Surprising Benefits of Spending Less (Besides, Well, Spending Less)

Have you ever wondered why it is important to save money? We all hear that we should save more and spend less, but… why?

Besides the obvious point of spending less so you can save more, spending less can actually have a profound effect on your self-respect and allow you to invest a lot more money in the most important stock of all: yourself.

spend less money

Spend less to feel better about yourself

Emotions play a huge role in finances. Many wish to earn money to buy (what appears to be) love, respect, and admiration. That can wreak havoc on a middle class income. Whether or not that works out for them is beside the point, the point is that those desires are backed by emotions.

Spending money can make people feel great… for a small period of time. Ever heard of buyer’s remorse? What happens when someone buys something, expecting that it will make them feel fantastic, and then it doesn’t? Those emotions are wrapped up in the spending of money. And if purchasing an item can have such a great influence on emotions that people can literally become spending-addicts, saving money has a large emotional pull, too.

If you are someone who saves a healthy amount of your money because you have done your homework, and you know that saving is a great idea for you and your future, then you’re probably going to feel pretty great about yourself.You learned something, and you trained yourself to engage in the types of behaviors that will help you in the long run.

On the other hand, if you live paycheck to paycheck, hoping for the best and expecting the worst, then you aren’t going to feel very good about yourself. You would know that something is wrong, but not do anything about it, and that doesn’t make people feel very good about themselves.

Invest in yourself with your money

What I mean by invest is that you should purchase items or trainings with your money that will allow you to make more money in the future — if you buy a thing, that thing should be able to make you money or improve your life in the long-term future. For example, a guitar can be an investment if you plan to use the guitar to record music that you will sell, or if you will use it to perform at concerts that will earn you money.

When you get a dollar, you can either buy something fleeting with it, something that you will purchase and enjoy for a few moments, and then it’s gone forever, or you can choose to put it toward something that will last, something that will allow you to achieve greater financial success, personal satisfaction, or help in the future (like a trip!).

So the next time you consider spending or saving, consider whether or not the benefits of expenditure would outweigh the long term benefits of saving: after all, you’re what’s on the line!

Have you ever been surprised by the benefits of a spend-less spree? 

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17 thoughts on “Surprising Benefits of Spending Less (Besides, Well, Spending Less)

  1. The less I spend the more I want to spend less. Isn’t that a classic? A minimalist lifestyle is very freeing. I would recommend it to anyone to give it a try. It’s fun to find free things to do, and when they are really fun and free, the joys are even better. Another free thing to do when you are not spending money is looking at your debt go down and / or your investments grow. Nerdy but actually is fun when you are on this path.

  2. Nicely made point. I think investing in ourselves is a routinely overlooked opportunity to boost retirement savings. Investing in education or training can yield a phenomenal return in the form of incremental income over one’s working years, particularly if an employer will pay in part or full for the additional training, which is often the case. Compared to turning over your savings to Wall Street (or Bay Street) and hoping for the best, investing in yourself looks mighty appealing to me!

  3. I find that the less I spend, the less I want to spend – if that makes sense? I think that the trappings of stuff, and therefore the freedom of having stuff, is very liberating.

  4. The decision to not spend gives me the feeling of control – that I don’t succumb to the “keeping up with the Joneses.” I spend my money when I am ready to spend it, not when those around me tell me I should spend it!

  5. Hey Sarah, I totally agree, personal finance issues can be an emotional roller coaster. In fact I seem to recall hearing that financial issues are the #1 cause of divorce (can’t seem to find the source). So I completely agree that spending less and taking control of your finances can provide all sorts of benefits emotionally. We started living within our means a while ago and we’ve never felt better about our personal finances!

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