I recently discovered The Budget Mom and I have to say, I’m addicted to her YouTube channel. My husband and I started being serious about getting on top of our finances in 2018 but car troubles majorly affected our savings last year. No matter; we’re both working hard on rebuilding our savings in 2019. YouTube videos like the ones by TBM have been helpful in getting us on the right course.
I like this video a lot because it resonates with my resolution this year – to be very mindful about my money and where it goes. I remember a lot of impulse buying episodes last year. So, this year, I have a few strategies for avoiding such incidents:
1. Answer these questions truthfully before purchasing.
They are Do I really need this?; Is there a cheaper alternative?; What am I getting out of this?; Is it worth the cost? Am I really getting my money’s worth from this purchase?” Does it make sense to invest in this?; Can I save money by doing something different?; Is this worth risking my financial future?
2. Savings challenges
I have 4. The first is to live on RM10 a day; the second is to save RM1,400 a month for home-related projects and vacations in 2020; the third is saving RM20 and RM5 notes and the fourth is saving loose change.
When I focus on increasing my savings, I automatically become very mindful about my purchases. Whatever I choose to spend on must give me the most maximum value.
At times, this makes me think about whether I am contradicting my daily affirmation of attracting abundance into my life. But then I remind myself that abundance is not just about having/owning lots of things/experiences. It is really about owning meaningful things/experiences. Clearly, not everything in life is meaningful. Otherwise, they will start losing their meaning. As Marie Kondo says, own or keep only things that spark joy.
I’m definitely going to spend more time watching TBM’s videos. I’m hoping that her money-savviness will rub off on me. We are, after all, the sum of the people we hang out with…