Counting the Cost!

Author : teriann

I have often wondered how persons decide what is a priority in their life. There are some people who believe that driving an expensive car or wearing the latest styles are more important than saving for the future.  To those people it is hard for them to comprehend that looking good is not going to matter in a few years when they submerged in heavy debt.

Examine Priorities

What should be our main focus in life? Well of course it’s natural to want to look attractive and purchase new clothes. Bear in mind however that fads come and go so you might find that the thousands of dollars you have spent on your fashionable clothes might be outdated in a short time!

It’s a better idea to purchase clothes which are both elegant and timeless rather than having to run out to buy the latest fashionable item.

Purchasing expensive cars which have hefty repayment amounts each month is certainly not a good way to live. Of course it might make you feel good to drive around in it and impress your friends but soon you might not even be able to afford the gas it needs!

Invest instead in a car that might not be flashy but has good mileage and keep it in good repair. Older vehicles do sometimes cost money to maintain so if you need to get  a replacement, choose one that allows you to comfortably manage the repayment each month.

Sort your financial needs into three categories: Priority 1: Urgent – these goals or activities must be achieved if you are to consider yourself ‘successful’, Priority 2: Medium – these goals or activities should be achieved (but it is not essential) to consider yourself ‘successful’ and Priority 3: Low- these goals or activities do not have an immediate need so they can be done at a more relaxed pace.

Set Goals

Setting goals isn’t something you should do because it’s a new year. Goals should be continuously created as you think of them and revised quarterly if not after changes. Goals should be reflections to improve habits and reinforce your ideal situation or vision of yourself and your accomplishments.

Setting financial goals is important as it provides clarity and focus to your saving plans. If for example you have goals to lessen debt, finance your education, purchase a home or car, then it will make any sacrifice you make well worth it.

My suggestion is to write down the financial goals that you want to achieve and the steps you will need to take to accomplish them. It is a good idea to give time deadlines to ensure that the goals are consistently achieved.

So are you counting the cost? Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer

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