Previously, I shared 8 Inspirational Budgeting Tips to inspire you to manage your money and priorities. In this post, I am sharing 8 additional tips from the Tip of the Day feature from my Inspired Budget software.
- Money is a tool – Money is one of the tools we use to shape and maintain the lives we lead. Time is another tool we use for this purpose that we must budget. Other tools we use to shape our lives include our bodies, our intellects and our relationships. These are all important in establishing a balanced, enjoyable and comfortable life. Focus too heavily on any one of these, and life will be a struggle. Keep them balanced and life is a pleasant journey.
- More is not better – Go out to eat once in a while for a fun, pleasant break from routine. Go out to eat every other day for a time wasting and unhealthy experience that quickly becomes a huge expense. Give a child a dozen toys and she can remain entertained, focused and engaged for hours. Give that child 50 toys and she will throw them around, bounce from toy to toy and mess up your house. Eat a piece of cake and enjoy sweet sugary bliss. Eat three pieces and languish in misery.
- What if you died today – If your life ended today, would you be satisfied with the life you lead? Would you be content on the last day of your life? What legacy would you leave behind? Would your family and friends remember you for the stuff you accumulated or the time you spent with them?
- Keep lists of purchase wishes – You may already know that maintaining a grocery list will save you time, money and trips to the grocery store. In addition, maintain a list of all the things you want to buy whether large or small, realistic or otherwise. The purpose of this is not to perpetuate wants and desires, but rather to keep things in perspective. When you feel an impulse to buy something, you can use that list to prioritize your purchases, motivate you to save and make level headed decisions. Click on the Tools button and check out the Wish List tool.
- No one said this would be easy – The concept of a successful budget is simple: spend less money than you make. But, in practice, it can be a real challenge. The habit of buying what we want when we want it is deeply ingrained in most of us. Maintaining a successful budget requires changing that habit. And changing habits requires persistence and self-discipline. Persistence and self-discipline are achieved by remembering your goals and wishes and doing what you have to do this moment to get closer to them.
- It’s your money. You decide how to manage it! – We’re bombarded with cultural and commercial messages telling us that we want more and can have it now. Remember that this message is delivered by those who wish to make money from you, not those who understand your values and interests. Trust yourself to make conscious decisions about how you want to manage your money and stick to those decisions.
- Frugality = Wealth – Chasing instant gratification by making purchases with debt or money that is needed elsewhere is extremely expensive and adds loads of stress to your life. Making educated, thoughtful purchases that are within your budget means more money for you. Frugality is the path to a wealthier, more comfortable life.
- What’s on your mind? – One benefit of successful money management is that money ceases to dominate our thoughts. How many hours of sleep have we lost mulling over money issues? How many opportunities for meaningful conversation have been missed? When money is no longer at the forefront of our minds, there is room for richer, more fulfilling and meaningful thoughts and conversations.