Personal Finance - Part Four
"Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one." - Benjamin Franklin.
- Whimsical spending can put a strain on both your finances and your relationships.
- To overcome the urge to spend money, learn to recognize your needs from your wants.
- One method of controlling your spending habits is to carry a card in your wallet.
- When you see something you want to buy, write it on the card.
- Force yourself to wait two weeks or at least a week before spending the money on the item.
- During this period, if you see something else you want, add it to the card.
- If you're an impulsive spender, you'll find that you're frequently crossing items off to make room for the newest "must have" thing.
- Another good rule to adopt is to pay cash whenever possible. When you go shopping, leave your credit cards at home. Most impulsive spenders use credit cards more often than not. Learn to recognize wants from needs, and practice controlling your impulses to spend your money on things you don't really need, and you'll be able to change your spending habits and end up far ahead financially.