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Spend your way to Wealth

By Edited Nov 13, 2013 0 0

When we think of building a better life and becoming financially free we always think about saving money. Now saving money is a great way to do that and is probably the most proclaimed thing ever by financial planners. This is a great principle to live by because you always need something saved for a rainy day or any emergencies that may occur. But we must remember that saving money is as much about our mental capacity to save it, as our physical capacity of making enough money and putting it in the bank. Sometimes we as consumers find it difficult to save money because it feels as though we have to deprive ourselves of shopping.

There are tons of people who shop because they want to or something is on sale and not because they need something. So instead of not shopping, let's start shopping for the right things or different things. I know people that could be classified as professional shoppers because they can find a deal anywhere. That is a skill that not everyone possesses.

If you can find deals and shop for clothes and shoes why can't we apply this same principle to our financial lives? Instead of going to Target to get a shirt or pair of pants we could buy some Target stock. Instead of buying a new ipad why not buy Apple stock. Shop for better interest rates on your credit card or the best savings account rates instead of which pair of shoes go better with a certain outfit.

This is not to say that you should not shop for yourself and deprive yourself of all the joy of getting new things. It is a different way to look at your money. You will still be spending money and indulging in your shopping habit, you will just now be building some wealth at the same time. Use your super shopping skills for your financial good.

Sometimes this may seem hard because most financial things are not tangible so we feel we are not getting value, but look at it this way, if your stock goes up 5% over a year and stocks on average go up over time, it will be worth much more than you $100 pair of jeans that are probably not worth $20 after a year. This is just a different way to look at savings. Instead of feeling like you can't spend at all, spend as much as you like just on assets instead of liabilities.



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