Money will be a problem that you have to tackle throughout your life, even if you are as rich as Bill Gates. No matter how much money you can make or what a great career you have, your success will depend on your personal financial habits. Therefore, it helps to be thrifty in life to avoid going into debt and relationship issues. If you want to be a man that wins at life, consider the below tips for being thrifty in everyday transactions:
1. Control Impulsive Buys
Impulsive buys are the root cause of many financial problems. Impulse buys instantly deplete your monthly income that you should be using for necessary expenses, such as paying off utility bills or mortgage. People tend to make the most impulse buys at the beginning of the month as soon as they receive a paycheck. Then later in the month, impulse buyers are short of cash to take care of the absolutely essential expenses. It’s a slippery slope of taking out personal loans from then on. Therefore, learn to control your impulse buys early on, and spend money only on things that you actually need.
2. Choose the Best Tech, Not the Most Expensive
Who is a modern man without his high-tech gadgets? A surprising number of men end up spending huge swaths of money buying gadgets that are clearly out of their financial capabilities. The problem is, many are misled by advertising. If you want to buy a smartphone or a tablet, do your research first. For example, if you want to buy the latest iPhone, compare iPhone prices online before you end up spending more than you should. Aim to get the best bank for your buck when it comes to purchasing tech-related products.
3. Take Advantage of Free Things
Don’t overlook the power of free stuff. If you are running your own business, consider advertising for free on social media. You can design websites, promote yourself, and even travel for free if you allow yourself to be more innovative and patient.
4. Don’t be a Fashion Victim
Don’t waste money by slavishly following luxury brands and products. You don’t need the things promoted on magazine covers to be fashionable. You can save a lot of money by buying cheaper and durable brands rather than whatever’s hip at the moment. For example, prices for smartphones are high for brands like Samsung, but you can still get a phone for a cheaper rate with a less trendy brand like Sony, if you aren’t afraid to show off something not so fashionable.
5. Collaborate and Split Prices
Don’t hesitate to carpool, share textbooks and similarly collaborate with friends and neighbors to spread large expenses among a group of people. You don’t have to bear financial burdens on your own. For example, you can grow a vegetable garden and exchange fresh, organic veggies with a neighbor rather than spend a lot of money at a specialty store.
Think outside the box if you want to be thrifty in life. Your aim should not only be to save money, but also to get the best value for the amount you spend.