8. Look for Value
Sometimes your frugal habits can jeopardize your progress. For example, you may buy a budget-priced pair of shoes instead of a more expensive pair that will last much longer. Or, you may keep fixing your old gas-guzzling car instead of buying an economical new one. Also, you may avoid spending money on that business course that could provide new opportunities for you.
But wealthy people know the frugal way isn’t always the best way. So, sometimes buying quality is the best way to use your money. Sometimes, people are so afraid to spend money because they’re afraid of not having it. You may rather clutch on to your money out of fear than spend it, even if it’s on something that could be valuable to you. Change your focus from looking at rock-bottom prices to looking for the best value.
Consider how what you pay today measures up with worth over time. The longer you finance something, the lower the cost of monthly payments but the more it costs over time. Buying something on this basis may be easier over the short term, but it gives you less to build savings with over the long term.
However, most millionaires understand the value of experiences. They have all the material things they could possibly want and realize that having more possessions doesn’t make them happier. They would rather do activities that change them as a person, whether it’s traveling, deep sea diving or setting up a charity.