Well, you know the drill…live life sparingly for a decade or two, then reap the benefits afterwards; however, people still miss the goal of personal finance and financial planning. How can this be? Have financial advisors and parents not given enough advice against living a wasteful extravagant life? They actually did but there are too many distractions in life and so people choose not to listen and succumb to their trivial desires – most of which are just vanity.
So let’s do a background check with our lives against these important points that I think everyone should consider and console with more than once in their lives. Think of it as a course corrector in your journey in life or perhaps even a GPS (Global Positioning Satellites) that help you find your way in life.
The first thing that you need to look into is your budgeting schemes for yourself (if you’re single) or for your family (in case you’re married). Then ask yourself this questions: “Am I doing it right?” “Is there enough money for me or my family?” “Am I/Are we struggling in life just to get by or do I/we always have money to do the things I/we like or love?” “Is there money saved for emergency purposes?” “Do I/we have money saved in the bank?” Obviously, a “Yes” answer is a clear indication that you’re doing fine and you ought to continue doing what you do or even better – improve on it; but a “No” answer means that there’s something wrong and you’ve got to deal with that problem before it begets even more problems.
Keeping ourselves entertained a few times a day is a big stress reliever and can help us even become productive at work or in something else; however, it should not break your monthly expenses to the point that it will cause problems. I went to see the Deadpool movie in IMAX 4D theater which cost $11 or something, snacks for like $2.35 and gas for $2 or probably even less (it’s just a rough estimate as I never went to a gas station, because I still had 3/4 of my tank loaded with premium unleaded fuel), so that brings us to a total of $$15.35 give or take. If you’re a family person, then it could cost 3 – 4 times this amount, but it’s okay even if you’re a regular movie geek, it’s perfectly normal and it doesn’t break the budget.
But most of us are really active people and we do more than just going to movies to get entertained, some of our activities are quite expensive like car racing on a for rent race track, or if you’ve got an eye for expensive stuff (especially women) and you find yourself shopping on endless name brand stores. Some may love to go ballroom dancing so much while others may like sailing or anything that excites them, but while these may be nice things if you’ll consider the costs of such hobbies, you may want to hold back and re-think the kind of pleasures you seek in life. Perhaps if you can do them once every 3 or 6 months, then you’d still be able to spent as much on them and save money at the same time.
The important thing is that you maintain the balance of things in your life, so they won’t spin out of control.
There is no valid excuse that should let you re-evaluate or stave off money for your health – that has never been a good idea and it will never be, so do not be thrifty on money for your health. But instead of anticipating diseases you can adhere to a healthy diet and follow essential physical regiments to keep your body healthy and even prevent diseases. You may have heard about the phrase “prevention is better than cure,” but what you don’t know is taking preventive measures to keep your health in ideal terms will also save you a lot of money from going to the doctor.
They say that the best vacations are spent with friends or loved ones, done at least once or twice a year and on places that help you relax, yet at the same time turns on your spirit for some thrills and fun. You may pass this on as a good advice, but if you look closely and ask why the phrase “done at least once or twice a year,” then you’ll know that it has to do with financial planning and personal finance. Of course, you’ll need to set aside money for vacation but if you’ll go on more than one vacation, you’ll probably be exhausted when you get back and worse, is that you may find yourself broke as well. So, that’s why it’s a good idea to do it just once or twice a year.