After hearing two coworkers different point of view about finances, budgeting, and saving it had me think about my point of view on finances. Which mindset of the financial spectrum did I fall on? One coworker said she only lives once. Therefore, she buys what she wants, when she wants, and doesn’t particularly save. She pays her bills in full every month. After that, she and her husband live their life. They didn’t believe in the rainy day. “I can’t take the money with me when I die.” Hmmmmm…….
The other coworker was on the complete opposite end of the financialmindset. Her and her family budget everything every month down to the entertainment, eating out, and extras. She said if she goes to the store and get to the counter and the total is over what she planned she will stand there and determine which item she needs less and put it back. Whenever the budget runs out for that category, that is it until next payday or it’s time to budget again. They also have a set savings amount each month. “We just don’t know what’s going to happen.” Hmmmmmm……
So that leads me to the question of which mindset are you?
A. Tomorrow isn’t promised so I’m going to live each day like it’s my last. I’ll worry about tomorrow and what is needed then.
B. I like to be prepared and make sure I have everything I need. I never know when an emergency or unexpected situation or expense may occur.
The older I get and as I approach a age milestone the importance of handling my business is more important to me than ever before. Now when I say handle my business its making sure the non tangibles are in tact.
It pains me to see so many people focused on what others are doing on social media, what they are wearing, where they are going, and twisting themselves into a pretzel trying to keep up. The more you focus on someone’s filtered life on social media the less time you are spending making sure your ish is together.
The first step in handling your business is managing your finances. Get a calendar book or journal and write stuff down. You need to know what your monthly expenses are, how much is going in and how much is going out. The more organized you are the more successful you can be in managing and saving your money. Money Jar Saving Method for easy saving
What are the due dates on your bills? Are your bills spaced out enough through the month according to your paydays? Did you know you can request a different due date on certain bills? Changing your due date on certain bills will allow you to effectively manage your income and stay in control.
Another way to handle your business is to stop overspending. Before you buy something ask yourself if its a want or need. Take a look in your closet and around your house and you’ll see how much money is sitting there wasted. I bet there are clothes and shoes that you’ve purchase but haven’t worn in a while or still have the tags on them. When you look around the house do you see stuff just sitting there collecting dust?
Along with overspending, save yourself time and money by paying things off. Instead of paying the minimum pay a little extra. If you’re minimum payment is $27, go ahead and give a solid $30. You are saving money and paying interest down and that bill will be paid off quicker. You can also save money by paying in full. So often we choose to pay in installments, however if you look at your statements on many of your bills there are installment fees.
I know some of this may be easier said than done. But start somewhere and start small. One of the main reasons we become overwhelmed, depressed, and lose ourselves often times begin with a financial situation and things just spiral after that.