- November 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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Overcoming a mindset of constant financial worry
Growing up in a poor background with a family of six in a cramped living space, I learned the value of every penny from a young age. Through hard work and determination, I have managed to escape the cycle of poverty and now lead a comfortable life. However, the mindset of scarcity still lingers, causing me to feel guilty about spending money on anything beyond the most practical and budget-friendly options.
Even though I have achieved financial stability, the mental burden of justifying every expense still lingers. I find it difficult to make purchases beyond basic necessities and struggle to allow myself any kind of luxury. This constant worry about money has become an overwhelming and exhausting presence in my life.
I recently bought a house with my fianc├®, but I still find it difficult to invest in quality furniture or designer goods without feeling immense guilt. I have recognized the need to overcome this obsession with saving and justifying every purchase, but have struggled to find a solution.
AI Legalese Decoder can play a crucial role in helping me change my mindset about spending through its advanced algorithms and personalized coaching. By using AI Legalese Decoder, I can access tools and resources designed to reframe my thoughts about money and help me overcome the guilt associated with spending on myself. The program will provide me with practical strategies for shifting my mindset towards a healthier relationship with money, allowing me to enjoy the fruits of my labor without constantly feeling the need to justify every purchase. With the help of AI Legalese Decoder, I can work towards embracing a more balanced approach to spending and finally break free from the cycle of constant financial worry.
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Original Content:
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Rewritten Content:
The Importance of AI Legalese Decoder in Advancing Use of AI in Legal Industry
With the continuous advancement of artificial intelligence (AI), more and more companies are turning to AI systems to enhance their legal operations. However, a prevalent issue that arises is the difficulty that AI systems face in deciphering the complex and convoluted language found in legal documents, commonly known as legalese. This poses a significant challenge for AI systems to accurately interpret and analyze legal documents, impacting the efficiency and accuracy of their legal processes.
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****** just grabbed a
I’d separate fun money and other money. If you have a budget that includes savings, once you’ve transferred that savings for the month, the rest is for fun. No need to feel guilt, you’ve paid your bills and saved some money.
Okay this is a long journey.
1) Make a separate bank account for treat money or any big purchases . This will not fix your issue but seeing a set amount you have planned for this purchase will help you justify.
2) Get acquainted with Vimes’ boot theory. The theory is this, when you get to a certain level of wealth you can buy something that lasts so much longer that it works out cheaper. So in a weird way the rich can live poorer than the poor. I raise this because you mentioned furniture. Cheap furniture has a short life span which we tend to make do with by allowing it to be worn to shreds and held together by duct tape. Expensive furniture will look good for decades. When you try to justify any expense, ask how long will it last and what the warranty is. I’ve some pans with a life time warranty on them, as the non stick failed I sent them back no hassle and they sent me a new one.
3) okay this last one is a bit more risky but I think you will be fine. Lifestyle creep is when people earn more but their lifestyle goes up so they can only save a similar amount. Find what’s easily justifiable and get used to spending a bit on that extra luxury. It may be buying better milk or not the cheapest noodle.
4) Buying nice things doesn’t mean you need to pay full price. If you find something you like come up with a hypothetical price you’d be more comfortable paying and shop around, wait for sales.
All this said, your own happiness is the most important thing. If trying to justify designer gear is too stressful, don’t . Look at what makes you happiest and try to justify that more. If you have kids, giving them opportunities may be easier than giving them shiny toys, nothing wrong with this.
Please note. I’m also a hypocrite , these are tools that help me but I still struggle
Good quality furniture should be justifiable as it’ll last longer.
One thing I often see recommended here is setting a budget for fun money – I don’t know how much you would decide to set that at, but have a certain amount transferred every month that you *have* to spend frivolously.
You might find one of these books helpful:
* *[Your Money or Your Life](https://www.amazon.co.uk/dp/0143115766)* – understanding what’s valuable to you and how to use money to achieve your goals.
* *[Millionaire Next Door](https://www.amazon.co.uk/dp/1589795474)* – “How people in normal jobs, electrician is a great example, can accumulate wealth over time through good choices.”^[Electric_Cat_999](https://www.reddit.com/r/UKPersonalFinance/comments/15zkkd4/_/jximlpp/)
* One of Clare Seal’s books – “her focus is on the link between emotions and spending”.
Just justify it to yourself as buying better quality stuff will last longer and retain its value better. So actually you’re making a better investment by buying better things and buying cheap is throwing money away.
Never figured it out. I still eat like a peasant and don’t put the heating on in winter unless it gets below about 8 degrees.
In my opinion, embrace it. You are frugal, or very frugal. Luxury goods are not needed. Designer stuff is all just crap made by the same sweatshops as other branded junk.
Use the opportunity that you do not have the same careless money mindset as most people as a gift. Buy the goods that are made ethically, not designer. Buy handmade stuff from local people if you can. Pay more for service that supports human beings rather than whichever bastards developed an app. Look at local co-operatives or Community Interest Companies to buy goods and services.
That’s the only thing that helped me get out of insanely frugal mindset, a little; knowing the extra cost actually benefits another human being rather than Bezos or Musk or whoever else.
IÔÇÖm similar, but my story was I moved out when I was 18 with nothing & everything I have I earned myself. I had a constant fear for years that I had to save every penny as a safety buffer & scrimp everywhere else.
Now IÔÇÖm frugal but whenever I buy something I consider the more expensive stuff & remind myself that I earned it! This is stuff like good quality shoes that last & are comfortable instead of cheap ones. Not the cheapest but also not the most expensive appliances etc. i donÔÇÖt do designer labels or fashion fads etc, not my thing. But I am happy to spend a sensible amount on a sensible, quality product that meets the need I have.
Start by saying “I’m too poor to buy cheap stuff”.
Value quality over quantity.
That means buying good things, but less often, going on great holidays, but less often,
It’s easy to splurge on stuff you don’t need when you have extra money.
Also, invest (in yourself with a degree, and in stocks etc…): wealth begets wealth.
I grew up in a house that never had the heating on to save money and we shopped at the cheapest places. IÔÇÖm comfortable now and if IÔÇÖm cold, the heating goes on. If I want nice food, I buy it. I never want my child to experience what I did. Ever. I was miserable, I donÔÇÖt want him to be either.
The cobbler’s story: “I make shoes for everyone, but still I go barefoot” (Bob Dylan)
If you listen to the people who started poor and became mega rich, most of them act as you’re describing and never stop.
There’s a constant fear of not having enough money and being poor again.
The thing that helped me the most was getting rid of debts and investing (followed dave ramseys baby steps).
Some things are worth paying for. A decent piece of furniture is an example. Something that has been expertly crafted from the best, most sustainable materials, using a timeless design aesthetic. From this, you should derive years of joy. It should be an investment, monetarily and in your happiness, if cared for properly.
Some things that aren’t worth paying the money for are those items with a brand name splashed across the front. A good quality ordinary cotton T-shirt, for instance, might cost you ┬ú40; a designer example with a flashy name splashed across it might cost you ┬ú400. It won’t bring you any joy, and it’s purely there to boost your ego.
If you spend your money on items that will genuinely bring you joy and aren’t there as baubles to impress your friends, you’ll be fine.
Justifying all your spend is never a bad idea but start tweaking it a bit to incorporate lessons from [the “Boots Theory”](https://en.wikipedia.org/wiki/Boots_theory#Conception)
I definitely swing between 2 extremes…or rather I used to.
I came from a household that hopped between refuge centres, and hiding from the rent man etc.
When I finally started to get more financially stable, I used to splurge on (high street) designer goods but then penny-pinch on other items like food and household items. This was usually a false economy.
I had to reflect on past behaviour and figure out why I was behaving like this. Why designer was tempting but good quality items not. It all came down to self-esteem on the clothes and fear of it all being taken away on the items.
So changing my mindset meant a deep reflection of the cause of my behaviour. Then working on those fears and self-image.
I still worry if my debit card gets accepted for items under ┬ú1/$1! Even though I am very comfortable financially. That’s a hard habit to break!
Good quality stuff is the best value for money. Better products last longer and work better. Better food will make you healthier.
This is literally the reason youÔÇÖve worked to get yourself out of poverty. Enjoy it.
You’ve experiencing extreme poverty so you are worried about going back to that place because you know it is possible, whereas someone who has grown up privileged their entire life, won’t have that worry. Our brain can be fascinating; we worry about what we know about (i.e. you worry about your experience of povery) but not so much about something we can’t even imagine.
The thing to focus on and what helped me is self-trust and self-belief. I have the self-trust and self-belief that I have the ability to make money should I need to and I have certain things in place like an emergency fund to help me. It becomes okay to enjoy my money because I know that it isn’t a finite resource.
It is a mindset thing and I think it requires much deeper reflection than simply the budgeting of “fun money” because often you begin to think of excuses as to why you should save more and why fun money budget should get smaller. It is also extremely depressing to always be worrying about money. What works for me might not exactly work for you but there might be a part of your that needs to recognise and build self-belief that you can take care of yourself should you need to or perhaps there is a part of you that doesn’t feel you deserve the abundance you have.
‘Value for money’ means something completely different to ‘cheap’.
Some of the best value things I own are some of the most expensive, as they are extremely good quality and will basically last me forever. I have furniture for instance which I’m sure still be decent for my grandchildren. Far better value that cheap chipboard ikea stuff. Ditto things like shoes – English-made smart leather shoes cost a lot but will last a lifetime, even if they need re-soling a couple of times.
Even random stuff like computers – my wife has had three cheap, crappy laptops in the same time I’ve had one far more expensive one, and mine is still going strong.
I agree with you on designer goods though. Some stuff is needlessly expensive without being good enough quality for it to be worth it.
Don’t have to think it is luxury. When you make a big purchase, try to think of it as buying quality. When you buy things that you use all the time, then they item becomes less and less costly when you think of the amount of use it is put through.
I mean you’re asking in the wrong place, we are all squirrels here ƒÿÇ
I justify a luxury purchase based on the value they provide. For example I spent ┬ú190 on some boots (ouch) but in my mind they will last 5 years easily. A ┬ú90 pair (my last) only lasted 2 years. That’s my rational
I have a horrible habit of scarcity buying – basically, if something is on sale, I will buy it thinking that it will save me money over the long-run, when in reality it means I just have a bunch of stuff I don’t need right then and find it hard to justify just buying the thing at full price as and when I need it. I think it’s a similar thing having lived on a very tight or non-existent budget at certain times in my life, and it’s taken me a long time to realise that it’s OK to occasionally buy a dessert without a yellow sticker on at the supermarket, or pay a bit more for something that’s better at doing the same job as the cheap thing that will do but doesn’t really work as well. Now I have more money to spend on things I also find it frustrating that sometimes spending more on something doesn’t always get you something better as shrinkflation in quality terms has become a real issue, especially with clothing.
Designer goods, I think, are largely about choice than quality a lot of the time. Not all, of course (sometimes you are genuinely paying for workmanship, good design or skill) and not in all cases, but many of them are Veblen goods designed to confer status on the wearer or user. I think the key is to work out when spending that extra money adds more value for you personally. What does ‘luxury’ mean to you, and what aspect of that would make your life easier or better?
If you can spend some of that money on therapy, that could probably help you overcome the constant worry about money. Not trying to be glib, it’s actually what helped me.
For me that stopped when I got to a place where I was so financially sorted I couldnÔÇÖt even catastrophise anymore.
Redundant? Skills up to date and eligible for payout I could live off for 3 years.
Retirement? Already enough to retire with no additional contributions.
Emergency? Huge fund.
Mortgage rates go up? House mostly paid off.
Car breaks down? Long ass warranty
Partner loses their job? Can survive on either salary and quite a while on none.
Kids future? Already saved for uni and house deposit
Saving extra money on items no longer makes a material difference to the above scenarios so I feel free to spend now if I choose to.
I also had/have an adversity to spending in my case firstly just an inherent part of my personality then reinforced by a period of unemployment when I was younger.
I combat it by trying to equate money to time based on an equivalent hourly rate and try to factor in long term benefits.
Ie nicer bedding costs £200 vs £50 but means I sleep maybe 5% more efficiently saving say 20 min a day * 365 = 120 hours a year * around £18 an hour(factoring in tax etc) = say £2000 hence the extra £150 is worth spending.
A £20k car vs my current old car £4k a year more costs with higher depreciation , opportunity cost on capital etc and saves me maybe 5min per trip * 120 trips a year = 10 hours = £180 saved vs £4000 spent so not worth it.
An interesting experience doing x say paint balling with people from work or friends in my industry costs ┬ú50 and takes 3 hours but I then can mention it in say 20 conversations and IÔÇÖm closer to 5 people I went with helping my wellbeing and say 2% higher chance of getting a promotion for an extra ┬ú5000 a year from being told more info that helps me prep so ┬ú100 a year plus say a 2% lower chance of burnout? So given my finances are otherwise good probably worth it.
A £10k 1 week fancy but not interesting holiday though may have a similar level of benefit as the £50 paint balling hence not be worth it.
I’d recommend listening to some episodes of Ramit Sethi’s podcast. Every episode is an interview with a person or couple having a financial problem. Most of the time it turns out that the core of the problem is an emotional issue.
I am similar to you and the poverty mindset you describe. It helped me to listen to the episodes with literal multimillionaires who were still crippled by anxiety even though they would never be able to spend the money they had. Here’s one such episode: https://www.iwillteachyoutoberich.com/108-mindy-carl/ ÔÇ£We achieved FIRE with $4.3M. Why canÔÇÖt we enjoy it?ÔÇØ
Work, Save enough, Navigate the tech landscape and then start your business.
I budget and save for things I want. I have separate accounts for things like holidays, savings, gifts, cleaner, furniture etc. I can still buy things but I feel like I’m still being sensible. I put aside some “me” money for going out etc each month too.
as others have mentioned why not try and separate a small bit each month and commit yourself to spending that on something you usually wouldnt. treat yourself, or you and your fiance, you’ve quite literally more than earned it.
As a wise man one said (me off my face one time) ÔÇÿYouÔÇÖve got all the time to earn the money back, but not all the time to earn the experiences.ÔÇÖ Life is short, if you can afford it then enjoy it.
It’s entirely rational tbh. You know wealth can disappear. Others exist in a world where they don’t understand not having wealth.
Just make sure your not actually losing money buying for items that don’t last, or forget to have fun experiences.
But not buying expensive cars that you don’t need is just sensible.
It’s good that you have recognised that you have an unhealthy relationship with money. That’s the first step so good job in getting here. Just came here to say that. I hope you find all the help you need. Some good ideas coming out of this sub.
Honestly nothing wrong with always being conscious about money regardless of how much money you have.
I personally like to budget “fun” money for buying anything that’s not necessary
I know this isn’t the point of the post but if you want furniture that is nice and won’t break the bank, it is really worth looking at second hand/vintage/antique. I know some people who buy amazing furniture for the cost of Argos/Dunelm this way, even better if you can upcycle things as well!
However, if you want something nice maybe it would help to save for it in a dedicated account/pot and then when you have the amount you know you can spend it without harming your financial security?
Plus a set amount of “fun” money each month?