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How to Live Abundantly While Spending Less

Do you ever look at something nice, but then force yourself to move on because you think you can’t afford it? It may seem impossible to both live an abundant life and save money, but in reality, it’s not only doable but incredibly simple! 

The biggest roadblock to affording the things you want isn’t always your bank account. Sometimes, it’s a matter of mindset, and mindset can be changed. Here’s what we did (and what you can do too) to shift our mindset and live abundantly.

Understand the Value of What You Are Buying

When you’re purchasing a luxury item, the price tag isn’t the only thing that matters. The item itself is just as, if not more important than the amount you’re spending. In our case, it was a premium bassinet for our baby that ran for about $1,300. While that figure seemed intimidating at first, it became much more reasonable once we began breaking down the value.

The best question to ask yourself is how much value you’ll get out of the purchase. In our case, the bassinet would give us and our baby an extra 1-2 hours of sleep a night. For as busy as we were between raising a family and running a photography business, these extra hours were huge. The value to our physical and mental health, as well as its impact on our productivity more than justified the price tag. 

5-Steps to Live Abundantly While Spending Less

Whenever we make a high-dollar purchase, we go through a five-step process to determine how we can enjoy the same level of luxury at the lowest possible cost. Here’s what you need to do.

1. Check the Price

First of all, find the item you want and check the price. The price shouldn’t dictate the purchase, but it is important. Once you know which item you want and how much it will cost, you can do some number crunching to minimize the cost. Ask yourself what needs to happen so you can make the purchase, and hop to it!

2. Research Used Options

Second, check the used price, even if you’re planning to buy it new. In most cases, the items you purchase will eventually wear out their usefulness to you, but chances are, they have plenty of life left in them for a future owner. Check resale sites such as eBay to see how much used versions of the item are going for so you can get an idea of its return value down the line.

3. Find Out How Long the Item Will Last

Third, think about how long you’ll use it. Are you the type of person who always has the latest model of smartphone? If so, you can expect to get about a year of use out of each phone before you upgrade. Rather than set the old phone aside and forget about it, you can resell it as lightly used and recoup a fair amount of the original cost.

4. Do a Little Math

Fourth, subtract the item’s used price from its retail price. Let’s go back to the example of smartphones. If you purchase a smartphone for $1,000, keep it in good condition, and resell it a year later for $600, its actual cost was only $400. This puts things in perspective and ultimately makes everything look much more affordable in the long run.

5. Think Differently

Finally, think of the purchase as a rental. Using the same example, you’d be using a brand-new smartphone for about a year for a cost of $400. Rather than thinking of it as a one-time, high-dollar purchase, think about it in terms of a rental. You’re spending $400 for 12 months of use, so consider whether the amount of time you’re using it for is worth the cost. If so, you can purchase that smartphone with confidence!

Woman balancing laptop on her head

The Power of Keeping a Wealthy Mindset

Of course, to fully apply the 5-step process, you need to maintain a wealthy, can-do mindset. The I-can’t mindset perpetuates itself, if you believe something is out of your reach, it will be. However, applying the 5-step process with a wealthy mindset allows you to break down a big purchase into simple, manageable steps. Don’t think about whether or not you can afford something, think about how you can afford it. 

When you’re in that perfect headspace of wealth and abundance, you don’t need to be afraid to dream big! With an understanding of how to make a purchase possible, you’ll not only be able to minimize and recoup your costs, you’ll even be able to turn a profit from them! Once you’ve worked out all the details, that newest luxury phone, brand-name purse, or even a beach house is well within reach. All that’s left for you to do is to get out there and take action, so set a goal, make a plan, and hop to it!

Are you ready to start building for your future? Take the Rainmaker Challenge to kickstart your first week of growth!

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