Eliminate wasteful spending and your life will change!




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At an early age, I discovered the concept of wasteful spending and how a huge chunk of the money that we spend is wasted on things that do not provide any value to our lives. It was such a simple concept, but it changed the way I view personal finances. In this video, I discuss five steps on how to cut wasteful spending and enjoy life.

1. Understand What Real Wasteful Spending Is

It's important to know that not all unnecessary spending is wasteful spending, but wasteful spending is when you spend money in irrational ways on things that don’t bring any value to your life. It's an illogical way to use money because by spending it, it is not making your life any better. Examples of wasteful spending are buying chips at a gas station for two times the price or buying towels at Target on impulse when you don't need them. This is the type of spending that you must cut out.

2. Identify Your Wasteful Spending Habits

In order to start cutting wasteful spending from your life, you need to become aware of your unintentional spending habits. And in order to do this, you must see how you spend your money in third person. You must track your spending for at least a month and then analyze it to see the areas in your life that are pure waste. Below is a video of me explaining how exactly to do this.

Video:    • How to DOUBLE Your Savings  

3. Start Changing Your Habits

Once you identify areas of your life that are wasteful, it is time to put it into practice. This can be difficult to do as it takes a lot of effort and intention; however, the best way to start changing your habits is by spending in cash. When you spend in cash, you are more mindful of your spending because it takes a little more effort than just swiping a credit card. So for every purchase you make, it is important to ask yourself the question, "Why am I buying this?" If there is not a good reason behind the answer, then it is probably wasteful spending and you should cut it out. And overtime as you start to change your habits, it becomes easier and more natural.

4. Decide What Is Important To You

Once you start to identify and change your habits, you will begin having more money because you are not wasting anything. By cutting out waste alone, many people could see a 25 to 50% increase in how much money they have left over because many people waste a huge chuck of what they make. With this extra money, you can start thinking about how you should use it in a meaningful way to enrich your life. It is important to determine what is important to you and focus on using your money for those things.

5. Start Using Your Money To Enrich Your Life

Finally, once you identify and cut out your wasteful spending habits, and then decide what is important to you, you can use your money on those important things you want to add in your life to bring value. You can use the money to live a richer life instead of wasting a huge chunk of your money. Eliminating wasteful spending from my life has allowed me to accomplish many things like traveling, living in different locations, and pursuing things I'm interested. It's allowed me to a much richer life with more money to do what I want.

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