Money Management Project: Book recap

[mizarchivist]

I think that might have been my first ever self help book.
Talk about repetitious. Anyway- I did pick up some useful stuff.

To recap:

• Have a wish box with a targeted goal. Put all change in it every day (pause to do just that). At this point mine's for eating out and movies. Supplemental if necessary, as I have not historically been one to have a lot of change about me at any one time.
• Save money every week, even if it's $1
• Paying off bills doesn't equal happiness. Control = happiness Every purchase is a choice

1. Pinpoint goals that are fun and motivating
2. start saving
3. start small
4. be realistic
5. stick to it.
   

Things I want to save for:

• Me
• Emergency (Couch)-- as in "holy crap, I need to buy a couch right now!"
• Emergency (Cushion)-- several months' worth of expenses saved up for rough times 3-6 months
• Vacation
• Car + House
• Holiday/Gifts
• Pay off credit cards

That whole plan for paying off the mountain of debt was really not adequately covered for my taste. I have 10 years' and 2 people's worth of debt on my cards. Really and for true, just paying it off at minimum is not a long term solution. Having ear-marked money for emergencies absolutely will mean I'll not be adding to it like I had been, however... I will use the cards from time to time. It's the 21st century. So, therefore it's a thing to save for, too. The author argued that there'll always be more bills and I can find other things to use the beyond-minimum payment portion. 10. years. of. debt. So, we don't see eye to eye on that, but that's life.

Things I really like about this strategy:

• Make it about goals not about paying off debt.
• Pay yourself/ don't be a martyr
• Be realistic
• Keep at it
• Diversify

There you have it.
Now if you'll excuse me, I have a fun book to read, I'm sure. Perhaps a dozen. :)

Comments

[lifecollage.livejournal.com]

Rockin'. Sounds like a plan.

[taura-g.livejournal.com]

What was the name of this book again?

[mizarchivist]

Carol Keeffe- How to Get What You Want in Life with the Money You Already Have.

[weegoddess.livejournal.com]

::nod:: Sounds like you've got a good handle on it.

One thing that also works for me is a 'wishlist'. Basically, if there's anything I want (as in, 'ooh shiney want, want, WANT') I put it on a list and date the entry. It must stay on that list for 30 days. If after 30 days, I definitely still want it, I consider buying it. If I've forgotten why I want it or have found an alternative, I erase it off the list. If I'm still not sure, it stays on the list for another 30 days and is then reviewed again.

What this does is that it curbs any impulse-buying. I end up saving ever so much money and what I *do* end up buying, I know that I really really wanted and thus get so much more enjoyment/satisfaction from the money I spent. It's all about the 'joy to stuff' ratio, IME.

[mizarchivist]

That's totally in keeping with this woman's philosophy. Makes sense to me, too. I'm not really big on impulse shopping. Except for crafts- and then it's less impulse but "I will use this... maybe not today- but I will!!" :) I've had a bad week for that. But I was running out of black clay! Can't have that.

[drwex]

*leaves a pebble*