Switching from the ‘Spend’ Mentality to the ‘Save’ Mentality | Get Financial Freedom Tips | Transform Your Financial Future


Tuesday, March 13, 2012

Switching from the ‘Spend’ Mentality to the ‘Save’ Mentality

There’s nothing life a bit of austerity to focus the mind. The trouble is many people are focused on what they can’t do, rather than what they can. In times of change it’s easy to feel trapped, but it’s far more important to realise that by changing the way you think about your situation, you can find a whole new lease on life.

Won’t Spend, Will Save

Saving money is as much a mental discipline as it is a physical act. Many people fall into the trap of thinking they “won’t spend much this month”, only to find they spend just as much as any other month. Telling yourself you will save money this month is a different approach entirely because it immediately leads to the question “How?” which gets you thinking about all those little extras you fall into the trap of buying on a whim and questioning “do I really need that?”

Time for Change

Now that you’ve limbered up your decision-making muscles, it’s a good opportunity to stretch them a bit by considering what money you’re saving could be used for. Change is the grand slogan of the day and while we’re at it, what changes are you considering that will benefit you?

If where you are is challenging and profitable, that’s great. Trimming your expenditure down so that you have more of a cushion should things go wrong is exactly the right thing to do. If you can’t tighten your belt any further, then it’s time to think about making money.

Turning Clutter into Cash

Look about. How many books do you own that you have read and probably won’t pick up again? How many DVD’s won’t get watched, or CD’s heard? Putting these items on ebay, or amazon could make you a handsome sum. It will also free up some space in your home. Perhaps you would like to advertise for a lodger, which could make you several thousand a year.

If you have free time during the year, or you can’t afford to go on holiday, why not consider signing up as a healthy volunteer for medical trials as a means to boost your income. Companies like GSK trials pay up to £2000 and allow participants to return up to four times a year.

Do You Have a Skill?

Can you fix cars, build websites, walk dogs, or go shopping for the elderly? Do you have a skill that can solve a problem for someone else? Then, you have an opportunity to make some money. It may not become a full-time business, but the key to building financial freedom is in multiple income streams. And the more time you spend making money, the less time you have to spend it.

1 comment:

  1. Good thinking here. If people follow this advice they may find they don't end up facing divorce and bankruptcy because of high debts.