Many people are working hard jobs to put food on the table and never seem to have any left over. While others who throw money away can end up unhappy or depressed. We need goals and plans so that we aren’t blown around like a tumbleweed landing wherever life takes us.
Bad Attitudes Towards Money
Being overcautious and never spending money can lead to a boring life. However, overspending can become a bad habit leading to debt. Here are some of those attitudes that if corrected can turn around a person’s financial situation.
Partying Too Hard/Much
There’s that person who parties hard, is a binge drinker or recreational drug user who borrows in circles to pay back those within their own circles. This is probably a charming good talker who could be the best used car salesman ever that keeps friends who supply the cash around. Sad really because these types don’t value anyone or anything as their own ego comes first. I call this the ‘Peter Pan’ type. He likes to fly (be high) and take others along the journey with him and never thinks twice about tomorrow.
This type makes you cringe when hearing the excuses they come up with to borrow money, which initially I don’t mind until I hear the excuse,” I don’t have any money because I bought the latest gadget and it left me without any rent money for the next two weeks.” This selfish attitude takes other people’s finances for granted.
Then there are those who know that they are negligent spenders because they want the best quality of everything right now. This calls for patience and understanding that sacrificing the unnecessary things today eventually makes the bare necessities and essential needs affordable tomorrow for most. It will take a dilligent person who has determination and stickability who remains focussed on the big picture to succeed.
Gambling & other Addictions
Spending all their money on the sure bet, horses, poker machine, footy tab or greyhounds. The addiction is sure to make people broke. The addict might be compelled to put a big win’s money back where it came from. I’m not sure where I heard this phrase about gambling, “Its a tax on those who are bad at maths.” But it’s pretty much on the money!
Addictions of any kind are really costly. Seek professional help to kick a habit or talk to your GP who can recommend someone. NO addiction will mean more money to yourself without the burden of an addiction to maintain.
A Thankful Heart Is A Contented Heart
- We need to focus on our priorities, take charge of our own lives and be thankful for what we have. We all live on borrowed time and can take nothing with us when we leave this world.
- A heart of gratitude is the right attitude. Deuteronomy 10:14b “Heaven is the LORD’s… the earth also, with all that is in it.”
- We aren’t to love money more than God. “No one can serve two masters; for either he will hate the one and love the other, or else he will be loyal to the one and despise the other. You cannot serve God and mammon.”Matthew 6:24 (mammon in Aramaic is translated to ‘riches’.
Being an independent and mature adult means that a person can stand on their own two feet without having to rely on handouts. When we begin to take charge of our lives it will become easier to take charge of our finances.
Saving money is putting money away for a rainy day or accumulating money for a purpose or goal. Wikipedia describes, ‘Saving Money’ as,”income not spent, or deferred consumption. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving also involves reducing expenditures, such as recurring costs. … Saving differs from savings.”
Budget – Take the stress off your financial situation by knowing exactly how much you have and how much you can afford to spend. Then manage the finances to pay off bills on time, separate your savings if possible and adjust your lifestyle accordingly etc.
Paying Off Debts
- Take charge & make an effort pay off debts to individuals and companies that are owed money. Arrangements can often be made to pay these off in installments.
- Take one day at a time until all debts are paid.
- Refrain from borrowing more money.
- Seek a loan consolidation expert to combine loans together into one loan in order minimise repayment time and save money on interest.
Set Goals & Plan Ahead
- Having goals is a discipline in having something to aim for.
- We can begin by saving for something small and then progress to saving for bigger and more expensive projects.
- If you find it difficult to break free from wrong money attitudes contact a counsellor and seek advice from trained professionals.
- Talk to your bank and loan consolidators.
Australian Government’s Money Smart – Consolidating & Refinancing Debts
Search for a counsellor near you at – Australian Counselling Association website.
or talk to your GP who can point you in the right direction.