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Voluntary Simplicity Step 2: Making Your Money Work For You

| 4/4/2011 6:43:15 PM

Making Your Money Work For You 

What does this mean? In a nutshell, it means taking what you have monetarily and getting the most out of it. Almost everyone reading this post either currently works or is retired from working. Those same people have or are working for a financial goal. Typically the goal is to pay the mortgage, household expenses, some entertainment, a vehicle, gas for the vehicle, savings for retirement, etc. Additional financial goals may include paying off debt, putting yourself or a child through college, and/or becoming financially independent.

When you are working for a monetary goal, you want the money you’ve worked so hard to earn working toward that same goal. Spending money mindlessly does not help to achieve that goal. If you don’t know what you’re spending your money on your money is not able to successfully do its job. You need a plan for your money. The biggest motivation for me personally, is to get more control over our life. If you can get a hold of your financial life you can better determine where you’re going and how you’ll get there.

Have you ever thought of taking a job because the salary is hard to resist, regardless of whether or not it will make you happy? Have you ever been in miserable in a job but can’t financially afford to leave? Do you get upset that it takes two paychecks to make ends meet? It’s time to re-evaluate your earnings and spending. This isn’t about deprivation but rather spending wisely and making every dollar count. Spend with purpose.

How many times do you get to the end of the week and wonder where all of your money was spent? One dollar here for coffee, five dollars there for a magazine, five dollars for a fast food lunch, three “quick” trips to the grocery store where you purchase what you need and then some and so on. It’s very easy to mindlessly spend money particularly with the convenience of debit cards.

Another very difficult question to ask yourself is, how much money have I earned in my working years and what have I got to show for it? Has my money worked effectively for me? Of course you can still spend frivolously but assign a number to what that will look like. If you make a budget too rigid chances are you won’t stick to it. Don’t let another week go by where you aren’t sure where all your money was spent.

4/7/2011 6:41:55 PM

I completely agree Nebraska Dave. It's definitely hard if the two don't agree or if you have things out of your control. Sorry about the loss of your wife.

Nebraska Dave
4/6/2011 8:11:08 PM

Staci, these are all great tips on how to save money and live better. However, the very first issue becomes in a marriage is the other half willing to go along with the cut backs and the budgeting. My budgeting attempts were always done in by major medical bills or major car repairs or major appliance replacements. My situation was unique in that my wife had major health situations almost from the day I married her and plagued her until the day she left this world at a young age of 50. As a result budgeting just wasn't in the budget and we were always in the survival mode. As a result of all those years I am now probably the most frugal person that I know. Those that have agreement and health in there families are truly blessed. Have a great budgeting day.

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