Practicing Contentment
In my opinion, one of the best things we can do as part of a sound financial strategy is practice contentment. So many times we see that shiny new thing, and we must have it! For some, it’s fashion - shoes, clothes, handbags, accessories. For others, it’s technology - we have to have the latest gadgets. Sometimes it seems like the more money we make, the more expensive the fashion and gadgets become.
Learn From The Mistakes of Others
Here’s a true story. In my first 13 years of marriage, I bought and sold 13 automobiles. You might wonder if I was a car collector or perhaps a millionaire. I was neither. I just made bad financial decisions, primarily because I struggled with contentment. The shiny new thing for me was cars. I liked fast cars like the Thunderbird Turbo Coupe or the Corvettes. Some of my friends traded cars for a profit, but not me. I lost money on every one of those buy/sell transactions in my early adult life. Why? Because I wanted the fast, shiny new car, and I was able to finance it for a monthly payment that worked in our budget.
There are plenty of things wrong with this story. I’ll highlight four of them:
I demonstrated a severe lack of contentment. Maybe once in that 13-year period, I needed to replace my car. Otherwise, all of the trades were wants. I wanted a new car. I somehow convinced myself that I needed the new car, but when I reflect on it now 30+ years later, it was clearly a want.
I financed a car. Oh, wait, it was 13 cars! I wasn’t patient enough back then to save enough money to pay cash for a car. I made a decent salary, saw my friends and colleagues driving new cars, and eventually came to the conclusion that I not only needed the new car, but I deserved the new car. After all, I worked hard!
And to top it off, I focused on the monthly payment instead of the total cost of ownership. I didn’t stop to count the cost of the interest I was paying to the finance company.
I didn’t understand opportunity cost. I didn’t think about what we couldn’t do as a young family because of the car payments I had signed us up for.
Caveat Emptor
You obviously learn some things over time, and I hope you can learn from my mistakes. I can tell you from experience that contentment pays big dividends. The real trick is learning to be aware of the constant marketing going on around us. Take a minute and think of the number of ads you’ve seen today. You’d probably have a hard time counting them. If you watch an hour of television, you’ll probably see between 12 and 18 ads for products ranging from new cars and shiny gadgets to pharmaceuticals you couldn’t possibly need. You’ll see even more ads if you spend an hour on social media. All of this is in an effort to make you believe you need their product.
Perhaps in some cases, you actually do need it. Seeing commercials for toilet paper recently caused me to laugh out loud! Think about it! You can barely find it on your grocery store shelves due to people hoarding it, and still, the toilet paper company wants to remind you that they are working around the clock to make sure you have what you need - their brand of TP.
Then the home improvement ad rolls. You can get your bathroom remodeled while we’re in the middle of a global pandemic, and just because of COVID-19, they’ll offer financing with no payments for a year. (Cue the look of sarcasm.) They aren’t doing you any favors by offering no payments for a year - they are profiting from it because they are charging you that much more interest! You might say, oh, they aren’t charging any interest. You bet they are. They just loaded it in the up-front purchase price.
I’m not saying marketers are bad people. I admire and appreciate good marketing! What I am saying is that we all need to be aware that we are being marketed to. Caveat emptor is the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made. That’s our responsibility.
How Do I Practice Contentment?
Here are a few hints.
Read Philippians 4:11-13: I don’t say this out of need, for I have learned to be content in whatever circumstances I find myself. I know how to make do with little, and I know how to make do with a lot. In any and all circumstances I have learned the secret of being content—whether well fed or hungry, whether in abundance or in need. I am able to do all things through Him who strengthens me. (Christian Standard Bible)
Practice living within your means. Don’t buy things you can’t afford - or that you have to use credit to buy. When your neighbor gets a shiny new car, try to be happy for them and content with your current car. There is no need to keep up with other people. Chances are they borrowed the money for the car, and are stressed out with the car payments anyway.
Learn that money won’t buy happiness. Sure, it can be difficult to be happy if you’re unable to meet your basic needs for food, shelter, and clothing. But this isn’t what we’re talking about here.
Work on your discipline. One of the things my wife has always been gifted with is the ability to wait. She is great at the “Let’s sleep on it” method. Next time you’re considering a significant purchase, just sleep on it. Resist the urge to spontaneously complete the purchase. Sleep on it and see if you still feel the same way you did the day before.
If you’re married, agree on a dollar amount that constitutes a significant purchase, and commit to one another that you will discuss it as a couple before either of you make a purchase of that magnitude. My wife and I use $100 as our threshold. Your number may be larger or smaller than this, but you will be surprised at how this one simple change improves your level of financial contentment and your relationship with one another.
Practice generosity. Remember learning that it’s more blessed to give than to receive? Give it a try and see how it feels.
Take A Quiz
Here’s a link to a Needs versus Wants Quiz. Take a look and answer the questions. If you’re married, I recommend both spouses take it and then compare answers. You may be surprised that you have different perspectives!
Want Some Help?
Practicing contentment is harder than it sounds. If you could use some help learning to live within your means, book a free consultation. We’ll work together to build out a plan and then work your plan together. It’ll make a difference!
