Generally, life directs us the way we live-what we choose to do, so, people respond differently to what life asks for depending on where we live and the people surrounding us as we generally call it an “environment “. In this way, we also grow and see ourselves following the same pattern of what we do, wear, learn or speak; whether in groups or individuals without any scrutiny. This means that behaviours and actions we learned from one another as the inhabitants of a place can change or manipulate the original character in which we were born. Look at the example of a farmer who sees the simple life of a businessman or a porter who sees the simple life of a doctor. Remember both individuals in the scenarios are looking for a common response to their wants in life with a known comparison of the proverb “The grass is greener on the other side of the fence”. Wants of life, however, have no limit and the comparison would continue without landing good results. However, we can make a difference by rediscovering ourselves and learning wise spending in order to live on our own earnings comfortably. So, I am here to share a real-life experience and give you 7 ways in which one can live by his / her own means without being tempted by our desires.
1. REFINANCE YOUR EXPENSES.
We sometimes unwisely spend money on buying expensive items such as cars and we don’t utilize it efficiently. For example, you drive a car of your own but still spend eating at restaurants. This is doubling your expenses and emptying your pocket. Rather than driving to food stands, you could better use your own car to deliver meals cooked at home and stay at your bill limit. In this way, your car’s expenses could work for you and pay back. Refinancing your expenses doesn’t only protect your money but also promotes healthy living habits since your kitchen recipes are within your reach.
2. KNOW YOUR RIGHT SHOPPING DESTINATION. When shopping, don’t just go and stop at the first shopping centre you come across because each business targets specific consumers with different levels of income. For example, a business locates at Maka-Al-Mukarama street and one that is in the Bakara market price products differently because the former targets specific groups of consumers that have less sensitive to prices compared to other options on hand, while the latter targets the mass. So, get to know your market to live your own way.
3. DON’T BE A REGULAR BUYER. It is common that supermarkets attract shoppers because there are certain people who enjoy shopping just for stress release or other relaxation as such, while some go to find information for potential wise purchasing. However, not all people fall into those two categories, there are many other individuals who are highly attracted by the meal smells of some restaurants or advertisements by some businesses and finally become impulsive to any product stimuli and spend out their savings just in that way. Therefore, you need to plan your shopping before arriving at any shopping centre to avoid bad spending habits.
4. DON’T BE AN EMOTIONAL SHOPPER
It is a fact that many of us spend too much money just to gain an image from luxury cars to big branded clothing, perfumes, bags, you name it, meaning much of what we buy has a lot more to do with impressing others than it has to do with buying something we actually need. It is also a known behaviour to witness that some people are reluctant to buy what others or the mass have already bought even if it is at a reasonable price just because they feel they won’t create the image they pursue if they do so. Therefore, it is quite unwise to incur unnecessary costs just to impress others. Be yourself and buy the things of your choice and enjoy.
5. TRUCK YOUR EXPENSES
Track your spending record to know the recurring stuff or buying habits that consume a large portion of your budget. These habits include but are not limited to paying too much on clothing, house rent, staying late at luxury restaurants or any other money-consuming practices. Take time to understand how your hardly-earned money is wasted. Once you figure out those practices assess whether they could be avoided for more genuine ones.
6. LEARN TO SAVE FROM YOUR RUNNING EXPENSES
Some of us have a money-saving culture which we may have gained from lessons of life or inherited from family traditions and enjoy growing their wealth, while others work for money all their life and never have rest in their pursuit of more money. There are too many people in different occupations from Bajaj drivers, car-mechanics to lawyers and accountants working 10 hours per day, just to burn the candle at both ends. They feel that money is something spent at the moment it comes in their hands because they are in a cycle of receiving it again. Money just comes to their pockets in transit to vanish. If you are in this group, try to accept the mentality of saving by starting from your first paycheck to come. It is not complicated to do so. There is always room to squeeze your budget or scape your expenses to free up space for saving more dollars for the future.
7. INVEST, INVEST, INVEST
Wise spending doesn’t only mean avoiding unnecessary purchases. It also means taking some risks and putting some of your savings into things that will help you reach your financial goals. For example, buy vacant land for sale where it is cheaper and strategic, especially outskirts of a city and resell it after the price rises. Buy a common stock from existing companies, or build the vacant land and collect the rent. This way, the money works for you and you get to know that there is nothing better than investing too early or investing too little.
To sum up, the lifestyle we follow greatly influences our chance of success in life, either positively or negatively. It is created over a period of time, and is influenced by the environment that we live in and the people in our circle, as well as our background and experience.it is manifested in our daily routines like when waking up in the morning, how we spend our time, our commitment to our daily workouts, and our spending habits. So, being poor or wealthy is not always luck but a result of things or a combination of things we do every day in our life.
Mohamud Mohamed Siad, Director, SIMAD Libraries
