Do you ever feel like you’re stuck in a never-ending cycle of consumerism? You’re constantly chasing after the latest trends and products, trying to keep up with what society tells you you need to be satisfied and successful. And it seems like there’s always that next big thing on your wish list…
But at the end of the day, are these purchases really bringing us true fulfillment and happiness? And how are they impacting our long-term goals for retirement, travel, or other financial aspirations? Is all the spending worth it?
In the end, a bunch of stuff isn’t going to improve your life and make you happy. It’s time to break out of the cycle of consumerism and start saving big. Here are some tips on how to ditch the hamster wheel and take control of your finances.
1. Set Big Goals
The first step in any savings journey is to have a destination in mind. Set big, long-term goals for yourself, whether it’s saving for retirement, traveling the world, or buying a house. Having these goals in mind will help you stay focused and motivated when making financial decisions.
Review these goals often, or even write them down somewhere visible to remind yourself why you’re choosing to save instead of splurging on unnecessary extras.
2. Create a Budget
It may seem obvious, but creating and sticking to a budget is crucial in breaking free from consumerism. This will help you understand where your money is going and where you can cut back.
Start by tracking your spending for a month, then categorize it into essentials (like rent, groceries, and bills) and non-essentials (luxuries like eating out and shopping). From there, determine how much you can realistically save each month and stick to it.
3. Prioritize Experiences Over Things
Consumerism often revolves around the accumulation of material possessions, but studies show that experiences bring more lasting happiness. Instead of constantly buying new things, focus on creating memorable experiences with friends and loved ones.
This doesn’t have to be expensive either – a picnic in the park or a hike in the mountains can be just as fulfilling (if not more) than a new pair of shoes.
4. Practice Delayed Gratification
We live in a society that promotes instant gratification, but learning to delay gratification is key to breaking out of consumerism. Before making a purchase, take some time to think about whether you really need it or if it’s just a fleeting desire.
Try implementing a “cooling off” period, where you wait a certain amount of time (such as 24 hours) before making any non-essential purchases. You may find that the initial excitement of buying something wears off, and you no longer feel the need to buy it.
5. Live Below Your Means
Living below your means doesn’t necessarily mean sacrificing everything you enjoy, but rather being intentional with your spending and making conscious choices. This may mean opting for a smaller apartment or buying second-hand instead of always purchasing brand-new items.
By living below your means, you’ll have more money to save and invest in experiences that truly bring you joy and fulfillment.
6. Stop Buying New Cars
It’s become a norm in society to upgrade to a new car every few years, but this is a huge drain on your finances for an asset that holds no value. Instead of buying a brand-new car that will depreciate in value, consider buying a used one or holding onto your current vehicle for longer.
7. Stop Using Your Car for Everything
Frugal money experts at Mr. Money Mustache point out the absurdity of using a car to drive a few blocks for a single grocery item or to pick their kids up from school. They call it “Clown Car Syndrome” and find it to be a common American phenomenon that costs a lot of money.
Consider walking or biking for shorter trips, not only will it save you money on gas and maintenance but also improve your health and well-being.
8. Get Rid of the Excess
As we continue to talk about the amount of money wasted on cars, it’s worth mentioning that many people also have too many cars.
The same goes for other parts of their life: too much house, too many clothes, and other unnecessary possessions. Take inventory of what you own and consider downsizing or decluttering to free up not only physical space but mental clutter as well. Sell what you don’t need and re-invest that money into your future.
9. Cut Back on Subscriptions
Subscription services like Netflix, Spotify, and Amazon Prime have become staples in many households, but these small monthly charges can add up quickly. Take a look at what you’re subscribed to and determine if it’s really necessary. Consider sharing subscriptions with friends or family to save money or cutting back on the number of services you use.
10. Reduce Spending on Extras
In a lifestyle where we’re constantly on the go, picking up a coffee every day or grabbing lunch out may feel like a necessary expense. But these small daily purchases can add up to a significant amount over time.
To save money, consider bringing your own coffee from home or packing a lunch instead of eating out. Little changes in your daily habits can greatly impact your overall financial health.
It may not seem like much, but imagine putting hundreds or thousands of dollars into an index fund or savings account for a down payment.
11. Surround Yourself With Like-Minded People
Breaking free from consumerism can be challenging when you’re constantly surrounded by friends and family who prioritize material possessions over financial security. Seek out like-minded individuals who share your values and can provide support and encouragement on your journey towards saving big. Attend events or join online communities centered around financial independence and frugal living.
12. Embrace the Little Things
In a consumerist society, it’s easy to overlook the simple pleasures in life. Instead of constantly chasing the next big purchase, learn to appreciate the little things – like a sunset, a walk in fresh air, or a good conversation with friends.
By embracing the smaller moments in life, you’ll find that your happiness is not solely dependent on material possessions (which is a very fleeting type of happiness anyway).
13. Realize That Less is More
Does owning more stuff bring us true happiness? Or more money? Research says no. Once we have life’s basic necessities covered, like food, water, a roof over our heads, and enough income to cover medical costs, more money (and stuff) does not typically equate to a happier life. In fact, it can often lead to stress, debt, and clutter.
By shifting our mindset from “more is better” to “less is more,” we can break out of consumerism and focus on living a simpler, more fulfilling life free of debt.
14. Use Money for Good
If more money doesn’t bring us happiness? What’s the point of saving and being frugal?
Well, by focusing on saving and investing our money instead of constantly spending it, we can use that money for good. Whether it’s donating to a cause, being able to retire early, having the financial freedom to pursue our passions, going on a dream trip, or saving and managing our money wisely, it can bring us a sense of purpose and fulfillment.
15. Have a Traveler’s Mindset
Still not convinced you can live without constantly buying new things? Then perhaps consider adopting a traveler’s mindset. When we travel, we often live in smaller spaces, with fewer possessions, and focus on experiences over material items. The feeling for most is often liberating.
By embracing this mindset in our everyday lives, we can learn to be content with less and appreciate the experiences that life has to offer rather than constantly seeking material possessions.
16. Get Off Social Media
Social media has become a breeding ground for consumerism, with influencers constantly pushing products and the pressure to keep up with unrealistic standards. Taking a break from social media or limiting your usage can help you focus on what truly matters in life rather than being bombarded with ads and false expectations of how your life will be better if you have a certain product.
17. Prioritize Time Over Money
In the pursuit of money, we often forget to prioritize our time. We exchange hours of our lives for a paycheck, but is it really worth it? Especially if that money is going into material possessions? Consider finding a job or creating a lifestyle that allows you to have more time for yourself and your loved ones. Your mental health will thank you.
18. Practice Gratitude
Finally, one of the most effective ways to break free from consumerism is to practice gratitude. Take a moment each day to appreciate what you have instead of always focusing on what you don’t have. Recognize the blessings in your life and be thankful for them.
Remember, breaking out of consumerism is not an overnight process, but by implementing these tips and staying focused on your goals, you can take control of your finances and break free from the exhausting hamster wheel.
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JayDee Vykoukal is a writer, author, mom, and Doctor of Physical Therapy. She has been writing about everything motherhood and health-related since 2018 when her first daughter was born, and she wanted to stay home. She loves to research new topics and fun facts with her kids to teach them about the world.
