Personal finance and frugality is a delicate balance between saving and spending. Deny yourself too much and you will be miserable, but spend too much and there is a greater risk of debt, which causes many of us to be miserable too.
I love personal finance blogs, books, and plans. They all provide their own perspectives and tools, many of which I use. But a plan that works for one person may not work for another. The struggle is finding what works for you, and being flexible enough to change something if it isn't working. How I budget now is completely different when then when I first started. If there was one plan that worked for everyone there would be no need for personal finance blogs.
While I do think the first step is to know where your money is and where it is going, from there it is up to you.
I find that when I deny myself too much I end up over-splurging and all that frugality was for nothing. So my challenge is to find the balance that works for me. Too much frugality and I go stir crazy, but I have to be careful because it is so easy to overspend. So when I find myself wanting to go out to eat, I find a new inexpensive place to try out. When I'm urging to buy new clothes I find something on sale.
How do you balance your goals and your wants?
I'm taking the "don't eat out for a month" challenge that Suze Orman layed out in her 2009 Financial book. As long as I know it is for a finite period of time, it works for me.
ReplyDeleteThe same is true for weight loss. As long as I "limit" foods in moderation, I will stick with the program and lose weight. (I still drink Coke and eat chocolate kisses...in moderation!)
But you are so right, it's not a one size fits all program. You should do what works and what you will keep you doing it...
I absolutely agree with you on this.I decided lets say won't buy clothes for a whole month.I'm miserable the entire month especially if there a sale going on.The next month I find that I have drastically overspend in that category .
ReplyDeleteSuddenly opting for the extremes never works out for me.
Hi! Thank you for this post! I am new to pf blog world and trying to find my own way. I was extremely frustrated a couple weeks back and realized that I was limiting myself to much. I am still trying to find the balance but hopefully I will soon.
ReplyDeleteSO right. Taking bits and pieces from stuff you read around the net, in mags, your own experiences, etc. helps each person to get a good grasp on their stuff :)
ReplyDeleteSharon, I love moderation, it is the only way I ever make my goals.
ReplyDeleteAyasha the same thing happens to me! I spent $55 on clothes this month and it is only the 3rd. Too much time depriving myself is not a good thing.
tb, your welcome =) I still struggle to find the balance, I think it is an ever-changing thing.
J. Money I'm glad you agree. =)
I like the flexibility that financial planning as but many people don't realize it. You do need to do what works for you. I think how I find my balance is laying out a plan and seeing how close I can come underneath budget. Some budgets are better than others but life happens and stuff comes up.
ReplyDeleteHey there, thanks heaps for sending me that code for the side bars, my blog is starting to take some shape altho I'm struggling to find a title or a template I like!
ReplyDeleteCheers,
Miss Melbourne