How to Practice Thriftiness

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There will come a time when you will start earning money. It might come at an early age such as youngsters delivering newspapers, mowing lawns, washing cars and the like. Whatever age you start earning, I suspect the first few dollars you get paid will be spent faster than it took you to earn it. Unfortunately, for some, that situation happens over and over in their lifetime. It seems that money slips through their fingers faster than they can hold it. It’s good to spend money but not to the excess that you have no savings at all. People will appreciate all the good times you spent on them but they might not be able to help you in your time of need. It is fine to spend for an enjoyable time but try to make sure you have some savings for exigency. Here are some ways to manage your money. In general, don’t spend more than you earn or you will be eternally in debt. If you have spare money, find ways to increase it. If you are inclined to have a good time, be sure to enjoy within your means. If you like treating people, do so with sobriety. People may cajole you to spend for them. Avoid their persuasive powers. It is a decent act to share your wealth with others but not to your detriment. Ensure that they are not abusing your generosity. Record the dates, types of parties, and amounts spent each time. Limit your celebrations. Many people will appreciate your kindness even if it is not often nor luxurious. Take a long hard look at the items you purchase each month. Assess how and why you ended up purchasing the item. You might discover you have tendencies towards impulsive buying. You enjoy getting any item that is on sale even if you have no use for it at the moment.  After all, you might need it in the future and it’s cheap now.  People sometimes buy for the sheer enjoyment of showing other people that they can afford to purchase it. It is hard to “Keep up with the Joneses” especially if you don’t belong in the same income bracket.  Don’t make rash financial decisions. Investment houses, brokers and the like are all interested in your money. They will try to rush you into investing your money with them. This is expected – the sooner they get your investments, the better for their business. Don’t be overwhelmed by their tactics. Weight their offers and take time to think it over carefully. Read the fine print in their offers. Seek the opinions of other people. It’s your money at stake and a wrong decision could make you lose all your savings. Study the benefits and disadvantages before making major purchases. Listing down the alternatives will help you review the potentials. Explore other options. Differentiate between your wants and your needs. If the purchase is substantial but necessary, then go ahead and get it. Have the satisfaction of knowing that you deliberated over the matter conscientiously. Be wary when people offer you a loan. Understand their interest rates and arrangements for paying off the loan.  It might be better to scrimp rather than get a loan and pay through the nose for years to come.
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