11:00 am - Wednesday December 13, 2017

How to be Modest With Your Money


It is so undeniably difficult to actually treat money modestly.  This incredible urges attack otherwise normal people and try to force them to buy items and spend cash that they know better than touching.  That’s why it is so important to realize being modest with money is integral to getting ahead.  And, yes, being modest with money requires telling yourself ‘no’ from time to time.

Get Your Head in the Game: Evaluate Risks and Rewards

Constantly, you are barraged with items, services and concepts. Invariably, they all claim to be wonderful ideals that are really and truly essential to your life.  You feel your hand reaching for the phone, dialing that number and drooling helplessly because you really just can’t live without those funny animal bedroom slippers whose eyes light up when you step on them.

Modest With Your Money

Now, stop yourself, please.  There’s no reason in the world that a thirty-seven year old father of three needs these slippers.  But, those who are marketing this product have done an excellent job of making you believe that you not only desperately need them, but that you can’t live without them.  You are a victim of marketing genius, my friend.

The solution to this problem is to simply stop and think.  How will this lovely purchase benefit you in the long run?  Will it help you to create the life you want for you and your family?  Will it put a sizable dent in this week’s bill money, or add on to an already shaky credit card?  Now, you know what you have to do.  Put down the phone, and change the channel.

All Work and No Play, Well, It’s Really Boring

So often, folks feel like in order to save money effectively and to be responsible adults they must put every extra penny aside and forgo all of life’s enjoyments.  Actually, by going this route you are shooting yourself squarely in the foot.

Everyone needs a little fun, and it shouldn’t make you feel bad to enjoy life…within moderation.  There’s a huge difference in running up your credit card or taking out a payday loan to fund a trip to Las Vegas, and saving a little extra money to take the kid’s for a day at the beach.  The key here is knowing how to have fun, and the limit at which your fun needs to cease.

Start a fun budget, and dedicate a logical amount of money to go under the mattress specifically to be used for something pleasurable.  But stop there.  When the money runs out, it’s time to go home and rest.

The Dreaded Savings Discussion

The only talk worse than the birds and the bees with your teen is the talk you must have with yourself about saving money.  But it is very, very necessary.  Think simple, and you’ll be off to a solid start.  Use online coupons, and buy a two dollar newspaper for thirty or forty bucks’ worth of coupons.  Stop buying a cappuccino every morning and invest in a reusable coffee cup that you fill up at home.  Go through your junk, and sell off what you no longer want or need.  There are tons of easy ways to save.

Being modest with your money may not seem like much fun at first.  Honestly, the peace of mind and secure finances it brings does indeed beat a drunken, overly expensive trip to Vegas any day.

This article is brought to you by Cambist.

 

Filed in: Investing Saving

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