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– “I remember sitting in a cubicle at my first professional job staring at a picture of an SUV I wanted to buy (and eventually did). Now, I sit in my office and look at the pictures of my kids, and just outside my window I can see the beater I drive sitting in the company parking lot. What a difference a decade makes! To sum things up, my definition of being rich is having enough money to meet my family’s basic needs, a few of our wants, and to be able to give some away to others.” – via Frugal Dad 2.Borrow and share. Everyone wins! – “We borrowed a DVD from a friend instead of renting or buying and had a little snack from our own fridge! Way cheaper than using gas to drive to the theater/rental place, paying for a movie, and paying for a snack.” – via My Dollar Plan 3.Avoid the mall. – “Going to the mall is not entertainment! We used to go when we were bored. Of course, we usually ended up spending money while we were there. If you need clothes, then shop sales or go to stores that offer name-brands at a discount. You can save a ton on these items if you are a smart shopper. Dave Ramsey says, “Never pay retail!” We probably save $15 to $30 per month by staying away from the mall.” – via My Super-Charged Life 4.Limit your intake of advertisements. – “Advertising sucks. That’s the cold, hard truth. It’s engineered to make you feel like you’re incomplete, that you have an unfulfilled need, that you’re not good enough.” – via On Simplicity 5.Buy with cash. – “You can’t spend money you don’t have. Many bank accounts provide overdraft protection, so even with a debit card, it’s easier to go over your account balance than you think.” – via Simple Mom 6.Find a better deal and actually SAVE the difference. – “Regardless of what they sell, if you’ve switched companies for price reasons, save the difference. Think of phone companies, internet access, cell phones, credit cards, and others.” – via The Wisdom Journal 7.Adhere to a long-term investment strategy. – “I’m a long-term investor. The stock portion of my portfolio is spread over several mutual funds, a few ETFs and a few individual stocks. Each and every one of these holdings was carefully chosen, after thorough research. I believe in these stocks and funds. I consider them as my best bet in growing my money - LONG TERM.” – via MomGrind 8.Curb your consumerism! – “Have you ever watched how a child can play with a cardboard box for hours, and leave the toy that came in it by the wayside? How is it that children can enjoy themselves without a lot of “stuff”, but we as adults feel the need to reward ourselves by buying more stuff?” – via Billionaire Woman 9.Stay Healthy! Medical problems drain bank accounts. – “James M. Rippe, M.D is a best-selling author, world-renowned cardiologist, and founder of the Rippe Lifestyle Institute. He explains that if you look at all the risk factors for dying, the one that is most predictive is fitness level. In addition, an older
Find ways to give without spending. you will not be prepared to adapt. Financial flexibility is more important then keeping up with the Jones’. Do you think there is an increasing expectation that you can get want you want by throwing money around instead of working hard and “earning” it? – via Forever Change 14.” – via Abundance Blog 10. Properly manage your time. and you will become more productive and have less to do. By increasing your fitness level. If you live above your means.person with high cardiovascular fitness is healthier than a younger person who is physically inactive. Add to that the fact that Western countries encourage people to strive for more and more. Buy things you truly need.” –via Dumb Little Man . I think that’s a winning combination.” – via Think Simple Now 15. It’s the thought that counts and the personal touch that makes it special. then why don’t countries as a whole get happier as they grow wealthier? They discovered that as a country gets wealthier there’s no overall increase in happiness. – “Even when things are going great.Avoid impulse buying.Time is money. from watching the behavior of myself and my friends I’ve found that the new quickly becomes just another item.” – via LifeDev 16. Why not set aside some time this weekend to sit down and write to a few people? If you don’t enjoy writing. Focus only on those tasks that give you the absolute most return on your time investment.” – via Color Your Life Happy 13. And keep your focus on what’s important. and you will be much less stressed. – “Want a quick. try buying some nice postcards of your home town. think about it the next time you go out. and you feel on top of the world.” – via Yin vs. If you take the time and patience to set yourself up properly. – “So. eliminating. Yang 12. you must always be prepared for a change. If you’ve got an artistic streak. why not design your own note cards? You don’t have to write a long letter for it to be effective. – “Don’t you just love the excitement you feel after coming home with a new TV? Driving home in a new car? Opening the box on a new pair of shoes? I sure do. Focus always on simplifying. you can actually roll back your biological clock. – “The fewer tasks you have. money is sometimes being used as a substitute for hard work.” – via The Jungle of Life 11. then when the slightest change occurs. you will be prepared to handle it. then when things to take a turn for the worse. Why? We continually compare our wealth against that of others. easy and (almost) free way to be guaranteed that you’ll make someone’s day special? Send them a letter. the less you have to do to organize them. Stay home and save! Save up for something you really want or need.Get out of the “easy street” mentality. – “I think there is too much emphasis on the quick fix or the easy option in today’s society. The excitement of novelty passes quickly. We are competitive and envious. Are you going for with a purpose? Maybe the solution is to not go out at all. – “If getting rich makes us happy. reducing. You will need only the simplest tools and system. and you have a formula that spins many into depression.Stop competing.Stay in and relax. Forget about the Jones’ altogether. For example taking diet pills to lose weight instead of the “hard option” exercising and eating well….Gradually prepare yourself for a rainy day. But. Everything else is easy.
So. avoid name brand clothing all together. 1. Covey.Don’t let greed and deceit get the best of you. and it is unlikely the room will stay clean when the parent leaves town for a few days. a director at Engage. My advice? It is fine to aspire to wealth. The example he gives in The 8th Habit is: The parent who yells at their kids to clean their rooms will accomplish the end of having a clean room. Marie Sutton. This is due to unintended consequences that are not seen or evident at first. to return to the topic of wealth. ‘Cautious Optimists’ and ‘Carry–On Regardless’. simple pleasures such as eating out or trips to the pub are ditched in favour of family expenditure. Now. ‘Cash–strapped Realists’. Shifters expect their finances to be stretched for a considerable period of time and are displaying extreme caution and pessimism about the future. Scared Down Shifters The largest group in the survey (39% of respondents) was labelled Scared Down Shifters. But this very means has the potential to negatively affect relationships.Never ever pay retail. Read on to see which group you best fit into and then follow Moneywise’s advice on what action you should be taking as a result. – “You can easily save hundreds of dollars a year on clothing purchases by waiting for sales or shopping at discount retailers like Marshalls. I think it is possible to see much of the world’s current financial problems as stemming from people who wrongly believe the ends justify the means. if you reach an admirable end through the wrong means it will ultimately turn to dust in your hands. Better yet. but don’t lose sight of the means to accomplishing it. “They are family–oriented and have to limit the cost of their households and so will tend to cut back on everything.” – via The Change Blog 18.17. .” she explains. – “According to Stephen R. identifies this group of people as working class individuals with children in the main.” The research revealed four distinct groups: ‘Scared Down Shifters’.
Even if rates offered by savings accounts and cash ISA are looking poor.000to save where All accounts are included No penalties for withdrawals/transfers Only fixed rate accounts are included Only easy access accounts are included Only variable rate accounts are included . an unbiased and independent data provider. Use it to find and apply for the account of your choice.But despite their gloomy outlook. Scared Down Shifters are still the keenest group to hear about the economy. with the rest locked away in a fixed-rate account where it can grow. build up a savings buffer for a rainy day. we have a commercial arrangement in place I wish to transfer an amount I have £5.340 £100 £500 £1. The data is supplied by Defaqto. choosing from our commercial partners or the entire market. where you can get your hands on it in an emergency. Repeated cuts to the Bank of England’s base rate mean savers get a poor choice when it comes to interest rates on their savings vehicles and ISAs and you could be forgiven for thinking ‘why bother?’ However. and the rankings are not influenced by any commercial arrangements. it is still worth trying to squirrel away what you can – try putting some of your money into an instant access account. Compare and buy the best ISA accounts Show me the top Cash ISA accounts Find a Cash ISA savings accountThis tool provides views of the Cash ISA savings market that match your specified needs. it’s important that you think ahead and. If you are a Scared Down Shifter… Your naturally pessimistic attitude towards the future means that you should concentrate on building up savings. if possible. Be aware that where you are offered the option to apply. with unemployment on the rise.
Scared Down Shifters should also look on the bright side – the economic climate means retailers and other businesses that rely on you spending are more prepared than ever to cut their prices. middle–class. young. using vouchers to get discounts at restaurants or in the shops. you should concentrate on finding cheaper ways to enjoy life. 2. For example.” Carry–ons will do as their name suggests: continuing to spend or even increasing the amount of their money that goes on holidays and gym memberships. The data is supplied by Defaqto. don’t do this before you have saved the equivalent of a few months salary in an ISA or savings account. Although interest rates aren’t anything to shout about at the moment they won’t be this low forever and getting into the discipline of saving is only a good thing. however. an unbiased and independent data provider. So. and the rankings are not influenced by any commercial arrangements. choosing from our commercial partners or the entire market. Carry–on Regardless The second largest group identified by the survey are the Carry–on regardless brigade. rather than completely sacrifice outings with friends or family. white–collar workers. Be aware that where you are offered the option to apply. then consider a stocks and shares ISA for a better chance of growth. which make up 21% of the survey’s respondents. single. Use it to find and apply for the account of your choice. “Consumers in this group tend to be male.” says Sutton. This group of individuals are most likely to say ‘I’m sick to death of hearing about the economy’. .Find a Cash ISA savings accountThis tool provides views of the Cash ISA savings market that match your specified needs. we have a commercial arrangement in place Search ResultsView by Market RankingDetails View If you are able to lock your money away for at least five years. enjoying all the bargains and being smart about it. “They are more secure in their jobs and are the group most likely to take advantage of the situation.
Cash–strapped Realists Accounting for 15% of those surveyed. Saving up a deposit (preferably of at least 25%) is a good way to ensure you get a competitive mortgage rate. they are likely to be very wary of making big–ticket purchases because of job insecurity. the fall in house prices means you can get more for your money compared to a couple of years ago. Getting a mortgage at the moment is tricky but if you can. If you are a Cash–strapped Realist… . then try and take advantage of the huge reductions on bigger purchases – there are certainly lots of special offers from electrical goods to furniture. are similar to Scared down Shifters. if you do have money to spend. be aware that your situation could change so it is important to still have some control over your expenditure. If you’ve got a large disposable income then consider building up a savings pot for the future (see above).If you are a Carry-on Regardless… While everything might be rosy now. 3. Writing a budget might not sound like a lot of fun but seeing all your incomings and outgoings will help you to see what areas you could cut back on if your circumstances change. As a result. Sutton describes the group as typically male. Cash–strapped Realists. If you’ve already got a mortgage then consider making overpayments while interest rates are so low and beat falling house prices. with their pessimistic attitudes about the future. their gloomy attitude isn’t particularly reflected in their everyday spending. And. So while the Cash–strapped might hold off buying a new car or three–piece suite. blue–collar workers. which continues in much the same way.
co.uk.co. myvouchercodes. Voucher websites vouchercodes. Being a Cautious Optimist is less to do with your job or standing in life and more to do with your general outlook and attitude in life. even if you feel you can’t do this on a big scale.uk and lovefoodlovedrink.Potential job insecurity means you are wise to not splash out on big purchases but you could do more to cut down your everyday outgoings too. it is also worth taking a more active approach to saving for the future. but would probably be prepared to forfeit a new exercise outfit. Cautious Optimists In contrast to the fears of the Cash-strapped Realists. among others. which explains that while Cautious Optimists will make certain cutbacks. Cautious Optimists (21% of those surveyed) plan to cut their spending on everyday items but they don’t want to forfeit their lifestyle by cutting out on things that they consider ‘essential’. . while they might be prepared to cut back on ready meals and start buying own brand at the supermarket. With your similar outlook to Scared Down Shifters. give users discounts and special offers on a number of shops and restaurants.uk. “They tend to be female and adopt an ‘it will be alright in the end’ belief. they still want to buy their coffee at Starbucks or Pret a Manger every morning. By registering with each of the websites you receive a weekly e–newsletter with the latest offers to either use online or to print off. And thinking about how you can protect yourself against unemployment is also a good idea. they are not too worried about the long term.co. And Cautious Optimists would never consider ditching their gym membership.” says Sutton. So. 4.
25 a week and approximately £492 a year. if you discount four weeks' holiday.uk to ensure you always pay the cheapest price for your weekly shop.’ And if you can find ways to reduce the cost of doing the things you love. Buying own–brand products at the supermarket works in the same way and gets you into the routine of shopping around for the best deals.co. it wouldn’t hurt to make some small tweaks to your spending habits. While your sunny disposition is enviable and will undoubtedly see you get less stressed. Clasping that pricey takeaway latte on your way into work may be the incentive you need to get out of bed each day but it doesn’t take a genius to work out that £2. Use mysupermarket. An extra £500 is nothing to be sniffed at and then if you also buy lunch out regularly you could be looking at even bigger savings.05 a day will cost you £10. you are at least in the habit of cutting back and know you can ‘do without. . the Cash–strapped Realists.If you are a Cautious Optimist… Like your cousins. you should take advantage of the special offers and vouchers to cut down your spending. all the better. Making cutbacks in these areas means you can still afford to keep your gym membership or go on that summer holiday but if it comes to the crunch.