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Money Savings
by Lena Mabra
04/05/04
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TEN THINGS ABOUT MANAGING MONEY THAT YOU USUALLY DONíT LEARN IN SCHOOL







DONíT JUST WORK FOR YOUR MONEY, MAKE IT WORK FOR YOU.



Most of our lives we are usually taught how to get a good education, a good job, and to make money. We learn the basics such as reading, writing, and Ďrithmetic and then go off to college, trade school, or into jobs to gain the experience of a specialized skill to get a certain type of job. This is in order to make money. So we work hard for money but then allow it to slip right out of our hands to pay our bills and to buy things that we need and want. Many times, the money is gone before we even get it! Learn how to save and invest instead.



DONíT BELIEVE THAT YOUíRE TOO BROKE TO SAVE ANY MONEY.



Anyone can start saving even if they only get $5.00 a week. Start saving a portion of that $5.00. We spend more than we think we do on little things and donít even realize how much is spent. Think about the things you bought this week. Buy a soda for $1.00, a meal for $4.00, and a CD for $10.00 and youíve already spent $15.00.



SAVING A DOLLAR HERE AND THERE CAN REALLY ADD UP.



Donít nickel and dime yourself to death. Instead of buying a shirt at this store and some makeup at that store, set some of your money aside for the future (for emergencies and for things that you really want and need). A dollar here and there can really add up to a bigger amount in a monthís time, a yearís time, and so on.



DISCOVER THE POWER OF COMPOUND INTEREST.



Instead of wasting your money, open a savings account and start earning interest. Even if the interest rate isnít as high as it used to be, at least youíre setting something aside and earning more money (making your money work for you). As you continue to add to your savings account, the interest will add up and then you can eventually move the money to bigger investments that will earn you more interest.



For example, you have $100.00 and you can do one of the following:

A) Spend it and this means that it is GONE for good!

B) Save it in your piggy bank which means that it still equals the original

$100.00 and the temptation to spend it is too great because itís to easy

to get to right there in your room.

C) Put your money in a savings account or another type of investment and collect interest on it. Youíll not only have more money but the original that you set back and not have spent it on stuff that you canít even locate! As you watch your money grow, youíll be motivated to save even more.



MISSED MONEY EQUALS MISSED OPPORTUNITIES.

How many times have you spent your hard-earned money only to find a better deal, something you liked even better, or missed out because you were flat broke? Just remember that we often act upon emotions and our emotions go up and down like a roller coaster! We change our minds often!

BUY TRUE ASSETS. THEN LET THESE TRUE ASSETS BUY THE THINGS YOU WANT AND NEED.

In school, we are taught that houses and cars are assets. Assets are items of ownership, which we can convert to cash. However, unless we own them free and clear and donít owe anyone for these things, then they are not really assets. True assets are things that put money in our pockets, not take money out. (This really applies to when we get older but it is very important to learn while weíre young.)

A house and a car require monthly payments, property tax, maintenance, and insurance. Until they are paid off and they are bringing in more money (such as rental income or using the vehicle for your job) than they cost to maintain, then they are actually liabilities and something that requires money going out. Schools usually donít teach the definition of a true asset.

DONíT BELIEVE THE LIES OF ADVERTISING.

Wearing a certain brand does not make us more valuable, sexier, or more powerful. Someone is not a loser or a winner because of the brand they choose. The media spends billions of dollars on research, marketing, and hiring the right celebrities in order to get you to fall for this.

Did you know that many of our favorite designer brands are made in the same places as generic items? Companies usually slap on a different label and a different price tag and you end up paying for the lies they feed you through marketing and advertising.

DEBT EQUALS LOSS OF FREEDOM AND BONDAGE TO THOSE YOU OWE MONEY TO.

The more you make, the more you spend. Donít fall for this trap! Itís a never-ending cycle that has led to many broken relationships and marriages. People fight over money problems more than anything else. It can also lead to depression and anxiety, low self-esteem, and addictive habits such as alcoholism to ďnumbĒ the stress and also crimes such as stealing.

A good example of the ďmore you make, the more you spendĒ syndrome is getting your first job. Now you have some extra spending money and independence since you arenít always broke or donít have to beg your parents for money.

Then you buy a used or cheaper car and have now acquired your first set of debts-car payment, property tax, and auto insurance along with gas and maintenance costs. So you need more money and work longer hours or find a better paying job. You then get a bigger paycheck and feel a false sense of security. False because you soon realize that you want a newer car, your own apartment, or start to eat at nicer restaurants. You continue to acquire more debt and spend more money. This happens to most people so youíre not alone. So you work longer hours or find an even better paying job (which usually means more responsibility and stress) and so the cycle continues.

Donít fall into this trap! It only leads to bondage to your creditors, those you owe money, and bondage to your material things. Freedom is too valuable a price to pay!

LEARN ALL YOU CAN ABOUT MONEY.

Read, read, read and ask plenty of questions. Search until you get the answers. No one is going to care about your money as much as you do especially as you grow older. Even the ďprofessionalsĒ wonít always advise you on the best way to save and invest your money. They wonít always have your best interest in mind or donít know all the facts. As with anything, know your stuff!

FIND A MENTOR.

Find someone whoís done it or are doing it-saving, investing, not living beyond their means-and learn from them. Think out of the box. Many people are going to give you advice or say that it canít be done and that the rich get rich and the poor get poorer. But remember that it can be done no matter what your circumstance or financial situation is right now. Follow those who have done it and are doing it right now! Follow your dreams and believe that you can do it. Remember that where your mind is, there you will be also.



If you died today, are you absolutely certain that you would go to heaven? You can be! TRUST JESUS NOW

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Member Comments
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William Mae 02 May 2006
I really enjoyed this article and every word of it good advice and true. It reminded me of a book I had read, ďAutobiography of Benjamin Franklin.Ē There is one chapter in the book called, ďPlan for saving one hundred thousand pounds.Ē Your article used very much of the same wisdom in managing money that his did. I really did enjoy it.




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