In today’s fast-moving economy, when it comes to dollars and cents, the old rules of spending and saving are still relevant but no one wants to hear it.
Many of us were taught by our parents to follow certain guidelines regarding spending and saving but we don’t follow them any longer as they are considered out of date. There are just too many people who think that they are more advanced in handling their money issues than our parents were at their age. And in doing so, we don’t need to follow in their footsteps we have more information on what to do and what no to do, which wasn’t available in their time.
If this is your mindset, you are making a big mistake and I’m pleading with you not to let your guard down on these old teachings. The old fashion “spending and saving” methods still work we just have to be willing to use them.
I recall one of those old fashion money tips that my parents told me about handling my money issues and that was “don’t ever let your back door be larger than your front door”. If I could learn to follow this simple advice I would always have money. I would because my incoming funds would be larger than my outgoing funds. This very simple analogy of how saving and spending work together and it’s something that I have used for years and it still works.
There are others who state that since they are making more money than their parents did, that they can afford to spend more but it’s not true. The point is not how much you make but how much you bring home as those are the real dollars.
We need to know that those “old fashion money-saving tips” got our parents through some tight spots and they can do the same for us if we stay on track. However, it takes some grit and guts to fight to stay on budget when everyone else around you are spending freely. It’s very tempting not to follow the “jones” but it can be done.
I still recall my mother telling me and my siblings that a hard-headed person always learns the hard way about life and this is because they refuse to listen. I didn’t listen to everything they told me, but the things about money I played close attention and I worked out well. And now I’m telling you the same and I hope that you listen and to do the same.
For example, learning to save money regularly and reducing our spending is an “old fashion” value that still works. We don’t realize that our little spending habits add up to be more than we think. This advice must also be passed down to our children to do the same as this message never gets too old. If your kids get this point at their young age, their lives will be easier down the road.
Plus, there’s nothing pleasant about spending money that you don’t have and knowing that this is going to put you into a financial hardship later on. And not having money to buy something that you want badly hurts because of bad spending decision that you made earlier. You won’t like that embarrassing feeling that in your stomach because I didn’t like it when I was in that predicament myself.
There are several old school sayings like “live within your means” or “spend only what’s in your pocket”. We know that there are plenty more quotes, but you get the picture. All these old school sayings were given to us so that it would help to keep us out of financial trouble. The people who are experiencing the most difficulty are the ones who have gotten away from this teaching and they are paying the price.
One of the suggestions that have worked for me is to “WRITE DOWN” your expenses and match it against your incoming funds. As you get closer to the deficit figures, you know when you are going overboard, you must stop. At that point, you have to be strong enough to say “NO” to your temptation.
I have also learned from years of trial and error, that “SAVING MONEY REGULARLY” is another great defense against over spending. When you save money on a consistent basis, even if it’s as low as 10 to 15 dollars per week, it helps as the money keeps growing.
As I look back now, I recall a situation that occurred years ago that explains this point with more clarity. There were a few of my work buddies, who came from solid financial homes, took me to the bank with them to open a bank account. I didn’t want to do so because I said the same thing that many of you are telling yourselves, I need ” ALL OF MY MONEY ” and I would start to save once begin to make more money.
However, after their constant begging me to do so I decided to follow their lead. This turned out to be a good move for me because after I opened that bank account I learned something that I didn’t know about saving. I learned that if you can just start saving even a small amount and do it regularly you won’t miss it. And now I can say that it’s because of their advice, that I’m doing okay today.
In closing, contrary to what many people believe that the “old fashion money tips” methods no longer work don’t believe that. I prefer to listen to the old timers on these matters because they have been through tough times more than us. It’s a tough lesson to learn how to balance your nickels and dimes correctly, but those who do so will see the long-term benefits. For those who chooses to ignore these old fashion money tips, I feel sorry for you.