Do you have a budget? Do you have a spending plan? Do you have a savings plan?
If you do, all of those things are great, necessary and smart. In fact, every adult should have a very clear budget, savings and spending plan. These are some of the most basic factors of responsible adult living.
If you don’t, you need to get on track with this now. We encourage you to learn how to set a successful budget and get to it!
But, even if you have done all these things it’s simply NOT ENOUGH! We can all be so much more responsible with the money going in and out of our homes – even those that have the perfect budget, stay in budget most of the time, are even debt-free, and have a good savings.
For one example let us ask your thoughts when you receive a bonus, an inheritance, or even a money gift. If you consider this as “spending money” then we encourage you to broaden your thinking.
Spending money should be a myth in our minds. Rather than thinking of this as spending money we encourage you to think of it as investment money. Even if later on, you decide that these funds will be used to splurge on something like a vacation, or new furniture it still should come to us as investment money.
Instead of coming up with ideas on how that money will be spent just as soon as you receive it, think of the ways that you will invest this money, whether from more permanent systems like a Roth IRA to even the simplest of investments into a savings account.
A change in your attitude can lend itself to a change in your situation. It can make a big impact on how you spend money and how much more responsible you will be when extra money comes your way. And yes, you need to decide now how you will consider it as when the extra money is in your hand its generally too late as you’ve probably already mentally spent it.
This new attitude you adopt now will allow a clearer opportunity for more intentional use of your money.
So stop thinking of any extra money you receive as spending money and start thinking of it as investment money!
What will your next investment be?
Ada
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