Episode Transcript
[00:00:00] Speaker A: It is Take Control Tuesday and I have Manta Moussa from MoneySmartLife.org on the phone. And Manta, we've been on this series about having a frugal mindset. We've talked about what is a frugal mindset. We also talked about last week, seven examples of a frugal mindset or lifestyle. And today we're gonna talk about practical habits and mindset changes to live a frugal lifestyle.
[00:00:29] Speaker B: Correct. So let's talk about eight things that can help us cultivate approval mindset. One that emphasizes intentional spending, resourcefulness and long term financial well being.
Number one, you gotta define your why. Why are you trying to develop approval mindset? Are you paying off some debt? Are you saving for a home?
For me, it was trying to achieve a level of financial independence. I didn't want people owning me.
[00:01:03] Speaker A: Yes.
[00:01:04] Speaker B: Or so number two, something you have to do. It's relatively easy to do in this digital world. Track every expense.
Now, you don't have to do this forever, but you've got to start doing this. You got to monitor your money so you know where your money's going to.
[00:01:24] Speaker A: Yes.
[00:01:24] Speaker B: You have to write it down, Randy. Because you know when it comes to income, we can generally remember that because it only happens twice a month.
[00:01:33] Speaker A: Right.
[00:01:34] Speaker B: I don't have to write that down. I know when that's happening. For expenses, it's important that you monitor those and write them down because that's an important source of information for you. Because that awareness can help you identify areas to cut back or you need to allocate funds more effectively.
Number three, embrace smart shopping habits. Buy used.
Consider purchasing secondhand items which can be affordable and environmentally friendly. Randy. Buy secondhand clothes for kids. Just makes sense.
[00:02:13] Speaker A: Yeah, it does.
[00:02:14] Speaker B: It makes it sound broad.
The next thing you want to do in shopping smart is price match. Compare prices. Look for deals before making significant purchases.
Delay gratification.
Implement a waiting period before buying non essential items. This will help you curb impulse spending. The next one is negotiate barter.
[00:02:42] Speaker A: Yes.
[00:02:42] Speaker B: So negotiate prices and you may be in a situation where you can trade a skill for products and services.
Number four, optimize food spending.
You gotta plan your meals. I know people think it's tedious, but what it does, it helps reduce food waste and it avoids unnecessary takeout. Next thing, use leftovers. Make sure you repurpose leftovers in the new meals and to maximize your grocery budget. Pantry challenges. Challenge yourself to occasionally create meals using only existing pantry items for a week or more.
Number five, develop your do it yourself skills.
Learn basic repair and maintenance skills to save on service costs.
Doing it yourself, you know within your skill set can be economic and rewarding.
[00:03:42] Speaker A: Yeah.
[00:03:43] Speaker B: The next thing is perform preventative maintenance on your own car, appliances and tools.
Number six, Shift your mindset value over cost.
Focus on long term value rather than just up front cost.
Avoid lifestyle inflation as your income goes up. Resist the urge to raise your lifestyle spending.
Find joy in simplicity appreciation that comes from simple things. Randy, we complicate things an awful lot.
[00:04:24] Speaker A: Absolutely.
[00:04:25] Speaker B: Rather than taking joy in the simple things and and then on a spiritual level, Randy, I will say this. As far as shifting your mindset is resist the spirits of materialism and consumerism that are so rampant in our culture. Make no mistake, these are manifested spiritual tactics to steal your happiness, your joy and corrupt your relationships.
So having a frugal mindset makes you aware of these things and helps you resist it.
Number seven, Build a supportive community around yourself with other people that have a frugal mindset. There's a saying, Randy, that says if you hang around with nine broke people, you'll be the 10.
[00:05:16] Speaker A: Yes.
[00:05:17] Speaker B: Watch your company.
And the last thing. Number eight is celebrate the small win.
[00:05:24] Speaker A: Yes.
[00:05:24] Speaker B: Acknowledge and celebrate your progress on the way. Whether you save a dollar one hundred or thousand dollars. Celebrate those wins.
[00:05:36] Speaker A: Celebrate those wins. I absolutely love it. And if you missed any of that, it's up on the website at take control Tuesday.com as well as the archives from this series. So make sure you check it out and share it with your friends. Manta, as always, thank you so much.
[00:05:52] Speaker B: Thank you.
