The internet is a melting pot of information and you can find almost anything that you search for. Complete strangers are willing to help you out with their wisdom and experience. Some of them are useful, while others are not. For instance, you will find hundreds of self-help articles for those who are drowning in the sea of financial troubles. Some offer long lists of solutions while others keep it simple. However, the biggest problem with these solutions is the reader’s commitment to them.
Thus, I am here to not only provide you with realistic goals, but also to provide ways in which you can stick to them. This topic is very close to my heart, since I sympathize with those that find it difficult to achieve the goals they set for themselves. This is by no means an exhaustive list, and you do not have to follow all of them. Take one baby step at a time.
So let’s begin:
1. Trick your mind: The mind can be both your master and your servant. The other day I saw my friends taking a cruise vacation to Alaska. They posted on Facebook and I immediately have a thought that it has been a while that I haven’t travel oversea. However, I was saving up to invest, which was far more essential. So the way I resisted my cravings was to wait a little while.
Since I am quite busy with some projects that can potentially give benefits to my subscribers, I distracted myself with work. Before I realized it, I no longer think of having the vacation anymore. In fact, the study shows that if you wait, your ‘pleasure meter’ goes down and you lose interest. Try it!
2. Cash is King: If you are not ‘intimate’ with your money, chances are that you will be indifferent towards spending it. This means, that credit cards take away that ‘intimacy’ you have with your money because it’s being transferred virtually.
On the contrary, if you have RM200 in your wallet and give RM100 to the cashier, you immediately see your balance drain, which gives pain, according to a psychological study. So be ‘intimate’ with your cash. If you have trouble controlling your spending, cutting the credit cards is definitely a wise move.
3. Empower yourself: There was a time when you had to walk a kilometer to get to your grocer, but now, there are many different supermarket chains and convenient stores that populate our country. Now you have a choice, so make the right one.
Companies don’t control us anymore and we won’t let them devalue our money. For instance, why pay top money for a special brand of antibacterial floor cleaner when a few drops of Dettol does the job? Due to unlimited number of choices, you can switch to a better quality product with the same price.
Moreover, being a consumer, we are given a power by the Government, the right to be informed. So do your research and look around for better products. Also, fixing prices by retailers and any form of force to purchase a product is a punishable crime and can be reported to the authority by the general public. Thus, empowering yourself can save you a lot of money and almost anything can be afforded.
4. Scrutinize your expenditure: Do I really need that or do I want it? This is the question you need to ask yourself. As I mentioned above, you need to wait before you buy on impulse. Learn to separate wants from needs by jotting them down in separate rows.
By writing it down, you can see clearly how much it will kill your income. You need to pay attention to your surroundings and your monthly bills. For instance, do you really need Astro when you watch most of your movies online (like iFlix)? Isn’t it time you cancelled your gym membership since you no longer visit it? Simple details like that could amount to a lot.
5. Go green: Going green has lots of benefits both for our mother Earth and for us. For example, a power saver bulb may be more expensive than an incandescent one, but it lasts longer and reduces your electricity bill. This and many more ‘go green’ and money saving tips can be found online, so be sure to take a look.
6. Make a Personal Profile: ‘Know thyself’ was the best advice anyone has ever given me. When I couldn’t reach my goals I was frustrated and baffled at what I was doing wrong. Then I noticed some unconscious habits and chances are, you have them too.
Ask yourself certain questions like ‘are you prone to leading a luxurious lifestyle?’, ‘Are you addicted to subscriptions and memberships?’ Sometimes, just having a simple conversation with yourself helps a lot and you can tailor more realistic goals.
7. Never give up: getting depressed over stuff you cannot have or the amount of debt you need to pay off does not help. It makes it worse. To prevent them, you need to reward your good behavior. Encourage yourself and set up a daily accomplishment fund and subtract from it for bad behavior.
This is not only stimulating, but it saves you money at the same time as well. Everyone has their own reward system, so make sure it’s not an expensive one!
8. Stop Comparing: Once I met some old classmates who didn’t work hard in school, but have already become millionaires. One of my classmates has four cars including a Porsche and a Lamborghini. If I am to envy him, this type of thought process is often destructive. It makes you lose sight of the future.
My motto is ‘slow and steady wins the race’, and stay true to your feeling and be happy. People often see their friends and subsequently fall into peer pressure. Understanding that there will always be someone who is better than you, make you stop comparing and just work on your very own happiness.
9. Don’t Wait: Get to work as soon as you read this, otherwise you will never get there as your enthusiasm will diminish.
10. Smile: It is just money, not happiness. Spend some time with that friend you’ve been blowing off for a week. Money is not worth losing your relationships over. You need them to celebrate with you when you reach the end.
Don’t forget to smile!
