How to afford what you really want

Posted on December 22, 2007
Filed Under Personal Finance, Tips |

Piggy bank“I can’t afford it.”

I said this to someone earlier today, but realised that this is a very money-centric way of looking at the world. What I really meant was: I’m not sure that this item will bring enough value to me for that price, if at all.

Saying “I can’t afford it” implies that if you had more money you would buy it. Whereas, in fact even if you had ten times the money it still might not be worth purchasing because fundamentally it’s not valuable enough to you. No matter how rich or poor you are, spending money on something you never use is a complete waste.

If you are convinced of an item’s value and you can see yourself happily using it for years to come and getting a lot out of it, then you can probably afford it even if you have to spend some time saving up for it. It’ll be even easier to afford if you stop buying things that aren’t genuinely valuable to you!

I know people whose regular monthly income is relatively low but who have been able to afford things like a motorbike, a round-the-world trip, a house. These things were not a passing fancy. For many they represent months or years of paid employment or years of saving. But if you really want something and you are willing to be hard-working and creative in the way that you go about it, there is very little on this earth of real value that you could not afford.

The other side of the coin is that if you are not convinced of an item’s value in this way, then you can’t really afford the item even if it only costs a pound. You waste energy buying it, the thing takes up space in your life and eventually you’ll waste energy getting rid of it.

See also Tips to curb impulse buying

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Comments

2 Responses to “How to afford what you really want”

  1. Jonathan on December 24th, 2007 3:56 pm

    I agree wholeheartedly. I have also suffered from the ‘tyranny of stuff’ that I don’t want. It’s surprising how much money you can save up once you stop wasting it on things you don’t really need.

  2. Best advice of 2007 : Drop Out Diaries - leave the rat race, work for yourself, downshifting, financial freedom, make money online on January 9th, 2008 7:26 pm

    […] How many of us can honestly say that every purchase is something we really want and value? Start cultivating a “high joy-to-stuff ratio”. More… […]

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