Dollars and Sense…do you spend wisely?

Author : teriann

Recently a friend of mine who is a civil servant was excited that she was going to get some extra funds in her pocket one month due to an increase in her pay. She outlined to me all the ways she was going to use her funds and it had me thinking do we always make the right choices when it comes to spending our money?

Facing Reality
The truth is whatever we receive is severely eroded by the time we go to spend it.  The weakening of the dollar against the U.S. dollar certainly does not help and of course there is the rising cost of food.

I find that when you think that you are getting extra money to spend it really is a chance to make good financial decisions.
If we get more money than what we are expecting one month, why not try to save it instead of spending it?

After all we survived without that money the month before so chances are we can do so again.  If we set the extra funds aside, that can do a lot to alleviate future problems.

What about any debt that you might have?

Of course no one likes being in debt but choosing to use the extra funds to pay off a debt might cause further problems.

For example if you are paying off a loan some companies actually have penalties if you pay off the loan too quickly using a lump sum.
It also would remove your savings and leave you suffering if you had an emergency and needed cash.

Spending Wisely
Don’t you deserve an opportunity to enjoy your hard work? Of course you do! However you need to be careful. My mother had a saying, “Feast today, Famine tomorrow”.

There is a lot of truth in making sure that despite your windfall of cash you don’t blow it all and have nothing to show for it and suffer in the long run.

So if you have to spend choose something that you really need and can make a noticeable difference to the quality of your life. There might be a new appliance that you always needed or that addition to the kitchen that you have been putting off for years.

Whatever you choose, ensure that there is some money put aside which will show ‘sense’ as you spend.
What are your thoughts? Let me hear from you!

Teri Ann Renee Paisley
Gleaner Online Writer

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