10 Things I Stopped Buying | Financial Minimalism
These are the 10 things I stopped buying – at the end of the day, it’s all about getting the most value for your time and money as possible – and, sometimes, it’s the smallest differences that can add up to the biggest savings – Enjoy! Add me on Instagram: GPStephan
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When everything was required to shut down, I had to get creative…so, I bought a professional hair buzzer on amazon for about $70, and my girlfriend started cutting my hair.
*Im not responsible for bad haircuts
TWO: FAST FOOD / FROZEN DINNERS
For the last 6 months – I’ve cut out all junk food altogether since I’ve been working entirely from home. Not to mention, on top of that…when you dig a little deeper, you’ll find that the AVERAGE AMERICAN spends $1200 PER YEAR on Fast Food alone. It’s EVEN been proven that fast food can actually be MORE EXPENSIVE than eating at home, so the notion that “Fast food is cheaper” is absolutely false.
THREE: GYM MEMBERSHIP
When gyms shut down, I had to find an alternative…so, I bought a bench and adjustable weights, and after watching some YouTube videos on home workouts…that nearly replaced my entire gym. I also supplemented that with 2 miles of cardio 5x week.
FOUR: INSURANCE COSTS
Americans are OVER PAYING for their car insurance by nearly 37 BILLION DOLLARS PER YEAR.. So, if you want to save money nearly INSTANTANEOUSLY, right after this video is done – go and shop around your car insurance, and REALLY evaluate how much you ACTUALLY drive.
I just bought an electric scooter to take anywhere nearby. In Los Angeles, it’s estimated that the average driver spends 85 HOURS per year JUST looking for parking…at the average salary, that’s $1735 of your time just WASTED as you sit there, hunting a spot to park.
SIXTH: NEW CLOTHES
The average adult spends $161 per month on clothing…and, lets be real…I’m sure most of the time we buy something new, it gets worn a few times, and then it sits in the closets for months or years just collecting dust.
SEVEN: RENTAL PROPERTIES
Typically, in the past, I set it as my yearly goal to buy ONE property that I could then rent out…but this year, that never happened. I spent the beginning of this year searching NONSTOP for a deal, but I could find ANYTHING that made sense here in Los Angeles that didn’t require a SUBSTANTIAL amount of work. When I began to evaluate how much time it was going to take me to find the right deal, versus my return expanding my own business…right now, it just makes more financial sense to continue expanding my personal brand, creating better content for you, and beginning to diversify into other endeavors.
EIGHT: FRUITS AND HERBS
Instead of going to the store and buying mint, basil, rosemary, passionfruit, lemons, and strawberries…we’ve just been growing out own.
NINE: THE LATEST IPHONE
Just like the fast food budget, the average TECH budget is the same: $100 PER MONTH buying the latest gadgets. So my recommendation, and what I’ve always followed, is just to purchase the last years phone model,…keep it 2 years…and then upgrade to something new, IF you need to.
TEN: CAT TOYS
The one thing that’s constantly surprised me is that – Ramsey doesn’t play with cat toys. No matter what he gets, he’ll ignore it…and then just play with the box.
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