The more focused, the more likely for success. Everyone needs a kick-start though. Something to get the blood flowing and the motivation pumping.
If, for example, you’re on a goal to lose weight you’re more likely to keep it up if you have some sort of instant gratification right? Look at all those infomercials! Lose 5lbs in 3 days! You can’t see how they can reel the crowd in.
So what’s the answer? Saving!… yeah, it’s probably not the most exciting thing, but neither is eating your vegetables. It’s the first thing you can do today that can give you the boost the journey to freedom.
This IS the instant gratification. Tomorrow you will have more money if you spend less today. Same goes for next week, next month, next year, and before you know it you’ll have a huge nest egg.
Of course earning more has a higher ceiling of potential, but if you earn more and don’t save more then it doesn’t matter. Saving sets a pattern of many things, likely better habits too. During the course of saving you may realize you don’t need as much as you think to still be happy. In fact, I’d bet that you wouldn’t miss things that you once thought crucial.
Where do you begin to start saving?
Start asking yourself some important questions related to your individual lifestyle and spending. Are all of the things in your life necessary?
- Do I need both Netflix and Cable? Oh, Amazon Prime too? What about Hulu?
- Can I downgrade that internet connection and be okay?
- Am I using that gym membership I pay for each month?
- Is my cell phone plan above what I need?
- Do I need to go out to restaurants and/or bars so often?
Do you have multiple subscription services for streaming video?
Is all of that content necessary? There are tons of free streaming services now. Sure, you have to watch a commercial or two. It’s the perfect time for an eye break from the screen and/or a quick stop to the bathroom.
Do you need a phone plan for the world when you don’t leave your state?
I’ve definitely learned some lessons about myself and I’m still learning. Very recently I decided to change my phone and plan which ended up saving me $35-$40 each month. I don’t know what took me so long. One simple decision that will save me $4200-$4800 in the next 10 years. At what cost? None that I’ve seen so far.
Plus, if I invest the money instead it will potentially grow to $6,000. In 20 years it’d be $16,000. Not bad for spending a few minutes to value shop.
Look at Geico…“15 minutes can save you hundreds on your car insurance”. How about car insurance shopping? When was the last time you decided to get comparison quotes? Maybe today you can spend 15 minutes just getting quick quotes online. The internet is a pretty amazing tool these days!
Are you using your gym membership?
Or does it just sit there? Maybe you’d be better off with a boutique membership for $10 per month than the $50+ membership at that fancy place you never visit? Something worth considering!
From time to time it’s just important to re-evaluate the needs in your life. I do it constantly.
- What is really necessary?
- Does it still make you happy as it once did?
- Are you overpaying for a service you can get for less elsewhere?
If you haven’t looked in over a year it’s time!
The more savings, the more money to invest. The more savings, the less your monthly expenses are. Financial freedom is in your grasp!
Check out: Our Daily Habits Can Cost Us Years!