Are you one of those people who find they run out of money towards the end of the pay period and have to live for a week on credit cards till the next payday? Does that sound familiar? Are you always trying to catch up but sinking even deeper into financial trouble? May I suggest that you start a spending diary, writing down every day, every cent you spend. There are some great apps for your phone these days to help you track your money. You will be surprised at how much money you are frittering away on things you want, rather than things you need. The key to sound money management is, knowing the difference.
By all means buy things you like and want, but only if you have the cash to pay for them. It’s just crazy to spend on cars to boost your ego, designer label clothes, big TV's, etc, if you haven't got enough money to feed your family. This is where people reach for a credit card. Credit cards are not cash. Please don’t get confused about that. Credit cards are the bank's way of sucking you dry. It is their money you are wasting, and they are going to want it back, with interest, sometimes huge amounts if you miss payments and get behind in your payments. There is value in the old fashioned way of saving up and buying something when you have actual cash, by far the best rule to live by. Layby is also a great way to do it. We don’t have to have an item as soon as we want it.
When you have debts piling up you become a slave to money, it owns you, and consumes you. You can’t ignore it, it won’t go away, so please don’t fall into the trap of spending money you haven't got. Lesson 8: Never to give in to temptation. Everything you buy should be a carefully thought about before you purchase. Exercise all your will power so you don’t give in to impulse buying. It’s a good idea to walk away and think about single purchases, say for anything over $50, if you still have to have the item after 24 hours and you have the money, then buy it. I also take into consideration the effect on the environment that my purchase will make. Will it end up in land fill? Can it be recycled when I’m finished with it?
Deb
By all means buy things you like and want, but only if you have the cash to pay for them. It’s just crazy to spend on cars to boost your ego, designer label clothes, big TV's, etc, if you haven't got enough money to feed your family. This is where people reach for a credit card. Credit cards are not cash. Please don’t get confused about that. Credit cards are the bank's way of sucking you dry. It is their money you are wasting, and they are going to want it back, with interest, sometimes huge amounts if you miss payments and get behind in your payments. There is value in the old fashioned way of saving up and buying something when you have actual cash, by far the best rule to live by. Layby is also a great way to do it. We don’t have to have an item as soon as we want it.
When you have debts piling up you become a slave to money, it owns you, and consumes you. You can’t ignore it, it won’t go away, so please don’t fall into the trap of spending money you haven't got. Lesson 8: Never to give in to temptation. Everything you buy should be a carefully thought about before you purchase. Exercise all your will power so you don’t give in to impulse buying. It’s a good idea to walk away and think about single purchases, say for anything over $50, if you still have to have the item after 24 hours and you have the money, then buy it. I also take into consideration the effect on the environment that my purchase will make. Will it end up in land fill? Can it be recycled when I’m finished with it?
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