The financial roller coaster – How to navigate your financial future!

The thrill of a roller coaster.

When I was younger, I liked riding roller coasters.  There was an inherent thrill to feel as if you were flying through the air. The sense of being utterly helpless to control anything was exhilarating!  All you had to do was sit back, hold on and enjoy the ride.

Well I am not as young as I used to be and riding roller coasters has lost its appeal. The same thing that thrilled me before now has me scared and worried about the possibility of an accident.

The powerlessness of that ride simply no longer provided me with entertainment. Whereas before I wanted thrills and endless excitement now I preferred stability and more sedate activities. This feeling has also extended to my financial affairs.

Spending habits

When my mother saw me spending heavily in my younger days, she would ask if the ‘money was scratching me’. The insinuation she made was that any money that I had earned I was too eager to spend.  I still remember how eagerly I awaited pay day so that I could go shopping.

I was always surprised when the money was all gone long before I was to get paid again.  I lived from pay cheque to pay cheque and was quite often owing someone so it was a difficult way to live.

I often passed my stores before I got paid just to identify the items that I wanted to buy.  I would even try on new outfits as I imagined how many I could afford on my salary.

Of course this kind of spending is never a good idea. It was a financial roller coaster ride that I had now outgrown. Things would have to change if I wanted any semblance of financial stability. I decided that I needed some sort of cushion each month that would not be spent regardless of the situation.

I also think that anyone who wants to get off the financial roller coaster needs to curb any unnecessary spending.  The best thing I ever did was change my routine. Spending countless hours shopping with imaginary lists of things that you need to buy was only destroying my budget.

Have a financial plan

Everyone regardless of their age or financial status needs a plan for the future. This includes any goals that you want to achieve and the way in which you wish to accomplish those financial goals.

The benefits of such a plan have long reaching effects as if you are focused towards achieving your goals then you will be more committed towards saving towards it.

It does take some sacrifice but in the long run sticking to your budget and successfully attaining all that you want is well worth it!

Well that’s my two cents.

What’s your take on the issue? Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer

Tags: budget, plan, savings