Saving is dead! Long Live Saving!

Singaporeans are increasingly becoming a nation of spenders.

We are what we talk about
I frequent forums discussing personal finance and investments and it never fails to amaze me that in one of the forums frequented by young people from teens to late 20s, majority of the discussion topics or threads are about which is the best credit card to have instead of which is the best way to save and invest. The number of "spending" related threads and posts easily outnumber the number of threads and posts discussing "saving" and "investing" five to one.

We are how the wind blows
Singaporean society is a microcosm of the shifting winds of globalisation that are sweeping the entire planet. Our internet savvy, plugged-in generation Y or even Z are exposed to the latest trends in lifestyle, fashion, gadgets and accessories. The young are into youtube, iPod, MSN, SMS, gmail, PSP and Mp3. They are into the hip, happening and hi-bye lifestyle that goes on 24x7x365.

The unrelenting messages from the media fueled by the advertising dollar of multi-nationals selling the latest product or service is to "consume, consume and consume". Think back to last night's television programmes you watched from 8pm to 11pm. How many programs on television are about savings and investment? How many advertisements are they encouraging you to have the latest handphone, to buy that diamond ring as a symbol of your love or to visit the shopping mall to get the best gifts for your family?

Ironically, the only advertisement that tells you not to consume is the one about drunk driving. And even so the message is to drink responsibly and not to drink AND drive. No-one is telling you not to drink alcohol per se.

What is in our minds drives us as that moment in time
The messages that bombard our senses through sight (internet, television and print advertising), hearing (radio and television), and smell (bakeries and food stalls) are all screaming sublimally or overtly to eat, drink and be merry and to spend because spending is showing love.

How do we stop these messages from subverting us from our journey towards financial freedom? How do we pause and think do we need something or want something when we reach for our wallets and credit cards? How do we resist the irresistible lure of luxurious goods and pampered lifestyles?

By first pausing to think.

Training your mind to think
Our minds can be trained to accept certain thoughts and reject certain thoughts. I realised how malleable my mind was during my 2.5 years of full-time conscription in the Lion City where my body could be pushed beyond what my mind had thought it could. Once you realise you how much you can endure, the power of the mind becomes more apparent.

It is the same in your journey towards financial freedom. You think you cannot save. Then you cannot. You think you don't know how to invest. Then you don't. You think you will never be financially free. Then you will not.

Think or think not, that is YOUR choice.

It is your mind that you have to work on and it is with each and every single thought that comes into it during the day while you are conscious and during the night when you are unconscious that forms the building blocks towards training your thoughts towards financial freedom.

How I trained myself to eat quaker oats every morning from Monday to Friday
As part of my own efforts in achieving financial freedom, I realised that I had to take care of my health first but not allowing my weight to keep increasing every year. Poor health = more doctor's visits = more expenses and poor quality of life.

Even when I was required to do my annual individual physical proficiency tests (IPPT) as a reservist, my fitness was not very good as I would only train 1 month before my IPPT test and clear it and revert back to my relatively sedentary lifestyle. After I had completed my last reservist, I realised that I would not have the annual IPPT to push me to exercise and therefore I had to control my food intake.

My mother-in-law told me about the benefits of oats and I decided to try it out by eating it for breakfast from Mondays-Fridays. I still allowed myself to eat regular hawker breakfast fare such as cha-beehoon, wanton noodles or carrot cake on weekends so that I wouldn't binge.

Quaker oats plain without milk or anything sweet are not the most flavourful breakfast you can have. But I disciplined myself by telling myself that this was for my health and wealth. I filled my head of thoughts of having a slimmer waistline and my pants being looser over time. I stuck to the regime and occasionally lapsed but stuck with it 95% of the time. I continue to equate health=wealth=quaker oats breakfast and now find it easy to prepare and consume 3 tablespoons full of rolled oats on weekdays. I also consume rolled oats on occasional weekends when I eaten too much the night before.

In less than 1 year I had lost 1.5 kilogrammes in weight and shaved off 1 inch plus off my waistline. This is a great accomplishment because I didn't increase my level of exercise but I try to eat a balanced 3 meals a day with 2 servings of fruits and veggies as far as possible.

You can control your financial destiny
There are many things in our lives that are outside of our control, but our minds and our thoughts are within our control. It is not easy and even for my simple example of eating rolled oats Mondays to Fridays I don't claim that I can do it 100% of the time. But I do it 95% or more of the time and that is good enough for me to slim down and maintain my weight without significant increase in my exercise. The next step for me is to start to exercise again regularly as studies have shown that a 30 minute daily brisk walk can yield significant health benefits compared to doing moderate exercise of a higher intensity for three times a week.

Saving and investing can be done at various income levels. It is easier at higher income levels if you live a simple life. It can still be done at lower income levels. The question is whether you want to take the first step in controlling your thoughts one thought at a time, one day at a time.

Remember, every day in every way, you attract, health, happiness and wealth into your life!

Be well and prosper!