How a “Buy Nothing” Year Can Kickstart Your Financial Future

We’re living in a consumer driven society…wouldn’t you agree?
We’ve gone from perhaps a dozen or so advertisements per day through older forms of advertisement such as billboards, radio and television to even more advertisements per day via our computers and smartphones.
We’re inundated with messages urging us to buy this, drink that, do this, do that…no wonder we’re so stressed out!
Imagine what would happen if you decided to do something counter-cultural to all of that noise…such as having a “buy nothing” year?
Think about it…extra money, simply by making different spending decisions!
What would you do with the extra money?
What if you put that money to use, building financial freedom rather than spending it on a flashy holiday or new car?
A “buy nothing” year is a great way to build up the deposit for your first…or next investment property.
What a buy nothing year can do for you
When you begin to reduce all extraneous consumer spending it can be tough, but after time you’ll find that it:
- Reduces your stress
- Forces you to evaluate what matters the most to you
- Helps you to focus on things that will make the biggest difference in your life
Savings tips
Start small, cutting out extraneous expenses such as haircuts, clothing, electronics, household items, eating out, etc.
Shift your thinking
Drop out of the consumer mindset and think about those relationships and possessions that mean the most to you. Does your spending reflect your beliefs? If not, think about how you can change that.
Cook more at home
Rather than spend money on pricey takeout or restaurant fare, cook meals at home.
Save even more by purchasing items in their most basic form instead of paying more for processed.
If you eat out a lot now, doing this one thing can save you potentially hundreds per month…money that you could be putting towards an investment property or adding to your savings buffers.
Reconcile your accounts monthly
Put together a spending plan then review it every month.
It’s important to know where the money is going so that you can scale back or revise your spending as you go.
Learn to DIY
If something breaks, rather than buy a replacement, learn how to fix it. There are a number of resources both on and offline to help you get the job done.
Delay big purchases
Instead of paying premium prices for new, big ticket items such as a new couch, try to make do with what you have or if you must, buy the item refurbished or discounted…or even borrow it.
It’s your choice
You decide how long you want to go without buying anything beyond the essentials and see just how much money you can save.
Whether you last an entire year or only a month…individuals who have tried this strategy have learned a lot about themselves and their relationship with money.
Even if you’ve decided not to do a “buy nothing” year, the simple act of being more mindful about your spending can help you save more money, faster.
Money you can then use to build a strong investment property portfolio for your financial future.
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