We tend to think of money in terms of cash, checking accounts, debit cards, credit cards and investments. However, your money is still a commodity once it transitions from cash to a possession. Whether it’s a can of corn on your pantry shelf, clothes in your closet or a knick knack on top of your bookshelf, it’s a component of your overall wealth. As Loral Langemeier, one of my favorite financial gurus likes to say – you don’t want lazy assets hanging around.
Your money/possessions need to be doing something for you. You don’t want to tie it up in a useless item or regret purchase.
In the case of the can of corn, it should be waiting to be used in an upcoming meal, not decorating your pantry shelf.
In the case of your clothes, they should be in regular circulation, not sitting at the back of your closet, tags still on, making you feel guilty for the purchase.
In the case of the knick knack, it should give you great pleasure because it is beautiful or reminds you of a wonderful memory – not just something you have to dust every week.
Take a look around your home with fresh eyes and decide whether or not the items you have on hand serve a purpose:
- Do you need it?
- Do you use it?
- Do you love it?
One of the powerful outcomes of this process is the change in your way of thinking when purchasing new items. You will look at everything through new eyes in how that purchase will enhance or detract from your Savvy Life.