Are you GOOD with MONEY?

United States
February 19, 2007 11:33am CST
There are some people that just cannot be trusted to hold money. They overspend, when they know that they should not. They become entangled in bills and find themselves wondering how it became like that. And yet, they repeat the process over again, the next chance they get. Then, there are the few, that spend wisely, and save for a rainy day. They are wise enough to think ahead, farther than the next five minutes. Then, there are those, that pinch every penny, to the point where they are barely enjoying their life, always expecting a black day to come. They are sitting on a windfall, and yet, they live like paupers. Personally, I have always tried to manage money well, ever since I was young, because certain things made me that way. A love of business and economics and entrepreneurship, that is ingrained in most everyone in my family. And, the struggle to get through financial strain and difficulty, after the death of my father. I usually save well, and spend well...keeping a balance between how I live now, and how I want to live in the future.
12 people like this
44 responses
• United States
19 Feb 07
I'm not good at saving money. I only save if I have something to save for, but I won't save just to have money saved for the future. I use my money on my clothing and to pay for school because I don't take money from my parents. But I know I spend too much on things I don't need too. I love buying gifts for friends too. My brother always tells me I should start saving more. But I will once I have a real reason too. :)
• United States
19 Feb 07
It is hard to save anything, especially when a person is in school. I usually have about $100-$200, just in case there is something that comes up in college, and I need to pay for it with cash. That usually happens. Also, during the school year, I usually have my credit cards full of textbook costs and then, during the summer, I pay them all off, because I am only working. Sometimes, if I am lucky, I can save a bit, for the next school year, so I am not in debt as much. But, college is expensive.
1 person likes this
@sigma77 (5385)
• United States
19 Feb 07
This is a good topic. The majority of us are brought up to believe that the supply of money is limited. So, some of us hang on to every $$, or save some money for future expectations, or spend like there is no tomorrow. It is like we feel as if we can only have so much and we need to protect that. Of course, some are not good at keeping any money. As an entrepreneur, you have the chance to create an unlimited source of income. Truly, money is available to everyone in unlimited amounts. This is a true statement and it applies to eveyone on the planet. If you can understand this fact, you can begin to look at money in a whole new way. How do you think you would feel if you had an infinite supply of money and you always had money to buy or do whatever you wanted? It is an absolute possibility. All you need is an idea, a plan of action and some persistence. As a business operator, you are on the right track. Most people desire to have lots of money but remain poor because of the way they think about money. I am not saying there is any connection between money and happiness. That is up to each individual as to what gives them happiness. You can still be the same wonderful person even if you are immensely wealthy. Like everything in the universe, money is only energy. That energy can become a part of anyone's consciousness. It is all in the way that you think about money. For starters, read a book like "The Science of Getting Rich" by Wallace Wattles. Anyway, my point is that you can change the way you think about money and never have another worry about it ever.
1 person likes this
• United States
19 Feb 07
That is very true. In college, we have so many people that get their degrees, in the things that they like, and yet, it is not mandatory for them to take any business, econ, or finance courses as requirements for graduating, unless they are in those majors. And, even most of the econ majors, do not have to take courses in business, unless it is in their specialty. However, many schools are starting to think that that should be changed, because there are a lot of people that graduate, without ever learning how to balance a checkbook, or apply for a loan, such as a loan for a home or business. One of my economics professors, gives everyone a loan application, to practice filling out (even with fake information), the first day of class, and then, in the last week he discusses it with everyone, because he said that he got tired of getting students that did not know what assets, liabilities, debit, credit, etc...meant. I was the only one in the class that could fill it out, because I was majoring in business. Everyone else, was studying economics with social theory etc...I am glad that you understand, what IS the bigger picture here. So many people believe that just because they were not born into money, they cannot change their lot in life. But, that is untrue, you have the power to change your life, whether for the good, or the bad. Anything can happen.
1 person likes this
@sigma77 (5385)
• United States
19 Feb 07
Wow, that is incredible that college students can't balance a checkbook. What do they teach in school? In my opinion, schools teach kids the wrong things about money.
@Willowlady (10666)
• United States
19 Feb 07
I am better than my hubby. Since our housefire we have been able to slowly get to the point we have now. Mostly on our own. Our credit is not as bad as I thought it would be. I now make all my things online pay for the things I do online. It is said that I can make George squeak. I do get a good amount for my dollars. The kids are only now 3 years after the fire finding out how close to ruin we have been and how good we are slowly getting. I agree with you as balance is to be achieved.
1 person likes this
• United States
19 Feb 07
Thank you. I am also trying to spend online only what I make. And what is also good, is that it helps me use the money that I make to get the extra things that I would not normally buy, once in a while. I hope though, that our business, that we are trying to get off the ground gets somewhere, because right now, it is taking all our time, energy, and finances...thus, we have some debt, and I really want it to get paid. I am also a better with money than my hubby, but he is slowly getting better.
1 person likes this
@XxAngelxX (2832)
• Canada
19 Feb 07
Thankfully I am very good at managing my money. I grew up in a household where my father spent three times the amount of money he ever made and it was a constant battle for him to stay on top of the bills (most times he ended up way over his head). I have a budget that I stick to quite well and a very small amount in my savings account which I am working on building up. I believe it's very important to save for a rainy day and I would be horrified if a creditor ever called me because I was late making a payment.
1 person likes this
• United States
19 Feb 07
Yes, I feel the same way. I have been around family members also, that spend way more than they make, and that always frustrated me. I am glad that you are doing a good job keeping it together, and yourself on track. Eventually, your little amount for a rainy day will grow into a nest egg, and you can do some investing to get it to grow even larger.
1 person likes this
• Canada
20 Feb 07
I grew up in a one-income family and I think that taught me a great deal about living within one's means. In our house, we didn't get things until my parents could pay for them in cash. My parents used credit only in emergencies. I grew up being the same way. I do believe that I am good with my money, if sometimes a bit too cautious (that comes, I believe, from having been the sole provider for my family at a few different points in my life). My husband is the complete opposite -- or he was, when we first met. He used to be one of those people who figured if he worked for his pay check, he should be able to spend it, without giving proper consideration to what had to be paid first. He admits that he never learned to budget or how to even balance a checkbook. He used to try to do that in his head -- so you can imagine how successful he was. He has changed a lot and now thinks ahead before making decisions or purchases. I do keep a very tight grip on our finances but in a way that makes me proud. It's nice to know that, if an emergency happens, we're prepared to deal with it but, if we'd like to splurge on something every once in awhile, we can. We're not impulse buyers, though. We think things through before we spend. I think it helps that none of us in the house enjoy shopping as a past-time :) Less temptation! But you're absolutely right... it's all about balance and goals for the family and the future.
1 person likes this
@itgalary (633)
19 Feb 07
Yes.. I think I am good with money.. I am neither a spendthrift nor a miser.. I dont have any difficulty in spending money for necessary things but I will never spend a penny on an unnecessary thing..
• United States
19 Feb 07
That is good. That is the way that most people should be, and really, the correct way to live. Then, we could all help those in need.
• Philippines
19 Feb 07
sometimes im good in money but lately im not!...i always experienced shortage of money!...i always spend my money in buying non-sense things!...
• United States
19 Feb 07
Yes, that can happen to a lot of us. Try to remember that if you don't really need it, you can always save the money for something that you might really need or want. Instead of just getting something that you might never use.
1 person likes this
@superbren (856)
20 Feb 07
i am glad to say that i am good with money too. i like to save a few pounds. i like my bills paid and i never borrow from my friends. i know lots of people who are so bad with money. i think i was always good with money ever since i started earning. i do love to spend too and i adore the shops but if i think im overdoing it i stay home for a while.
@acquaria (719)
• Italy
20 Feb 07
I've a quite relation with money because like you I try to spend as much as I can without to claim things that are too expensive.i register all my exit so I can be able to know how many money I need during month and I try to save more money in the periods when I know will'be more expenses.I can't also renounce to little pleasures such as trips,or shopping during sales
• Sweden
20 Feb 07
I guess I don't have the best hands to hold money because I spend so much money on wrong things, according to some people, but I would never spend more money than I know I could afford. So, I can still be trusted in that matter.
• Germany
20 Feb 07
I think I spend reasonably but still I think at times I spend a lot more than required and at other times I think save a lot.
• Italy
20 Feb 07
i don't spend much money but when there is the occasion aspend too much
@amishagg (186)
• India
20 Feb 07
I am a good saver. My parents thought I will spend less if I get pocket money, and after a year they were successful. My only remaining problem with money is that I am not able to refuse my friends for lending money, which they don't return. Somebody please help me with advice if you can.
• United States
20 Feb 07
Usually i'm not though sometimes i think i am.I don't tend to overspend though,but whenever i have the money and go to the mall,i can't help to buy things that i like even if i don't really need them.And end up giving it away because i don't like it anymore.
• Indonesia
20 Feb 07
Good Money - Money is a root of all evil, man says. But the truth is, one must know how to control, then money is not an evil. When you know how hard it is too make your earning, most likely you are also good with money.
I think money is just a mean or tool. One surely must know how to deal with money for one own sake. I, myself consider myself not bad in managing me own money. Eventhough sometimes I could get carried away. Still, you could always earn money when you want to, so no harm done in spending a little bit beyond your target, when you know how to make it up, later.
@06sport (81)
• United States
20 Feb 07
i feel i am great with money. My wife and I always have a bit in savings and liquid. We know what we can spend and we never go over that.
@3acres (748)
• Singapore
20 Feb 07
i dont have problem with handling money but I do have problem with handling my own budget. That's why its my wife that I appoint to handle my finance.
@maru_047in (1007)
• India
20 Feb 07
Ya there are few where they are not good to money as you say but in case on mine i am very caring and very concious about that matter i look at each and every point were i get the money and i am very concious how to spend and what to spend on.
@raijin (10373)
• Philippines
20 Feb 07
I guess I could say that I give importance on money in a positive way. I can spend some with my friends, for some things that I needed, but atleast I know my limits. I might not save something for the future but I can say that I am not short when times of paying up household bills, and other stuffs that we needed for the house. I guess some people should know how to limit their expenses, especially when they know that they don't have control on holding their money..
@vanities (11387)
• Davao, Philippines
20 Feb 07
wow thats amazing youknow how to manage your money...and i congratulate you for that ..only few can manage well...and im not one of them lol...not really good at saving i guess..but i think our income is just enough for the family..and a little on wants...but i have no big savings though...