In our Insight today, we explored the opportunities we have for increasing the quality of our life long before our incomes rise.
Before we get to our actual Experiment today, there’s another quick but very valuable Insight I want to share with you that shows you the single most productive place to spend or invest any amount of money. It’s in an article over on my other blog, so click here to read it now.
And now on to our action items for today…
Here’s your Lifestyle Creation Experiment for today:
- Pick ONE expense you could reduce or eliminate without affecting the TRUE quality of your life (cable TV, unlimited cell phone minutes, newspaper subscriptions, junk food, pop, alcohol, gas to drive places you could just as easily walk, etc)…
- Figure out how much that will save you per year… and then just do it… Experiment with cutting out that single expense for the 10 days of our 10-Day Turnaround and see what happens. You can always add it back in later if you want but most likely you’ll discover you don’t miss it much at all and you really enjoy having the extra cash that not spending that money gives you each week.
Share below what your experience was - what expense did you choose to focus on? Did you really miss it? Did you even notice you’d cut out that expense?
And here’s the biggie:
- What did you replace the time with that you would otherwise have spent the money on? How did that INCREASE the QUALITY of your life even though you are spending LESS money?
In other words-
- How did the QUALITY of your life INCREASE by spending your time in something that cost nothing vs. spending money to cover up sadness, emptiness, or to just fill in the time, keep from being bored, or mindlessly distract you from some other part of your life or business?
And…
- Consider also the returns on the money you saved by not spending it on a COST and instead REINVESTING those dollars into an INVESTMENT. Remember, a COST is something where you spend the money once and it’s gone forever. An INVESTMENT is where you use the money to generate returns over and over and over (HINT: marketing testing and education are two of the all-time best investments you can ever make.)
September 29th, 2008 at 8:12 am
I am already on a budget and don’t have time to spend on shopping trips except when absolutely necessary. But still there are times when you have to weigh the importance of spending time with family especially freshman kid in college, handicapped adult son who loves to hear me tinkle on the piano and a husband who needs to talk… the cooking needs to become the responsibility of someone else on occasion!
Sunita Pandit
September 29th, 2008 at 9:12 am
This is a tough one for me- I am really lean right now. But I did see something on your other site that I thought was a direct hit. That was your text box where you said your business may not have anything wrong with it- it is simply mirroring something in your personal life. My personal life is totally empty since I move to Florida three years ago. I have spent all of my time scrambling to make a living while putting out personal life fires (my mother died, I became very ill, problems with my daughter). When it comes right down to it, I think that may be my biggest problem. I have no net- no friends, or relationships that I can turn to to get clear when it hits the fan. That is where I am going to put some of my energy now. That being said, the expense I will cut out is the huge expense to myself of living such an empty life.
Thank you so much for this insight-it may save me.
September 29th, 2008 at 11:18 am
Being on a very limited income and having only one car, there’s very little room for me to give anything up. Once again though you’ve come late to the idea Jeff. I’d already decided to give up my bottle of wine for the time leading up to my exams, as I need to revise. So I’ll save the princely sum of £8.00, which will pay for my bus fare from the station, when I go to my exam venue.
September 29th, 2008 at 11:21 am
Hi, at this time I can’t answer all the questions but before reading your newletter tonight, during the day I decided I’ll take an NLP course so my teaching will improve and I’ll be able to supplement my pension when I leave this country. The eating or drinking and some shopping to cover sadness is still heavy to deal with. But I’m more optimistic these days so feel I’ll loose those 20 kilos as well as make these economic changes by the New Year. I’m sticking to a clean kitchen again before sleep and feel a lot better, as well I’m keeping three areas of my home in nicer shape since beginning your turnaround. Thank you.
September 29th, 2008 at 11:53 am
This is a great lesson and one that I learned many moons ago. Looking back when I was a kid we went out to eat once a month…it was a great time. Now it seems nobody eats at home let alone at a dinner table together
Food is over rated and is doing more harm than good to many. Your body requires nutrition, period.
As for all the needless stuff, yes I too have been guilty. Live and learn as they say and for me I learned this lesson early too. For all of you with small children here is a great tip to keep some money in your pocket. Get as many medium plastic tubs or boxes as you think you will need. Put them in the middle of your childs room and start filling with toys. Keep one tub/box out and put the rest away. Every week or whenever needed switch tubs. Your child will love this as always new things coming by the bucket. Enjoy
September 29th, 2008 at 11:58 am
Junk food and eating out definitely could be cut back. Cutting back on eating out is like cutting back on quality time with the family.
I spend most of my time at home away from my day job, working on my education and a book I’m writing. Sometimes there isn’t enough time in a day.
September 29th, 2008 at 12:09 pm
I am pretty much alone, I have a young boy that I love deeply, but I do not see all that much.
My many vices, that I have been trying to fill these voids, I have been slowly cutting out of my life. Amazingly, have been making me feel better.Kowing, and feeling that I have not been wasting money, and hurtig my body, actualy leaves me more contentment, than by doing them.
So far your program has asked me for nothing, but my comments, and has given me Great advice.
Thanks Jeff…Of course now I have a quote…
” When I do Good I Feel Good
When I do Bad I Feel Bad…
That is My Religion…” - Abraham Lincoln -
Free Qoute a Day
http://www.gainuniquewisdom.com
September 29th, 2008 at 5:02 pm
This one is just Hot!! I am feeling guilty already. I am on a budget.
http://www.trueweightlosstips.com/ogeetntw/true/
September 29th, 2008 at 8:33 pm
Cutting back on various expenses like lotto tickets can save us $120.00 a month.Thanks Jeff.
September 29th, 2008 at 8:45 pm
My wife is a awesome cook and yet I eat fast food for lunch almost everyday, that stops today, Thank You.
Jim Kyser
September 29th, 2008 at 10:09 pm
Hi again! Being a pensioner I don’t have much spare cash. However whenever I can spare some it goes on clothes, but mainly on educational/inspirational books and Cd’s. My other extra spend goes on flowers for my little garden! I’ll have to curb spending on these and take cuttings and divide the plants and fill the garden at a fraction of the price. For the last year I’ve switched off the hot water. Have an electric shower and for washing up am using a kettle to boil the water. I’ll keep the temperature lower on the central heating for this winter and put more layers on to keep warm. These ideas may help others who read these lines. I’m sure to think of more ideas, but right now I’m too tired. (it’s 03.05 in the morning here in UK.
September 30th, 2008 at 6:10 am
CHANGING OUR LIFE STYLE ONLY A SMALL AMOUNT CAN MAKE A BIG CHANGE TO THE WAY WE FEEL AND OUR LIVES. BECAUSE I QUITE SMOKING MY LOVELY WIFE DECIDED TO MAKE THIS CHANGE. ALSO, BY QUITTING SMOKING WE SAVED OVER $600. PER MONTH , OVER $7000. PER YEAR OF AFTER TAX INCOME , WE ARE STARTING TO FEEL A LOT BETTER , AND STARTED IN A EXERCISE PROGRAM TOGETHER, AND ARE STARTING TO FEEL A LOT BETTER AND WITH A TEAM EFFORT. BECAUSE OF OUR CHANGE, WE PLAN ON TAKING A GREAT VACATION THIS YEAR WITH OUR SAVINGS! GERRY R.
September 30th, 2008 at 6:09 pm
here’s the deal. we are pretty bare bones anyway. used to be the opposite which is tough for the kids and their dad has the opposite so……my l3 year old said no way is she giving up the cable tv also. that is how she communicates with her classmates through the latest dance moves on comcast on demand. me,
i don’t even know how to turn the tv on. but i wasn’t going to argue with the big boss. She is really cheap so we switched our telephone and internet service over also to comcast to accomodate her. She said it was a price performer at $99/mo. the other kids could watch free movies on that channel. We play games, read and tell stories and joke around a lot. We do keep gas in the car as we do not live close to the school or some of their activities.
September 30th, 2008 at 10:30 pm
Again, you’re uncanny with how you highlight the stuff that makes the biggest difference.
I’ve cut back on buying lunches and catching the bus already.
Now I’m going to take the next step and allow only 1 bought lunch/fortnight (with a friend) and 3 bus trips - I’ll take the 25m walk instead (the 3 trips are for the times I get home really late).
Looking forward to seeing the 1% effect on the savings!
Crystal
October 1st, 2008 at 3:24 am
I had been married before for 30 years before and must have had the loneliest marriages around. I remember I had been so miserable all through my marriage and the only thing that made me feel good was going to the shopping malls and spending the money that I earned. I bought so much clothes that I hardly ever wore. When my marriage broke down, I lost my home, car and was so miserable that I lost my job. Everything I owned went into storage as I had to find a little flat to live in. All my possessions had been stored away for almost 3 years and I’ve just been told that if I didnt pay the $10,000 for storage they would sell all my possessions. Had I been told this a year ago, it might still have hurt me so much, but now knowing that I dont have the money to rescue my belongings, I have freed myself of the guilt of losing it all. They were so precious to me then but now my life has changed to dramatically, especially when you dont have money any more and you make do with what little you have, life seems so much simpler. There is’nt that guilt any longer of spending on unnecessay goods that you never seem to use. Now I know how sad my life must have been, I had 250 boxes packed away to prove it.