In this post, I’ll be sharing the 9 things I stopped buying to make more money and boost my finances.
While I’m not a hardcore advocate for penny-pinching, I firmly believe in spending wisely below your means to fuel investments and personal growth.
Cutting out these expenses has significantly increased my monthly savings without compromising my quality of life. Let’s dive into the list.
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1. Books
Personally I love reading and believe it’s crucial for personal development. However, buying every book can be an expensive habit and space-consuming.
Recently I’ve switched to keeping my favourite books in hard copy and then utilising platforms like Kindle or library apps for others. Another alternative is using your local library’s resources by borrowing the books and then switch to another once you’ve read it.
2. Brand New Cars
Getting a new car might seem exciting, but its value goes down fast. At the moment I’m reading Rich Dad Poor Dad, and it suggests putting your money into things that make more money, like investments.
The idea is to only splurge on a new car or fancy stuff when the money your investments make can cover it. So, it’s about waiting until your financial goals match up before getting that new car thrill.
3. Souvenirs
I love travelling, but I’ve learned that collecting souvenirs can be expensive and create unnecessary clutter. Instead of bringing back physical trinkets, I’ve chosen to capture and cherish memories through journals, vlogs, and photographs.
This not only avoids the costs and storage issues, but goes with my idea of not buying unnecessary things to save money. Choosing memories over physical items has made my trips more special and my life simpler.
4. Constantly Updating Technology
The constant rush of new technology can make us feel like we need to keep upgrading. But I’ve learned that the joy of having a slightly better version doesn’t always make the cost worth it.
Now, I always ask myself if the upgrade is genuinely worth the investment. Could that money be better spent elsewhere, like building up my asset column? It’s about making sure my spending aligns with my long-term goals and brings real value to my life. This approach aligns with my commitment to things I stopped buying to make more money, emphasising strategic and purposeful spending for long-term financial gains.
I use Monzo’s in app monthly spending reports. This helps me keep track of where my money is going and limit spending if i needed to.
5. Items on Sale
Sales can trick us, making us think we’re saving money. I’ve learned to be smarter, telling the difference between buying something on sale that I planned to get and falling for the temptation of a discount.
It’s important to steer clear of spending money on things we don’t really need just because they’re on sale. Being mindful of these sales tactics helps me stay on track with my spending and save money for what truly matters.
Here are some helpful tips on how to resist impulse purchases.
6. Investing in Things I Don’t Understand
Knowing where your money goes is crucial. Blindly investing, even with a financial advisor, can be risky. Having a basic understanding of your investments ensures they match your values and financial goals.
Remember, your mind is your most powerful asset. Prioritise investing in your mind before putting your money into anything. It’s a smart strategy for long-term success.
7. Fast Fashion
Prioritising quality over quantity in my wardrobe has proven to be a game-changer, reflecting my commitment to things I stopped buying to make more money.
Shifting away from the temporary allure of fast fashion, I now concentrate on comfort and longevity. This intentional change not only simplifies my choices but also declutters my mental space, fostering a more deliberate and fulfilling lifestyle.
8. Unnecessary Presents
The holiday season often brings the pressure to exchange gifts, leading to unnecessary spending. Opting out of sending polite yet generic gifts to extended family, such as bath sets or slippers, can result in more significant savings over time.
I’ve adjusted my gift-giving approach, prioritising thoughtful gestures over materialistic items. This shift is particularly crucial during challenging economic times. Choosing meaningful gestures over traditional presents not only reduces financial strain but also fosters more meaningful connections.
In making these adjustments to my spending habits, I’ve adopted a mindset that values joy and genuine value over habitual or ego-driven purchases. Each financial decision involves trade-offs, and by carefully considering the long-term impact, I’ve found a more balanced and fulfilling approach to managing my money.
Remember, it’s not about cutting back on everything, but rather redirecting resources toward investments and experiences that truly matter.