I married a man with a good head on his shoulders, especially when it came to finances. I had already been down the OTHER ROAD in a previous marriage, due to a husband who spent money without regard. He lived for today. Savings? What’s that? If we had money in the checking account, well… his irresponsible spending habits were the prime reason for the divorce. So yes, I’ve been on both sides of the fence.
Each year we reevaluate our budget. We look at both short and long-term goals and expenses. Ah, we need a new roof this year. That’s a PRIORITY and it precludes anything else including vacation plans. Along with that, we each get a monthly allowance – our crazy money that we can spend on what we’d like, hobbies, entertainment, etc. If you run out of allowance money before the end of the month, so be it. The “house” pays for groceries, utilities, and the like. Another particularly important rule – if you can’t pay off the credit card in FULL at the end of each month, then you’re living beyond your means. YOU CAN’T AFFORD IT! Plain. Simple. No exceptions! It’s a win-win, and guess what? There’s never any argument over money.
Some people say, well, you can’t take it with you. That may be true, but as with anything, you have to find that happy medium. Sure, we want to enjoy our life (and we do), but you also have to be fiscally responsible. What are the unseen factors? You must have rainy day funds for emergencies and the inevitable – retirement. If you live in the United States, you have social security, but (and I state this emphatically) it was only meant as supplemental income. It’s up to you to save for your future and NOT be solely reliant on that monthly check from the government.
One of the financial shows we listen to and highly recommend is The Ramsey Show. He’s helped thousands of people get out of debt and REMAIN DEBT-FREE! Visit his website and utilize debt and investment calculators, seek investment assistance, or other valuable tools. It’s never too late to reevaluate your lifestyle or seek new solutions to old problems.
So, here’s to living comfortably, but within your means.
“Beware of little expenses; a small leak will sink a great ship.”
~Benjamin Franklin~
“You cannot escape the responsibility of tomorrow by evading it today.”
~Abraham Lincoln~
Very well said! We cannot predict the future on the economy. The young people growing up need to have a 401(k) started early. Everything is just so darn expensive anymore whether it’s buying a house, renting a condo or an apartment. You definitely don’t want to be putting most of your paycheck towards credit cards and expenses that you don’t really need.