One of the hardest things to do sometimes is to say no. Indeed, saying no, whether you are talking to a friend or family member, or buying something, can be hard. However, if you are serious about saving money and achieving financial freedom, it is vital that you learn to say no to spending money. Does this mean that you can’t have any fun spending your money? Of course not. But it helps to be a little choosier about your spending. Here are some ways that you can improve your financial freedom by saying no to spending:
Saying No to Things You Don’t Need
One of the biggest problems is buying things you don’t need. Before you spend money on something, ask yourself what you will do with it. Will you really use it? For how long? Is it something you actually need, or will you use it once and move on?
Another consideration should also be size and moderation. When buying a house, do you really need something bigger? Or would a modest house do? Do you really need a car with all the fancy bells and whistles? You might be surprised at what you can save when you moderate your wants.
This doesn’t mean that you can’t have any fun; instead, weigh things carefully. If you love watching TV, and spend a lot of time with this activity, getting a little bigger TV makes sense. However, if you only camp once every three or four years, a huge, fancy tent is a little bit of a waste. Carefully consider what you enjoy doing, and spending accordingly, rather than just spending money to spend money.
Turning Down “Bargains”
Another source of money leaking from your budget is likely to be “bargains.” It’s hard to say no to a really good deal — even if you’re not sure you will use a product or service. However, it’s important to avoid bargains on items that you weren’t planning on buying anyway. Daily deal sites make it easy to see something for a good deal and just buy it. However, that’s a fast way to spending money on things you may not necessarily need or care about. Before pulling the trigger on a great deal, carefully evaluate the situation, and consider whether you would have bought the item if it weren’t on sale. If the answer is no, stay away. Instead, make a list o f things you want or need to buy. Then keep an eye out for discounts on those items.
Some people try a spending fast to help break them of bad spending habits. The fact of the matter is this: If you are spending a great deal on items of little import, then you are forced to do more for your money. A spending fast, in which you suspend all spending, except what you need for the necessities (utility bills, groceries, transportation to work, etc.) is a way to break the spending habit — at least for a little while. Those who go on a spending fast insist that it helps them improve their discipline in saying no to spending, as well as opening their eyes to spending problems. Going cold turkey might just help you say no to spending.