Negosentro.com | via MoneyMax |
Most people spend their entire lives making ends meet, doing backbreaking work, and sacrificing the smallest of comforts to pay dues and to save money. In other words, people commit to a life of toil to fulfill obligations and to avail themselves of a secured future.
Perhaps, majority of the global population associate having a secured future with having enough money. But what comes next after accumulating a decent (or excessive) amount in the bank? Are you saving so you can spend it in one transaction or you’re still uncertain how you should spend it?
Here are five golden rules to make sure that every cent is worth spending:
#1. Write your bucket list
Having a bucket list is essentially having a more meaningful direction in life. You can list down 101 or 1001 items. Make your own rules. Reflect on what you’ve always wanted or what you want to overcome.
Start your own family, learn a new language, build a shelter for the homeless, donate for the preservation of a heritage site, go on an African Safari adventure, discover the birthplace of Renaissance, or visit all 7,107 islands of the Philippines.
Use your hard-earned cash to reward yourself with precious items and priceless moments. Each item on your bucket list is the other thing that you want to do for personal fulfillment.
#2. Think long-term
If you’re planning to spend a significant portion of your savings, weigh the value of the object or experience. The bigger the amount you need to shell out, the higher the quality you should require from it especially if it’s an object. It’s much easier to determine the real value of an experience because if you want something to happen, then it’s significant for you.
Make an analysis of what you want to spend on, the amount that you need to spend, and what you will get from it – it’s very much like assessing the ROI (return on investment).
Remember: A good investment has long-term positive effects.
#3. Live one day at a time
If you have the habit of overthinking and overdoing things, hit the brakes and take a full-stop. Most individuals who overthink eventually don’t get anywhere and those who overdo end up with mediocre results or a dilemma.
It’s a simple equation that can lead you to unwise decisions, including overspending and financial mismanagement.
A good example is a situation before payday. You’re overthinking if you’re already planning how to spend your money, where to go, what to buy, and how many items to purchase. You’re overdoing it if once you get your check, you spend like you just won the lottery without thinking about your dues.
Don’t let your emotions and energy drive you to a financial crisis and off a cliff. Set your priorities, take it slow, and live one day at a time.
#4. Indulge responsibly
Those who are working for 40 hours or more every week try to find the time to pamper themselves and live a life outside of work. There’s nothing wrong with that. You have every right to spend your moolah as you please. However, don’t forget that you need to set your own limitations.
Too much of something is bad not just for your health but also for your finances. You may justify your actions by saying that you’re a grown up and most likely earning your own money, but you’re also just a human being who is prone to making mistakes, and the worst part, is you’ve probably turned a blind eye many times.
Don’t allow freeloaders to pressure you. Try to cut down on your vices. Eat healthy. And, don’t make financial decisions when you’re drunk or intoxicated.
#5. Create good memories
If you’re spending aimlessly, you’re probably still missing something in life. Yes, work is exhausting. Sometimes you just want to give up and bum around. But, don’t think that you’re just working to pay the bills.
Don’t focus on the things that can make you happy all the time. There’s nothing more fulfilling than churning out cash to create new memories and to establish a strong connection. It can be a birthday party, family dinner, surprise present, vacation with your loved ones, brand new car, and property investment.
Consider using your money for something that you can share with your loved ones. Always remember that money goes around but memories are yours to keep forever.
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