It is said that spending money is easy…saving it is the more challenging part! Here are a few tips on how to spend money, because…yes, we all must spend at some point in time!
Identify your priorities. Do you want a new car? To live in Spain? Sail the Mediterranean? Your priorities are just that – yours. Ensure that you identify your goals. These are what should inform the approach you take to your finances.
Implement systems that support your plan. These should be decisions that are aligned to your objectives. If you want to save ten dollars a week, don’t splurge on lunch every day. Visual reminders are also good when trying to cultivate the habit of why you’re spending on one thing as opposed to the other. Think: University degree versus expensive watch.
Review, review, review! Even the most disciplined person can stray from his or her plan. Each week – or at least each month – review your plans and make sure you are working with rather than against yourself.