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Ask Yourself: Do You Need It?

Whether we’re browsing the Internet or driving to our next destination, chances are we’re being assaulted with advertisements. Online ads promote clothing sales and new beauty products that promise to perfect your skin. Freeway billboards offer sleeker, faster cars. All this temptation can be a nightmare for someone trying to live the frugal life!

You might be trying to stay strong, or you might already know you have a problem with splurging. Whatever the case, these three tips can help you filter out the fluff and focus on your financial future:

  • The Frugal Mindset: Before you consider answering the call of the mall, begin by overhauling your mindset. In order to keep yourself on-budget and on-track financially, understand that you must commit fully to the concept “spend less than you make.” Surround yourself with similar-minded friends, and avoid placing yourself near stores that tempt you to shop.
  • No Unnecessary Spending: You will not be able to meet your long-term retirement goals if you’re constantly building up credit card debt (and interest) each month. To help with want versus need shopping, look first to what you’ve been buying on credit. If it was therapy shopping and expensive treatments, consider an affordable alternative to reward yourself with. If you’ve been accumulating debt to pay for necessities like food and bills, consider a second career to help you get to a more secure place.
  • Your Best Budget: Aim to spend less than half your after-tax income on necessities, 20% of it toward savings, and less than 30% on “wants.” When determining where to spend, ask yourself: Could I save this money, and my family would still have everything we need this month? Is it a question of doing something fun, versus growing your emergency fund?

Focus on making money, not spending it. The greatest investment you can make is not in things, but in your health and financial security.

To learn more about how to improve your financial life, including embarking on an exciting second career, visit Syncis at