I’ve splurged on $200 jeans or $50 bottles of wine, but at the end of the day those are luxuries I’m grateful for, not everyday occurrences I crave.
Whether you have a three- or seven-figure bank account, being able to separate yourself from material objects will ultimately improve your quality of life. You’ll begin to enjoy the simple pleasures, and focus on what you have or need, instead of what you want or wish you did.
Before we get in to deep.
There is absolutely nothing wrong with seeing something in a store and wanting to buy it. The issue comes when the urge-to-splurge consumes you. Saying, “I wish I had ::insert product here::” more often than not is a common warning sign, and if you’re experiencing it, please seek medical assistance as soon as possible.
So, where do we start?
Back to the basics.
You need shelter, but not a mansion. You need clothing, but not True Religion. You need food, but not fillet mignon. There’s a big difference between “need” and “want”, and Americans have blurred those lines rather well over the years. If you are in a position where you can afford those things, be proud of that, but don’t feel as though you need them to project your success; that becomes a very tricky avenue.
Don’t make a wish-list.
Who needs to focus on a list of items they can’t yet afford? It will just leave you feeling worse about your situation. You may by default become less-stressed by eliminating these, as you’ll be focussed in the present moment instead of the future.
Live withing your means.
If obtaining something will put you in financial stress, stay away. You shouldn’t purchase a home or car and then be so strapped for cash you can’t even enjoy it. Who wants to spend every day stressing about What If’s? ‘What if something breaks and I have to replace it’ or ‘What if I can’t afford the monthly $2k mortgage’, etc.
Retail therapy is not the answer.
Spending money you don’t have is not therapeutic. Charging up your credit cards in moments of stress is a bad, bad idea; you’ll just end up being even more stressed afterwards. If you must buy something (which I’m not condoning, but hey, we’re only human) go for something inexpensive and small you can enjoy for an extended period of time – Plants for the garden or a new set of wine glasses. Think smaller during these shopaholic moments.
Detach yourself from careless spending.
This is important at every income level. You don’t really need 10 different bottles of lotion so don’t allow your mind trick you into thinking you do. At $40,000/year you might want to buy a Range Rover. At $1,000,000/year you might want to purchase a $10 million home – Neither is sensible.
Turn to nature.
Instead of going on a shopping-spree with a friend go on a nice walk or run, and plan to grab lunch or dinner together later on to reward yourselves for not blowing $500 on items you really don’t need.
The point of controlling your mindset regarding money is not to limit yourself to buying what you can afford, but instead to start thinking about other things before you think about whipping out your wallet. Try to begin focusing on what you have — Life becomes a much happier and less-stressful place when you do.