money for my life

Sometimes it is just how a phrase is considered that will begin to show a shift in your thinking about money, credit card debt elimination, … life. I knew that the shift had begun when the question on the way shifted from being “where are we having dinner?” to “what are we having for dinner?” Let me set one thing straight, I am not a sexist that asks that his wife cook his dinner and have it ready when I walk in the door, like those from a different era.  Quite the opposite is true: I love to cook and I do not mind cooking dinner and have even gone as far as cooking the traditional holiday meals.  But there was a problem.  Because of poor planing convenience was chosen over practicality and frugality.  The nightly evening meal would often be eaten at a restaurant (there is somwhat of an aversion to fast food), so there would be a meal most nearly every night charged to the credit card.  Big mistake.  Not only was this meal setting us back $25-$30 each evening (on average $150 per week. or roughly $7,500 per year) it was being put on a credit card on which the minimum monthly payment was aroun $100 per month.  (You can see how the debt quickly grew by leaps and bounds because since the minimum payment was being made, it was was gaining interest at around 22%…OUCH!!). 

 

A change had to be made.  It is said that “if you fail to plan, you plan to fail”.  True.  Saving money and getting out of credit card debt is important to you, you will need to shift your thinking to do more planning.  Plan out your meals in advance so that you will not have to run to the store or make a quick drive-through stop.  Believe me when I tell you that stopping that mindset will free up money to pay down your credit card debt, or, if you are one of the few that have no credit card debt, it will free up money to invest for the future.  Keep the faith!

Sometimes, in your quest to live life without spending excessively, people may call you a cheapskate, a tightwad, or worse.  Maybe I’ve developed a bit of tough skin over this, but it really doesn’t matter anymoe.  What’s funny is that these values were embraced by those of different generations.  Growing up, my parents were never rich in things, but were rich in values and friendships.  The tried to pass these values down to their children.  Being the prodigal son, I was not always willing to adopt the same values and lifestyles, but as I grow older, I realize that a lot that they were attempting to teach me were the right things.  Looking back (while looking forward at the same time), here are some things that have been learned:

 

* If you truly want it, save for it - there is no better feeling than seeing something that you want and saving for it little by little.  If you truly want it, you will still want it by the time that you have saved enough to pay for it.  Instant gratification is nice, but things have a tenency not to mean as much if you see it, grab it, charge it, and pay for it for a long time.

* Don’t spend too much for things you need - mom was a great budgeter and she always kept her eye open for a good value.  She had a budget and stuck to it.

* Waste not, want not - items were purchased for a reason and waste was not an option

* Buy quality, not quantity - mom and dad were not “brand buyers”. I was not brought up to “need” to wear Nike shoes or Levi’s jeans.  Mom always bought quality clothes that lasted and didn’t look too bad.

* Save for a rainy day - As I get older, it makes more sense, because sometimes life has a way of happening: your car may need shocks and struts (especially if you purchase a used car), the plumbing may stop up (and you cannot fix it yourself), your glasses may get broken, or something may need to be done that you don’t normally expect.  I now have a savings account online that pays a decent rate and the money is accessible if I truly need it.

 

Be wise, or as Spock would say, “Live long and prosper.”