As a financial professional and blogger, there are some basic principles I should believe in. But it’s important to set your own path and find what makes you successful.
Plus who doesn’t love being a rebel and forging their own path?! Here are some money rules I believe are meant to be broken:
1. Going on a Financial Diet
The word diet is a four letter word to me. Going on a financial diet isn’t the answer to anything, mostly because you won’t be as successful doing something short term just to get results quick.
For some people diets work in profound ways, but it’s a short term solution to a long-term problem. Becoming intense and getting your life back in order, is definitely an important steps for any financial problem.
But you shouldn’t view it as something you start and stop after a few months or weeks (like crash dieting). That will not bring about a lasting behavioral change, and your habits will remain the same.
Have you ever notice the word DIE in DIET?
2. Sticking to a Budget
Creating and sticking to a budget is an important part of managing money no doubt about that, but don’t limit yourself to that way of thinking.
Try referring to it as having a spending plan, a goal that you to set each day or month, and hopefully reach within the time allotted.
Using the words spending plan creates a sense of freedom, that you can still spend money on things you need or want as long as it’s within certain guidelines.
A budget comes off like a restriction, and (if you’re like me) you will be more likely to rebel against it and go on spending sprees.
Instead of telling people “it’s not in the budget” you can start saying “it’s not in my spending plan this month”. See, it already sounds like you’re in control of your money.
3. Cutting Out all Non-Essentials
Cable TV, buying a latte, getting an iPhone, and even eating out, are all things that are non-essentials. You don’t NEED them to survive, but you shouldn’t cut out all the extras in life just to survive.
What quality of life is that?
You end up being a hermit, hoarding your cash and never having any fun. It’s important to balance your spending, to keep it under control and adhere to your spending plan.
Eating out once a week, or going to movies with friends sometimes, won’t completely ruin your financial goals.
What’s one financial rule you like to break?
Photo Credit: samcaplat