Archive for October 5th, 2010
Money Strategies
Certainly one of the most important money strategies is knowing how much is coming in and going out. Writing down what you spend can be very insightful. We want to know who comes and goes in and out of our house. We should be equally concerned with the traffic through our wallets and bank accounts. Budgets, whether you stick to them or not, are ways of keeping track.
Many of us were never taught to be savers; many of us don’t believe we have anything left to save. There are many good strategies for saving. Again, it is important that you are in harmony with your money style. Be realistic. Although a piggy-bank may seem a silly way for an adult to save money, it works; and it can be fun.
I have several friends who play the lottery faithfully. I wondered what saving the $5 or $10 a month would look like, feel like. Now more than five years later none of them have won the lottery, but I have a few $100 in the bank just by ‘saving’ lottery money.
Credit although not so easy to obtain anymore is a double-edged sword. It feels good to have the things you want now, but fees and usurious interest rates can keep you in bondage for years, often beyond the life of whatever you ‘had to have’. Educate yourself about credit and you will be a wise consumer of this valuable commodity.
There are many resources for educating ourselves about money, budget plans, ways of investing for or planning for retirement and saving. Find the ones that work for you or create your own plans. Good money strategies are essential for money success.
“If you believe you can – or – If you believe you can’t, you’re right.” Henry Ford