UNITED STATES—I think all individuals struggle with money. I don’t care who you are. Super rich, super poor, money is something that we are always thinking about. How to get more? How to spend less? How to manage? How to save? And planning for the future.
Money is that little commodity that just drives so many crazy, especially those who are thirsting for money on a constant basis. If you worry about money it will disappear, however, I am a firm believer that money doesn’t just come to you if you’re not working for it. I am a firm believer that if you work hard, you will be rewarded, but it may not come precisely when you want it to expect it to come, but it will come.
The question becomes what you do when you have that money. Has a plan been made? Are you spending just to spend? Are you saving for a rainy day? What about your retirement? I can keep going and going, and that is where discipline with money comes into the forefront. I know people who have a ton of debt in my personal life and will choose not to pay their bills, so they can keep those dollars in their pocket.
I say this all the time and I think it’s crazy, but I truly don’t care. I would rather be broke and have no debt, instead of having a ton of debt and money. Why? Any money that does come my way I wouldn’t have to worry about paying off debt, it will be in my pocket, or I can place into my saving or checking account. You must raise the proverbial question, when you get paid each week, every two weeks, once a month, how much money to you put away?
Do you have a specific amount? Are you the person moving the money or is it automatically taken out. For me, I have money automatically taken out and moved into a special account. Out of sight out of mind. You build up your money by doing those things, and it also helps you not count dollars as discretionary income. Yes, none of us like the word budget, but the truth of the matter is budgeting is a part of becoming financially responsible.
The biggest mistakes individuals make when it comes to money is not knowing what is coming in and not knowing what is going out. If you have more going out than what is coming in, that is and will always be a problem. If you have just enough to pay the bills that isn’t terrible, but it’s not great either. You always need to have a little bit of discretionary income when possible because you never know when the unexpected will happen. It happens to the best of us and when you’re least expecting it.
I am a firm believer that as soon as you have it, sometimes money just evaporates into thin air. This is not to say that you must spend for the sake of spending, but I do believe there are plenty of Americans that hold that notion. Just because you have money, you don’t have to allow it to burn a hole in your pocket. The ability to resist spending is harder than it is to actually spend the money you have accumulated. That is important because if you resist, you build your savings or ‘play money’ as I like to call it, so when you want to make that big purchase, it doesn’t take all your money at once.
We live in this arena where we hate to pay all our bills or expenses, and then realizing you only have $20 to $30 of discretionary income. Not a great feeling, but I want you to look at things this way. ALL YOUR BILLS ARE PAID! You don’t have to worry about something that is ultimately going to cause you serious stress that could lead to sleepless nights or worrisome days. The sooner we realize that we are in control of our money, the better our lives will be as a result. You control the outcome, but the question is, do you want to?
Written By Zoe Mitchell
