How Thriftiness Offers Both Financial and Time Freedom!
Do you live from paycheck to paycheck? Is your financial life all boom or bust? Do you sometimes scramble to pay the bills, but if there’s any spare money you blow it on a shopping splurge?
Bad money habits can keep you chained to your nine-to-five job, and leave you feeling you’ll never get ahead.
By learning to take control of your financial habits and practicing a little frugality you’ll not only increase your economic freedom, but you’ll also have more time as well.
So how does that work?
1. You can retire earlier
By practicing more thriftiness and watching where your money goes, you won’t have to work as long or as hard. When you think about it, it’s simple math. Choosing not to spend now means more money in the bank. The more money you put by, the sooner you can afford to stop working your job.
2. You get wealthier faster
Again, simple math tells you the quicker you get into a saving and investment habit, the quicker you’ll get rich. And it doesn’t have to be an existence of deprivation. Decide to forego one movie or one dinner out a month and instead put that money aside or invest it. It’s money that will continue to grow, not money which has gone forever.
3. You’ll change your attitude towards money and spending
Once you get into the frugality habit, you’ll find your attitude to spending changes. Money becomes a resource, not something to be gotten rid of as soon as possible! Purchases stop looking like shiny must-haves and become something to weigh up. Is it something you need, or can you live without it? Would you rather have the new car or the expensive restaurant meal, or would you rather add to your savings? Do you want a theater ticket now or an extra night on your vacation?
4. Frugality frees you up to find new interests
A frugal approach to redecorating or gardening can lead to discovering new interests and developing new skills, instead of paying someone else to do the work for you.
You may not realize you have a hidden talent for interior design or landscaping. Maybe you find you enjoy sewing or knitting, instead of buying all your clothes at the store.
5. You take back control of your money
Perhaps the biggest benefit of being more frugal is the sense of power it gives you. Instead of rolling with the tides of paycheck and bills and finding comfort in spending, you can be more strategic in how you live your life. Frugality gives you a better understanding of money management and puts you back in control of your finances.
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