Ten attitudes to control spending

My money mantra is simple: money management is lifestyle management. Money is inanimate; no one can handle it. Think about it. You use money to implement decisions; And you? You decide to buy a car, a house, a toy. You use the money only after your conscious or unconscious decision.

How do you choose to buy? Do you look at yourself, at your condition, and then select a path? Surely, it is your call; you choose when to spend, how you will spend, and how much to spend. Money is simply the medium, the bridge between you and the trader.

That is why you should focus on managing how you choose. So how do you see lifestyle alternatives? The keys are your ABCs: your attitude, behavior and choices. Your attitude is your beliefs, your vision of the world. It drives your behavior and your choices.

It all starts with attitude. If you understand the specific attitudes that lead to poor spending decisions and decide to be aware of them before and while you spend, you will find that you control your behavior and manage your spending more effectively. In popular jargon, you will manage money well.

Here are ten attitudes that will help you develop the right approach to spending and guide you to get out of debt, especially consumer debt, and allow you to stay debt free.

1. Be responsible

Accepting that you need encouragement and the periodic push to follow sensible lifestyle choices is a healthy attitude. Ask a trusted friend of the same sex to hold you accountable for good stewardship. Define the role precisely. That person simply needs to ask how you are. He or she does not have to know the details of your finances, unless you choose.

two. to be aware

Do you know your spending pattern? Do you know when or why you spend wisely, excessively, irrationally, impulsively? For three months, track your spending and record the process you go through before you spend and your emotions afterward. Note the areas where your spending seems out of control. Be aware of these vulnerable areas and develop strategies to overcome them; this will allow you to plug these leaks.

3. Be contrary

Don’t try to keep up with your neighbor’s high standard of living. He probably financed his lifestyle with debt. Right when you catch up, she refinances! She accepts where you are and what you have, and grows from there. It’s okay to be contrary; above all, it is less expensive than following the crowd!

4. Be creative

Use your creativity, your talents, to give gifts, especially to family members on birthdays, Christmas and other celebrations. Also, consider donating money you would normally spend on these gifts to charities or individuals or groups in need.

5. Be discerning

Learn to recognize and manage the conflicts of interest that exist when someone claims to be an advisor, but is a salesperson: insurance agent, mortgage broker, bank representative, non-independent financial advisor. Only you should benefit from the advice received from an advisor.

Always read the fine print. I read once that the big print gives, but the small print takes away!

6. Be determined

I love Daniel’s determination that we see in the Old Testament book of Daniel 1:8-9. When asked to eat and drink from the king’s table, Daniel resolved not to defile himself; God showed him favor, and Daniel did not eat that food. Similarly, each of us must determine if he will lead a debt-free life and allow God to work in and through us.

7. Be faithful

Debt causes great emotional trauma in the home. Don’t put your home at risk by going into debt. Understand the effects of debt on your family and live up to the trust your family has in you to be a good steward.

8. Be patient

Don’t spend impulsively. When the urge comes, seek God’s direction. Please wait up to a week and answer this question: Is this a fleeting want or a longer-term need?

Save to buy all items. For a house, save a deposit that gives you an affordable mortgage.

9. Be thankful

Set your expenses below today’s income for a specific period. Ask God to show you how to turn over to His Kingdom any excess income you earn during that time.

10. Be thrifty

Shop with a list always; comparison store Use coupons, but don’t let them decide your spending. When feasible, shop at sales, but again, don’t let sales drive your spending.

Decide never to buy when sellers pressure you. Stay away, if you stay, you will spend more than necessary. Remember, you don’t save on a sale; you spend less than the list price.

conclusion

Use these attitudes consistently for 30 days and you’ll see a dramatic change in how you spend, why you spend, when you spend, and how much you spend. Plus, you’ll be convinced sticking with them is the way to control spending!

Copyright (C) 2011, Michel A. Bell

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