Managing Money Well, Being a good steward

Now that I’ve managed to make it to my thirties, mostly unscathed, I’ve learned that most of the good things in life take a lot of hard work to obtain. Want to go to a good college? You gotta do well in high school! Want a good job? You got to show you got what it takes and have an awesome work ethic! The same is true for things like losing weight and of course the one thing I’m most passionate about … managing your money well.

Saving Challenges

You’ve probably have seen the ever popular ’52 Week Savings Challenge’ on Pinterest which I think is an awesome starting point to get a jump start on a good savings discipline, but have any of you actually taken the challenge? The basic premise is that Week 1 you save $1, and every week you save an additional dollar compared to last week. By week 52, you’re saving $52 that week for a total ending balance of $1,378!

But think about that?! To save $1,378 you have to split it up over a 52-week period!! For those of you who feel that $1,378 is a drop in the bucket… change your perspective. What if you had a challenge to save $137,800? Regardless of what that end goal is, it takes some dedication to get there. After all, doesn’t it seem much, much easier to SPEND $1,378 rather than to save that amount? To me it sounds easier and a lot more fun!! And really, that is the point here.

Mindset Matters

I’ve talked about this before but in order to be an effective saver, you must change your mindset about money! A trip to Target can yield a cart full of beautiful new clothes, makeup, kid stuff but those ‘5 dollars here for that, and Oh! This was only $15 dollars for that!’ can mean an average checkout bill for $200 or more. And if you’re not sure there is quite enough to cover your Target purchases, groceries, and utilities for the next couple of weeks you may decide to pull out the credit card with good intention to pay it off until you’re super-sure that you have enough to cover the basics in your budget! But what happens instead?! You don’t pay it off and every month you repeat the cycle until you find yourself with $10,000 in credit card debt!

We need to go back to the basics and change our mindset, have willpower, and really put things back into a healthy perspective. We all know the difference between needs and wants but sometimes our emotions override the logical part of our brains and those ‘wants’ become a much needed item! “I mean, that jacket is on sale, it’s the last one left, and I would look really cute in that!” No matter how you justify it, it’s still a want (“but come’on I would look really cute in that!”). That little voice in your head is very powerful but you can be stronger!

Go Back To The Basics

I say this a lot but managing your finances well is like building a house. You must have a strong foundation in place before you can move forward. Things like saving and spending are part of your foundation. When it comes to those fun Target purchases, those are probably going to fall into your 30% category when you’re doing your 50/20/30 budget. Don’t know what that is?! Well, it’s time for you to catch up on that here!

We all set goals for ourselves to become better at something. Whether that is to save more money, to lose more weight, to eat healthier… no matter what it is, a goal is set so we start doing something better or improve upon something more to make ourselves better. With those goals become hard work but in the end, anything worth doing is going to come along with a lot of hard work!

 

For I can do everything through Christ, who gives me strength. Philippians 4:13

 

 

 

Disclaimer: I am a CERTIFIED FINANCIAL PLANNER TM (CFP®), but I am not your CFP® or financial advisor. The information in this article is for general informational and entertainment purposes only and does not constitute financial advice. This article does not create a financial planner-client relationship. The author is not liable for any losses or damages related to actions of failure to act related to the content in this article. If you need specific financial advice, consult with a licensed financial advisor or CFP® who can tailor advice regarding your specific circumstances. Additionally, sometimes I use affiliate links to support my website. This means I may earn a small commission, which is no additional cost to you, for referring and discussing products and services that I personally use, or have used, and trust. Thanks for your support!