Saving Money and Mindset: What You Want ‘VS’ What You Need
Saving Money
Saving Is A Great Thing - and using it to Invest is also a Great Thing.
You can have everything you want if you just help enough people get what they want, ~ Zig Ziglar.
I love this quote by Zig because it really emphasizes that we can create wealth by serving others. And this is true of course. So, we can find ways in which to offer something of value to a specific audience.
The key, is to do so and to grow revenue and to save it for cash flow and reserves, so that it can be used to re-create more and act as a lifeline in tough business times.
But let’s face it – it isn’t the most exciting subject on Earth is it! So, its a tough one to get across – but its an important one to learn.
So, what’s your MONEY MIND and VISION LIKE?
Are you a big spender? A Saver? A bit of both?
Or do you believe that you will always be poor and struggle perhaps?
Of course – people BUY what they WANT not necessarily NEED, so, selling is something which caters to that and therefore (We you and I) as business owners need to be aware of this and of course cater to it. But do so responsibly and ethically. So I am careful what I offer and deliver.
I create immense value for money so that It doesn’t make another person get into financial trouble but rather help them to increase their wealth. So what I am getting at here is that buyer behavior is something to study and cater to, but we should also study our own.
Saving Money: So we can you cut back on our luxury wants ‘now’ then we can cut back spending to just the things you need until wealth starts to expand and increase.
There are things we all NEED and these are essential items, but there are many things also on offer which sellers know people WANT.
However, if you can be more conscious of your spending habits it will really help you to save for the long term and invest in your future.
The wealthy think differently to the poorer minded because they see how they can make their money expand rather than spending it here and there on all kinds of things.
So, if a poor minded person wins the lottery then they will spend it fast as they have never had it. They will get excited by the idea of being able to buy Cars, Homes, and other luxury items but they rarely see how they can create more wealth.
Saving Money and Mindset: What You Want ‘VS’ What You Need
Quick True Story:
I was on a train journey recently and I was chatting to great woman who was managing the staff and overseeing that the staff worked well with the customers. After a long conversation about where she could visit in Europe and the UK we asked her about LA and the west coast of the U.S. She was saying about how it is more difficult to travel to Europe now because of rising costs and the fact that the economy is struggling.
Saving Money
Then she said and I quote “I have learned that the things that ‘I thought’ I needed were just things I wanted.
She continued to say that “I spent a lot of money, nearly all of my wages once I earned them and now I am very careful about ‘everything’ I buy”! I thought ‘huh! that’s pretty smart’! Because, in times of economic downturn we are forced to analyse our situations and make changes.
As I write this we are currently in a tight spot economically and so I wanted to write about what we can do NOW to protect us for the future little by little.
That is exactly what she has done, so testament to her!
It’s all to do with Mindset. As you can see in the diagram: Its our attitude which creates the behavior, action and results. If we want to create better results and to perform better in our relationship with money we have to change what we do. Its our habits which dictate what we do. But if we can change our habits even just a little by tweaking what we do we can see a huge difference in our results.
Saving Money: Just Start Now
Check Out This Video That Talks About Helping Your Kids To Learn To Manage Their Money! There Is No Time Like The Present To Getting Your Kids To Start Becoming Savvy!
Teaching Your Kids About Money
I think that it is a really good thing for us to ‘try to think more outside the box and be smart’ because it is ‘then’ that we actually realize what we are doing and what we waste money on.
Something I did was was to put my spending into 3 categories:
- ABSOLUTE NEEDS = food, fuel, shelter, bill payments
- NOT SO VITAL NEEDS BUT NICE TO HAVE = Clothes, Haircuts, alcohol,
- LUXURIES = Spas, Gym, Massage, Restaurants, Cinemas, Gadgets, Holidays
You can make your own list and make it personal to you. The point is that I focus on number 1 and I have a savings account for 2 and 3. I will only spend in 1 and sometimes 2 but save for 3. Now, the savings account also provides for other business ideas interests which may increase what is invested into it. It could be a business, trading, and so on, but the idea is to not allow all money to be in one place.
It is not too late to start Saving Money either!
I know that a lot of us are now forced into being more conscious of what we are doing when times are hard, and so Human beings think differently, pivot and create creative ways to be. Some people today are living off grid, or growing their own vegetables and selling the car for example to not only cut back but also to be kinder to the environment.
Saving Money: Necessity
FACT: Invention comes from necessity! So, when we really need something we find ways to create solutions for that. And so there are those things for us and for our necessities, but as i mentioned just now we have to really see what is necessary as we build wealth.
NOTE: Spending money to increase money is a great thing. Spending money on nonsense gives a quick buzz and wears off. So, we tend to chase the buzz and become addicted to WANTS rather than keeping things simple and sticking to needs.
Saving Money and Mindset: What You Want ‘VS’ What You Need
Saving Money
The real key is in getting rid of as many credit cards we have and just having a few in order to leverage business ideas.
We have had to RE-INVENT OURSELVES really for thousands of years so it is no different now. A perceived negative situation can bring about forced change that actually starts us thinking a bit more about being industrious, instead of just living or existing each day in a cycle of perceived reality.
You see – in the worse situations we find ourselves in as Human beings forces us to make and invent new ways to be.
Saving Money TIP: So it is not productive to dwell on the bad situation but rather look for solutions!
What can you do now to cut back?
What can you do that might have a profound affect on your next ten years of life?
What changes can you make that might seem quite small but could have quite large positive changes to your financial/mental/physical future?
It might be something as simple as looking at all of your outgoings and expenses and firstly chopping back some of these, and from there looking at general spending habits such as Coffee and buying on Amazon.
You might also grow and eat more fresh grown vegetables or fruit or just leaving out more of the fast food and junk in life!
Try and figure out a plan in all areas of your life where you start to gradually implement positive changes and Saving Money becomes a part of that.
This will then assist you in a brighter and more abundant future.
WANT SOME HELP with Saving Money?
Then I suggest looking at MARTINS MONEY TIPS to begin with and from there subscribe to any sources which you find help you to be accountable for your spending.
I bet you will have at least a few ways to start Saving Money that you can action starting today!
Something I did a while ago was to stop going to barber shops. Now I know this doesn’t help Small Local Businesses and that’s what I try to do is help them, but I prefer doing my own hair and I can. I bought clippers for £10 and they last me about 6 months. A gents cut now could be around £15. And I would need a cut every week. That’s £60 per month and £360 in 6 months. See the difference there.
That’s a great way to save and grow your account
Saving Money
Saving Money and Mindset: What You Want ‘VS’ What You Need
So I am not saying DON’T support local businesses with your spending when you do spend, OF COURSE its good to shop with them, and I do also, BUT this is just an example.
Also most of us have around £3000 of stuff lying around our homes we could sell on eBay. So dig out your stuff and start selling. Save the money to either re-invest or for a treat which won’t affect your income and expenses.
I challenge you to start NOW and seeing where you might save and reinvest. And when I say reinvest you might invest in YOU more. Your education, training and expertise. You could pay for a course which might increase your income for example.
I recently helped a student set up an English teaching business which he now makes £3k per month with part time. He is saving this money to start his own venture. If you need some help growing a revenue stream then I can help you. And you don’t even need Coaching. I created a course which will help you to define your passions and translate them into a market need or demand. CLICK HERE TO SEE MY $10k PER MONTH COURSE. Every tool is there for you and I give a full 28 day full refund should you not like it. Guess how much this is? Its £29.70. So its also fairly priced and designed to help you increase your wealth.
If you think this will help your friends and family then tell them aswell!
All The Very Best As Always
Greg
1ON1 FREE Small Business Coaching Passion Discovery Session Here
Saving Money and Mindset: What You Want ‘VS’ What You Need
