July 02, 2009

Making Wise Spending Decisions

When you consider your money, you probably think about how you spend it. You may think about saving or investments, but I feel that somewhere in your thought process is the issue of what you get with the money at your disposal.
Leading ladies seek wisdom in every area of life and the area so spending is no exception. If you spend wisely, you should have enough to do all of the things that are important to you. Following are some guidelines for spending your money in a manner consistent with wisdom:
  1. Pay off the past, manage the present, and prepare for the future.

  2. Learn to distinguish between your needs and your wants.

  3. Don't waste your hard-earned money on the lottery or games of chance; invest it instead.

  4. Write your expenditures down and add them up. You might be surprised to see a large amount of money is wasted on items you could easily do without.

  5. Think about this: $3 per day for a fancy latte coffee might seem like a harmless indulgence, but it adds up to more than $20 per week, which turns into almost $85 per month. By year's end, you will have spent more than $1,000 on brown liquid! In fact, in 1999, Americans spent more than $18.5 billion on coffee!

  6. Always expect, ask for, and get a receipt. Save receipts from all transactions and record amounts in a budget log.

  7. Know where your money is going; keep accurate records of all spending.

  8. Give up the ATM card (it can make your money hard to track because forgetting to record purchases and withdrawals is so easy).

  9. Learn the joy of delayed gratification. There is a unique pleasure in waiting to buy something until you can afford it and being able to pay cash.

  10. Think about this: Discipline in finances is one of the signs of being a disciple.


Lady A