3563: 4 Reasons You Should Cut (and Keep Cutting) Your Expenses by Robert Morris with Money Mini Blog

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[00:00:28] This is Optimal Finance Daily. 4 Reasons You Should Cut and Keep Cutting Your Expenses by Robert Morris with MoneyMiniBlog.com.

[00:00:41] Shopping has become a damaging habit nowadays. More and more people abuse this right and consume endless energy. They not only hurt the planet we all live on, but they get caught up in a harmful routine. Shopping excessively is popular, but how many people stop to think about its consequences?

[00:00:59] A good way to reduce shopaholic needs is writing down a list of all your expenses. The next step is arranging them where the most important ones stand out. The third step is understanding the reasons why you choose not to purchase trivial things. And that's it. You've cut down on your expenses and you live a happier life. Here are some reasons why you should take action.

[00:01:24] 1. Quality over quantity. If you constantly spend money on small things, you'll end up disappointed in the long term. You might not see it now, but purchasing small items prevents you from saving money for the important things in life. 2. For example, is it better to buy a fancy dress? Or is it smarter to save that money for traveling?

[00:01:45] It is the great things in life that bring us happiness, not the low-pitched ones. You might be happy in the short term about buying that dress, but a couple years down the road, does it really change your life? Go for quality over quantity. Spend the big bucks on things that matter. You'll be a lot happier spending money on experiences and personal development, not on new fancy clothes or home decorations.

[00:02:09] Use the 30-minute rule. An interesting perspective on life, the 30-minute rule is an awesome way of understanding your rational and irrational decisions. Ask yourself the following question before buying something. Am I really going to use this item for more than 30 minutes a day? Is it that important for me? If the answer is yes, buy it. Don't overthink it. If the answer is no, then leave it be.

[00:02:36] Take a look at your clothes or your house. How many things do you actually need? How many of them are there only because at some point in life you thought that they might be of use to you? Clean up your house and give away the things that you don't necessarily need. And from now on, consider the 30-minute rule every time you want to buy something new.

[00:02:55] Number two, you'll get to know yourself better. This might surprise you, but 98% of the people who shop excessively or more than they should are sad or frustrated with their lives. Sure, 72% of internet statistics are made up, but I think you can agree that people that constantly overshop are trying to fill a void. There's no shame in that. We tend to replace lack of happiness with things so that we feel accomplished in the end.

[00:03:23] Sadly, shopping does nothing but amplifies your anger, and soon you feel like buying more and more. Anxiety spreads like a disease, so be careful about it. When buying something, always ask yourself, what is the reason for me buying this? By constantly analyzing your reaction to shopping, you understand what triggers you. It's extremely important to do that nowadays. That makes the difference between intelligent purchasing and manipulated shoppers.

[00:03:51] Understanding the psychological reasons behind your actions will help you make better choices. Number three, you'll become happier. When you know what triggers you and where your weak spots are, it's so much easier to avoid sadness. Understanding your behavior is a big part of spiritual development, and it gives you the chance to live a happier life. Avoiding places like malls or casinos is one example.

[00:04:16] If you know there's no point in visiting those places and you understand how much it could hurt you, there's a higher chance you'll take the right action. These harmful routines can also be incorporated into our daily habits. For example, if driving to work on Main Street makes you want to stop at the corner mall, change the route. If you know that when you're bored you shop on Amazon, close your account. Do things that get you out of the comfort zone and that help you at the same time. Sometimes you have to make radical choices.

[00:04:46] Number four, you can travel the world. Traveling is one of the most enriching experiences on this planet. A friend once told me, quote, Fill your life with experiences, not things. Do you want to have stories to tell or things to show? It's your choice, end quote. Cutting down on your expenses is going to make traveling an achievable target. Visiting Japan, Malaysia, and Costa Rica doesn't sound too bad, does it? It's not only about hitting the road.

[00:05:14] It's about the people that you meet, the experiences you keep, and the foods you taste. It's about the backpacking stories you hear and the endless talks you have with new people. Traveling is an extraordinary experience. Don't let trivial things take that away from you. Final words. Cutting down expenses is smart, especially when you have a higher goal to reach. Even if you don't have a higher goal right now, there are still other better things you could purchase with that money. Think twice before buying an object.

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[00:07:36] While I totally agree that money is better spent on experiences and personal development, when it comes to the latter, I'd argue that personal development can cost you almost nothing. At least it has for me, because most of my big gains in this area are from reading books, which I get for free at the library. I also spend time journaling, meditating, and reciting affirmations. It costs me nothing but my time and has a huge return on investment in my happiness.

[00:08:02] I think shopping excessively is simply a learned behavior for coping with the human condition. Most of us are lonely, anxious, and unfulfilled in some way. So we distract ourselves from these feelings in many ways. Shopping is just one. I think we'll continue to spend a lot of time, energy, and money avoiding our feelings until we realize that we can't get over our feelings. We must go through them. We must allow ourselves to fully feel them.

[00:08:30] In transparency, I've struggled with anxiety for most of my life. But now that I've committed to actually dealing with it, I'm learning how to fully feel my anxiety. And I'm realizing that it's actually not a problem. It's just pent-up energy that I'm slowly learning how to harness for my benefit. There are lots of techniques and strategies to reduce your spending and address shopaholic behaviors. But I think if you really want to get to the root cause of your spending,

[00:08:56] get curious about the feelings you're working so hard to avoid. Have a great rest of your day and start to your week. And I'll be back with you tomorrow for another post. So I'll see you there where your optimal life awaits.