Parents. While living and growing up with them can be difficult at times, there’s no denying the life lessons we receive from them! Money is no exception. Growing up, your role models and parents help shape your spending and saving habits and any lesson learned is important and worth remembering!
Today we’re listing a few great points that the team have learned from their mums and dads over the years. Read on.
Some things in life are worth paying more for
The naïve, young saver will generally look at the price above all other considerations. Value trumps all, and it’s easy to see why: the young generally have less money! While you can save in the short-term by buying cheap, value is jeapordised and repeat purchases come over time. For some items this is fine – for others, less so.
Generally speaking, the things worth spending more on in life are the ones we rely on and use regularly. The usual list contains staples such as bedsheets and pillows, shoes and cars. Paying for quality (as much as is possible) means these will work better for us and be more reliable. In the case of items like shoes, it affects our health – another important reason in favour of putting up more money when you come to buy.
You can’t always buy the thing you want
A hard lesson in life is that you can’t always have it your way. When savings and your spending habits are concerned, this is a good one to be mindful of.
The scenario, of course, is common. You become emotionally attached to a purchase and you simply can’t live with the idea of it not being in your life. It doesn’t matter if it’s too expensive or simply of no real value; you need it.
Fighting and beating this urge is important in securing real savings success over time. Without that, you’ll slash into your savings as the months pass with impulse purchases you should have really resisted instead. Wise words indeed!
Don’t feel bad for using coupons and second-hand items
Stigmas are real things, and people feel them doubly where money is concerned. Things that have real practical value to the frugal lifestyle, such as coupons, shouldn’t be looked down on. A lesson learned and lived by the team at the office is that you shouldn’t feel bad for being thrifty.
By embracing these activities and products you look to both save serious money and strengthen your financial awareness and responsibility. In the case of second-hand stores, you’ll often support charities along the way. That’s far from a bad ‘deal’!
Don’t do the food shop with an empty stomach
A real gem of practicality right here! Experience speaks truly in this point, and it can help you in your health as much as your finances.
Why? Well, impulse purchases at the supermarket are rarely good for us, are they? That snack or tub of ice cream is eating away at our pockets just as it threatens the daily food plan! As much as is possible in the bustle of a busy life, make sure you aren’t grumbling in the belly when you come to do the regular food shop. It’ll save you money, and help you stay on course if you have a specific diet or fitness regime at the time.
Thanks for stopping by!
We hope you’ve enjoyed reading more on the lessons some of the Everyday Loans team have learned over the years. They’re simple tips, but they have powerful benefits for your finances.
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