The ABCs of Managing Money
Understand Your Biggest Weaknesses
If you know that you are going to have a hard time resisting the urge to buy that new pair of pumps, then maybe it is best to avoid that store altogether. If you are trying to decide on a big purchase, for instance, a car, and you know you can’t afford to drive anything over $20,000, don’t tempt yourself by test driving something above that price range. When it comes to purchases, big or small, do not test your emotions, because more than likely, you will begin to rationalize while this is better than that, or why you should get something now verses saving up for it later.
Variety is the Spice of Life
When grocery shopping, you may have made your list, and you may have been sticking to it very well. But let’s say that you were going to get roma tomatoes, but the vine tomatoes are on sale. Or how about lettuce for salads but the pre-mixed salad bags are on sale (you could save money AND time on this one). You won’t know if you like something unless you try it, so be open to new experiences. You never know, a recipe might be better with the replacement.
Wait Out Your Purchases
If you want something, and it is a big purchase, you may want to wait out the purchase to see if you still want it in 2-3 months. Even 2-3 weeks could allow you enough time to determine if it’s really necessary. If it’s a smaller purchase, you may still want to wait it out as it could go on sale or get even drop in price.
X-amine Your Goals
Sometimes you will need to revisit your goals, and adjust them according to your current circumstances. If you realize that a current goal is not attainable with your immediate circumstances, put it on the back burner, and work on the next one. Then revisit it in the future to see if you can do it. As you complete goals, create new ones. Always keep an eye on where things are heading, and you will be able to better stay on track. Also having your goals in a place that is readily seen on a daily basis will help keep your goals fresh in your mind, and hopefully deter you from anything that may get you off track.