It’s your money . . . 10 solomonic tips
200
views
What decisions you make with your money affects you. Where you spend it, how you spend, when you spend and what you receive is important to you. Just as important is deciding not to spend it. Here are 10 tips to keep in mind as you strive for wisdom in spending and saving.
Solomonic. “Marked by notable wisdom, reasonableness, or discretion especially under trying circumstances”.
Here are some tips to keep you focused on how you spend and save:
loading...
1. Never be desperate to make a purchase. Then, you have control of your money, not those selling something. Remember, it’s not their money…It’s your money.
2. Can I spend my money more wisely on the same purchase, elsewhere? Can I find a better deal?
3. Should I spend this money on something else of greater, immediate need for myself and family?
4. Do I want to give this money away, rather than buy something with it?
5. Have six months of reserves set aside to cover each month’s payment when you make an expensive purchase . . . a car, house, luxury item. This should be, in addition to your savings, which should be at a level to cover all your other bills for six months. Summary: six months reserves to cover payments of the new purchase, six months reserves as an emergency fund in case of an income interruption/shortfall.
6. If you’re not completely, thoroughly clear on what to do with your spendable money … save it…it’s your money.
7. Invest it. Wait with your money.
loading...
8. Avoid credit cards for every day, common purchases, unless you’re looking to build your credit. Pay your balances on time. You may want to establish at least one, good standing credit card you can use for emergency situations, Remember: A credit card is not your money you have earned. It’s their money.
9. If you don’t like the way you and your money were handled when it came to the customer service, and services provided (e.g. cell phone service provider, internet service provider, cable service provider, retail store, restaurant, bank, car dealer, real estate company, attorney, home builder, etc.,) choose not to be their customer again . . . It’s your money.
10. Know when you’re being too frugal. For example, you stay in all day and never go out and buy a meal, shop, go to a movie, go to the park, take a day trip, plan a three-day weekend or a one-week vacation, or, you never follow-through on a purchase… It is your money.
Loading...