To buy or not to buy
One of the most popular questions I get asked by clients is how to decide what to spend your money on.
With so many things on the want list and then taking into consideration the needs list, tips on how to save money and good money management are at the top of the list of money management questions.
Financial goals, a wish list, whatever you call it we all have a list of things we want to do, achieve and buy. Some things on that list are necessities like paying the rent or mortgage and others are things we want to do like travel, buying a car or house or updating the wardrobe.
If you have a list like this in your head then I encourage you to write it down. Then add next to each item how much it will cost you to do or buy each of the things on your list. Then keep your list handy.
When it comes to making that decision, should you outlay your cash on an item, refer to your list and see what else you could do or buy that is on the list for that same money.
Sometimes a night out with your mates will cost the same as going skydiving, something you may have wanted to do for a while. When you are looking at the list, a night out with the mates or skydiving becomes the question you need to answer.
If you're lucky, you might be able to convince your mates to all go skydiving together and skip the night out this weekend. Good chance you will all remember the skydiving much longer than another night out in town.
Having a list with dollars on it can help you manage your money by giving you an easy way to see what you could spend your money on and will help you to answer that question, should I buy this?
