Peace of Mind and the Pursuit of More
A frugal guide for making the most of what you have
I never expected to learn deep insight from my one on one meeting with a developer that was struggling with bills. But boy did I!
During a recent meeting, a developer shared with me his goal of developing a savings plan and paying off his credit card debt within the next six months. As we delved deeper into his spending habits, he realized that his purchases were driven by a desire for instant gratification, leading to unused gadgets and clutter in his home and stress in his mind. Sound like anyone you know?
To tackle his financial situation, he hired a financial consultant and started developing a better mindset around money. When I asked if he thought he needs more money to help him achieve his goals, he replied that a better financial mindset was the key, not more money.
I almost fell off my chair.
This person felt like a wise old sage, teaching me a lesson.
Location independence, strong remote culture, exciting projects, cutting edge tech, highly talented teammates, coaching and career growth.
The pursuit of more feels like it is inside each and every one of us. But when you get more, you want more and it never seems to end.
The pursuit of enough leads to more peace.
I learned that perhaps shifting the mindset to figure out how to be in the mindset of enough could be much healthier, especially when working for a remote company that opens up the possibilities of living simply and close to what it is really important.
It inspired me to research further and here are some insights I picked up for myself and I thought I’d share it with you.
Mindset Shift → Delay gratification. True wealth is financial independence, peace of mind, and freedom, rather than material possessions or extravagant lifestyles.
Track Your Expenses → Have a record of your income and expenses. Use budgeting tools or apps to help you visualize where your money is going and make sure it is going where it needs to for your life.
Avoid Lifestyle Inflation → As your income increases, don’t be tempted to inflate your lifestyle proportionally. Focus on maintaining or increasing your savings rate and investments.
Set Financial Goals → Having clear objectives helps you stay motivated and make intentional spending decisions aligned with your priorities.
Prioritize Saving and Investing → Make saving and investing a non-negotiable habit. Automate it.
Differentiate Between Wants and Needs → Distinguish between essential expenses and discretionary spending. Be mindful of fun purchases that may not align with your financial goals.
Debt with Caution → Avoid unnecessary debt and focus on paying off any outstanding debts as quickly as possible. Any debt should be working for you in some way, think a mortgage.
Big Wins → Negotiate better deals on major expenses like rent, insurance, or subscriptions.
Frugality is your Friend → Seek out affordable alternatives, such as buying used items, shopping during sales, or embracing minimalism. Practice conscious spending, buy quality over quantity.
Invest in Yourself → Invest in books, courses, and experiences that enhance your abilities and open up new opportunities, leading to long-term financial gains. I just got Blinkist and love it!
Be with Like-minded People → Friends influence can greatly impact your spending habits, so it's beneficial to surround yourself with people who inspire financial prudence.
Don’t Compare →Resist the urge to compare your lifestyle or possessions with others. Remember that appearances can be deceiving, true wealth is an individual mindset.
Living below your means is an essential practice for financial stability, long-term wealth accumulation and ultimately peace of mind. It is a continuous practice that can be joyful, noticing what is really important and placing what isn’t in its place.
By developing these habits, you create a solid foundation for financial success that will provide both long-term financial security and the peace of mind that comes from real freedom to be close to the things you declare are valuable and meaningful to you.
