Episode Transcript
[00:00:00] Speaker A: It's Take Control Tuesday and I'm on the phone with Mansa Moussa from MoneySmartLife.org and Mansa, last week we started talking about the frugal mindset and I had a lot of people asking me if frugal means cheap. But we're gonna go a little deeper today and talk about how we know that you're living a frugal lifestyle.
[00:00:23] Speaker B: Right. We want to encourage people to go to to take controltuesday.com and check out the archives for approval mindset. But let's talk about how approval mindset is manifested in behavior. Number one, buying quality once instead of cheap many times. Oh, you know, you, you can buy a really good pair of shoes for $90 or you could buy a cheap pair of shoes for $30 that you got to replace all the time.
So once again, buying quality once instead of cheap many times.
Cooking at home instead of eating out frequently. Now, that doesn't mean you never go to a restaurant or anything, but if you see cooking at home as healthier, more economical, and even more enjoyable and not as a sacrifice.
And that's approval mindset.
Number three, repairing and maintaining items Instead of replacing you keep up with your scheduled car maintenance so you can avoid major repairs in the future. You'll replace a button or buttons that fall off a coat rather than just buying a new coat.
[00:01:42] Speaker A: Done that.
[00:01:44] Speaker B: Number four, delaying gratification for bigger goals.
Instead of buying a new car on credit, let's say they might drive an older, reliable car while saving for a better car that they'll be able to buy debt free.
They value financial freedom more than impressing other people. Number five, take advantage of free or low cost resources.
They borrow books from the library rather than buying them. They enjoy free local events and use cash back and coupons wisely.
And they'll pick up secondhand items in good condition. Number six, plan purchases instead of impulse buy.
This is especially true when you're making larger purchases. They always compare prices.
Do they research, wait for sales rather than just charging things impulsively?
Number seven, value time and energy and not just dollars.
You know, sometimes being frugal means paying for something that saves you time, saves you stress, like hiring help when it's truly worth it instead of always choosing the cheaper option.
So it's a holistic view when it comes to what is approval mindset. It's not just about saving money, although it is about saving money and not wasting. But it's also about your stress, your energy and your quality of life.
[00:03:31] Speaker A: Absolutely. All of those are so important. And it seems like it's an easy thing, but when you think about it, using that mindset can save you money in the long run.
[00:03:42] Speaker B: Absolutely. And that's the key, Randy, right there. You got to think about it.
Because if you don't think, your natural impulses are generally not going to favor your long term success.
[00:03:59] Speaker A: Absolutely. Well, make sure that you go to take controltuesday.com get the details for that and also the archives from your frugal mindset. And man says as always, thank you so much.
[00:04:12] Speaker B: Thank you.
