Neighbors are both a blessing and a curse. On one hand they help build out a community, they are people to lean on when you need a hand, and in some neighborhoods... friends. On the other hand, some people see neighbors as competition in this rat race we call life. This can turn toxic to your bank account and should be avoided if you can. Since the Mrs and myself are trying to run away from the rat race we realized that avoiding the Jones was an important step. It is just too easy to get into the mindset of "well they have it, I want it!". Here are some tips we came up with to help change our mindset back to frugal ways.
Cheers,
Mr. Frugal Rock
6: Stop and think, do you NEED this?
It sounds so simple but yet time and time again I have caught my past self forgetting to stop and think. If you have a real challenge with buying needless things invoke the 7 day rule. If you feel you NEED x thing in your life, write it down and stick it on the fridge for 7 days. At the end of the 7 days if you still "need" it, then look for a used one. Seriously, used items are usually more than half the cost of it new. It's impressive how quickly people want to get rid of things they once thought were needed.5: Write down your family goals
This step for us was extremely helpful in figuring out what we want to do long term. It is a great reminder of what is truly important and why saving that money for your family goals may be the better answer. Needless spending comes in when you have extra money but no where to put it. No vision, no purpose. If you are looking for a book on this subject, check out Your Money or Your Life. I recommend hitting up your library or finding it at a used book store. Why buy it new?4: No one really cares
I read this somewhere and I can't recall, but in summary, no one else really cares how you live your life. If someone really cares about the type of vacuum you have or the lawn mower that you cut your grass with, that is kind of odd and you should probably avoid them (lol). That gets me to my next step.3: Fill your life with frugal people
Being frugal isn't for everyone. We actually appreciate the people that go and buy all the new things and then quickly try to sell them for a massive discount on craigslist (see step 6) or simply give them away. That being said, if you surround your life with people that are just trying to be better than everyone around them its a recipe for needless spending. Find people that appreciate the simpler things.2: Remind yourself you don't need it
There are few things that we actually need in this life. Time is our most important commodity. To not fall into the rat race we must realize that spending your money (time converted to government paper) is a trade for time. How much time are you trading for this thing?1: Do a compound interest check
Really fun tool we use frequently is the compound interested calculator. How much money would it be if you invested this money instead of spending it? Since the money you would be using has just been freed up, why not invest it and get you closer to FI (Financial Independence).Summary
So, did you still get it? That's okay, you bought something you valued. Sometimes purchasing a thing is the option. The steps above are not tools for never buying anything, but they are a gut check on the value that they are adding to your life. Enjoy your thing, or better yet enjoy the free time you just created by not spending.Cheers,
Mr. Frugal Rock
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