This is part of a 30-day series called the 30 Steps Program to Financial Independence.

Minimize Your Wants

To achieve financial independence quickly, it’s essential to save as much money as possible. While you can bring lunch to work or ride a bike instead of driving, these small efforts won’t matter much if you make a big purchase. So before splurging on a purse or an all-inclusive cruise, consider these questions:

– Do you really want this item, holiday, or night out with friends?
– Can you do it cheaper?
– If you go ahead, how much will it set you back? Will it delay your savings goals?
– Are you okay with that?

It’s not about locking yourself at home and never going out again. It’s about prioritizing and differentiating what you need from what you want. For example, you need a roof over your head, but you might want a guestroom, a chimney, and a garden. If the budget is tight, you’d opt for a smaller, more affordable house or find roommates to share the bills.

You need food three times a day, but you don’t need a second helping each time or a three-course meal at a restaurant. Often, a main dish is enough, and rarely do you need dessert unless you’re still hungry.

By identifying your essential needs versus wants, you can ponder unnecessary expenses. Cutting those expenses won’t make you miss what you haven’t bought and will help you progress faster toward financial independence.

Minimizing your wants enables you to save more without feeling deprived. For instance, break your morning coffee shop routine. Make a pot of coffee at home and take your mug to work. It saves money and time. Invite friends over for drinks or a meal. Occasionally going out is fine, but frequent outings make you appreciate them less while spending a lot on drinks. Try socializing at home more often.

Eventually, you’ll find that your wants are minimal. Personally, I prefer staying home with friends over loud bars to enjoy conversations. I enjoy hiking, beach trips, and cycling instead of expensive extreme sports. I love cooking, so I find it hard to justify paying for meals at restaurants when I could make them for much less at home.

By being true to myself, I save a lot of money. My list of belongings is minimal yet includes nice things. I’m not suggesting you buy the cheapest items just to save money. I own a laptop and an iPod Touch, not to show off, but because I need them for my daily tasks like writing, communicating, reading, and learning.

These items are valuable to me, so I spent a significant amount to acquire them, but I didn’t go for the most expensive versions. I’ll keep using them as long as they serve their purpose. By doing this, I save money, time, and energy, bringing me closer to achieving financial independence.