How a “Buy Nothing” Year Can Kickstart Your Financial Future

January 23, 2017 Sam Saggers

We’re living in a consumer driven society…wouldn’t you agree?

We’ve gone from perhaps a dozen or so advertisements per day through older forms of advertisement such as billboards, radio and television to even more advertisements per day via our computers and smartphones.

We’re inundated with messages urging us to buy this, drink that, do this, do that…no wonder we’re so stressed out!

Imagine what would happen if you decided to do something counter-cultural to all of that noise…such as having a “buy nothing” year?

Think about it…extra money, simply by making different spending decisions!

What would you do with the extra money?

What if you put that money to use, building financial freedom rather than spending it on a flashy holiday or new car?

A “buy nothing” year is a great way to build up the deposit for your first…or next investment property.

bilboard advertisement

What a buy nothing year can do for you

When you begin to reduce all extraneous consumer spending it can be tough, but after time you’ll find that it:

  • Reduces your stress
  • Forces you to evaluate what matters the most to you
  • Helps you to focus on things that will make the biggest difference in your life

 

Savings tips

Start small, cutting out extraneous expenses such as haircuts, clothing, electronics, household items, eating out, etc.

Shift your thinking

Drop out of the consumer mindset and think about those relationships and possessions that mean the most to you. Does your spending reflect your beliefs? If not, think about how you can change that.

Cook more at home

Rather than spend money on pricey takeout or restaurant fare, cook meals at home.

Save even more by purchasing items in their most basic form instead of paying more for processed.

If you eat out a lot now, doing this one thing can save you potentially hundreds per month…money that you could be putting towards an investment property or adding to your savings buffers.

Reconcile your accounts monthly

Put together a spending plan then review it every month.

It’s important to know where the money is going so that you can scale back or revise your spending as you go.

Learn to DIY

If something breaks, rather than buy a replacement, learn how to fix it. There are a number of resources both on and offline to help you get the job done.

Delay big purchases

Instead of paying premium prices for new, big ticket items such as a new couch, try to make do with what you have or if you must, buy the item refurbished or discounted…or even borrow it.

cooking at home

It’s your choice

You decide how long you want to go without buying anything beyond the essentials and see just how much money you can save.

Whether you last an entire year or only a month…individuals who have tried this strategy have learned a lot about themselves and their relationship with money.

Even if you’ve decided not to do a “buy nothing” year, the simple act of being more mindful about your spending can help you save more money, faster.

Money you can then use to build a strong investment property portfolio for your financial future.

Is building your wealth your New Year resolution?

Register to attend our next Property Investor Night.
At these FREE events held all across the country we discuss where the growth markets are right now, and share ways you can navigate your way to financial freedom through investing in property.

Seats fill up fast, so book yours now!

How Your Credit History Impacts Your Loan Application

by | Jan 20, 2017

If you’ve decided that this is the year you’re going to buy a property for investment, congratulations...you’ve chosen a fantastic wealth creation tool. But what if you’d like to invest, but you’re not sure if you’ve got good enough credit? While top notch credit can...

How​ ​to​ ​Improve Your Chance of Getting Financed

by | Jan 18, 2017

When investing in houses,  keeping your finances in order should always be a top priority. Obviously, without the ability to get financing you’re pretty much left stuck wherever you’re at in your property investing journey. So how can you ensure that you’re ready to...

How to Build Good Financial Habits

by | Jan 9, 2017

Sometimes, simple can be better. In fact, when you’re trying to build up good financial habits, “simple” can be the key to reaching your goals. A one page financial plan is a simple overview of your financial situation. It can help you with your...

Is it Time For a Portfolio Checkup?

by | Jan 9, 2017

When was the last time you had a good look at your investment property portfolio? Is it performing as well as it could be? Do yourself a favour and schedule a review as soon as possible, either with yourself or a trusted advisor. When you finally do sit down to have a...

What Will Your Money Life Look Like in The New Year?

by | Jan 8, 2017

Now that we’re into the new year have you put your resolution to buy an investment property in the new year into motion? If you’re still unsure where to start, I’d like to make some suggestions on getting started. The sooner you begin, the sooner you’ll be able to...

4 Tips for Managing Your Cash Flow

by | Dec 20, 2016

Financial freedom is certainly within reach of everyday Australians, but unless we learn how to be smarter with our money, we’ll miss the opportunities around us. Use the following 4 tips and strategies for managing your cash flow; a vital skill if you want to start...

Which Money Personality Are You?

by | Dec 20, 2016

Does it seem as if, no matter what you do, you simply can’t save enough money to buy a home, much less an investment property? While I won’t say that buying your first property is a “cake walk”, it’s not an impossible task - even if it might seem like it is right now....

Do These 7 Money Management Tasks Before Investing in Houses

by | Dec 20, 2016

Once you’ve decided to create financial freedom through investing in houses it’s time to take action. But before you start to scan through house listings looking for the right opportunity, take a good look at your personal money management skills. Are you really ready...

The post How a “Buy Nothing” Year Can Kickstart Your Financial Future appeared first on Positive Real Estate.

Previous Article
Renovation By The Numbers
Renovation By The Numbers

The post Renovation By The Numbers appeared first on Positive Real Estate.

Next Article
How Your Credit History Impacts Your Loan Application
How Your Credit History Impacts Your Loan Application

The post How Your Credit History Impacts Your Loan Application appeared first on Positive Real Estate.