Respecting your money

2bearsmom · **Respecting your money**

Do you respect your money?

I just read an article in Real Simple (I swear I have to subscribe to that magazine, I LOVEit)...and a reader made a comment that stuck out at me...She said

"I respect my money. If I don't have it I don't spend it"

I thought it was a very interesting statment and made me stop and think...do I respect my money?

I think, that now I DO have more respect for it...I don't spend it when I don't have it and I value it when I do.
When I was younger and spending mindless amounts on "Stuff" on a credit card and thinking Oh I'll just pay for it later...no I don't think I had respect for it. I also didn't have the knowledge I do now.

SAHMto3boys · 03-28-2008, 01:34 PM

I was the same way - charged everything. I was good at throwing every extra penny we had to the credit card debt, but I was charging it up again at the same time! I was such an idiot! No, I did NOT respect my money!

Finally when I noticed the balance was not going anywhere I decided to change. I got online, did some searches on how to save money and found MommySavers. I've found a ton of tips here including people talking about Dave Ramsey. I FOR SURE Respect my money now. I still spend more than I should, but as long as we have it, it's ok!

Good question!!!

mamaof3kiddies · 03-28-2008, 03:12 PM

I definitely have a much higher respect for my money these days. I remember the first credit card I received - Fashion Bug. My first purchase was a birthday gift for my mom. I was 18 and thought I was the coolest thing since sliced bread! And my credit card spending continued - I always thought I "can't take it with me when I die" so spend it - but I was never spending any physical money I had, I always bought on credit.
But these days I manage our money way better and think and talk before we make purchases.

KathrynHannah · 03-28-2008, 03:19 PM

Great post!

Here are some other ways I try to respect my money.

1) I face all the bills in the same direction in my wallet in order (heads facing in). I heard this tip many years ago now on Oprah and it's amazing how much more I respected what was in there when it was all orderly and facing the same direction. I still do this!

2) I manage our money like it's my job and someone has hired me to do it. I account for every dollar coming in and for every dollar going out. (in spreadsheets).

3) I spend my money where my values are. Living simply and generously is important to me so when before I make a purchase I ask myself if my life would be more simple without the item or if it's not a need, would the money be better spent if I gave it to someone who needed it more than I do.

jgaume1 · 03-31-2008, 07:43 AM

Quote:

Originally Posted by KathrynHannah

Great post!

Here are some other ways I try to respect my money.

1) I face all the bills in the same direction in my wallet in order (heads facing in). I heard this tip many years ago now on Oprah and it's amazing how much more I respected what was in there when it was all orderly and facing the same direction. I still do this!

2) I manage our money like it's my job and someone has hired me to do it. I account for every dollar coming in and for every dollar going out. (in spreadsheets).

3) I spend my money where my values are. Living simply and generously is important to me so when before I make a purchase I ask myself if my life would be more simple without the item or if it's not a need, would the money be better spent if I gave it to someone who needed it more than I do.

I totally agree with everything you said!! I manage our $ like it is my job too! If I dont do it....no one else is going to watch out for our financial well-being. We too only spend money where our values are. Fancy clothes are so far removed from my values. So are the newest toys for my kids and eating out. We think long and hard before making any major purchases.

I have not always been this way. When I graduated from college I was all about using credit cards too! I was working in the city and buying clothes was the thing to do. Going out to happy hours and dinner cost a fortune, but I really did not think about the money that I was throwing away. I really started to think about the future and thus respecting my money once I got married and bought a house. That was the point that I really became much more responsible. Now that we have kids I am the most protective of my money that I have ever been

Claire · 03-31-2008, 07:54 AM

Good question! I have tried to speak of this before here. YES! I respect my money - any amount of money! If you have $10K and don't respect it because it is not a lot, in your opinion, that is a very bad attitude to have for your financial goals, life, etc.

I agree with what Kathryn said, too. Call me anal, but it helps me respect and understand where any little bit of my money goes.

rskmom · 03-31-2008, 08:43 AM

I grew up with very little money, so I think that helped engrain in me that I needed to use what I had wisely.

I do the same thing with money in my wallet, I can't stand to not have it in order by demonination and all facing the same way. How else do you quickly know how much you have??