How can I teach myself to value money?

Question

Details, I am an adult in my mid 30's and have a good job & own a home but feel I should be more agressive about making money (like working overtime or 2nd job) and stricter when it comes to spending money.

Answer 1

I highly recommend reading "Your Money or Your Life." This book helped me start handling my finances better. (better saving strategy, reduce frivolous spending, evaluating my priorities, being more efficient/organized, etc.)

Here's a link with information & reviews of the book:
http://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0140286780/sr=1-1/qid=1172104402/ref=pd_bbs_sr_1/104-3537215-4499154?ie=UTF8&s=books

Read this book, follow the program and think about where your money goes. Does your financial life support your values and goals? What changes are you willing to make to bring them into alignment? What changes will make your life simpler and allow you to focus on other things?

By becoming conscious of your spending habits and simplifying your life, you will be able to use your money more wisely.

Then you can evaluate what you want to do to make more money on a long-term basis if that's what you want. Maybe instead of getting a second job, you will find that you want to further your education to improve your career prospects. Or maybe you will realize that you have what you need and seek other ways to be fulfilled.

After tracking your spending, clean out your entire house. Don't castigate yourself, just look at what you have accumulated and what you use and what you do not. Learn from this and use it to strengthen your resolve to use your money more consciously.

Sell or donate what you do not want or need. You can invest the proceeds or take the tax deduction. (Seeing a dollar figure will help drive home the point.)

As you go through this process, reflect on what you want or need to feel more satisfied with your life.

"Your Money or Your Life" really opened my eyes. I knew I shopped to sooth myself but I didn't appreciate how much I spent until I followed the program in the book. Seeing the costs (financially, emotionally, space wise), helped me stop shopping for comfort. I haven't stopped entirely but I have cut back by 90%.
I've reduced the clutter around my house. I really think over purchases for a few days and am able to avoid the "lets check out the sale" trap.

After reading this book, I went on to read other books about financial planning. (i.e. "Get a Financial Life," "The Neatest Little Guide to Stock Market Investing," and others) I evaluated what they had to say and implemented new savings strategies. (retirement, stocks, etc.)

To save money, I'd skim through the books @ Border's first or borrow them from my local public library before purchasing them. You should do the same to make sure, you get something you will read and use.

I hope this helps you and you find what your are seeking. Good luck.

Answer 2

I teach unpaid about 12 hours a week on average. I have a full time job as a research professional in the electronic materials sciences. I used to get a little resistance from some in my family for spending so much time unpaid. I told them I get more back than I give. I get to train fo free, exercise, help others, keep a positive outlook myself Occasionally I see a student flourish and change their lives in a more positive direction. When you see that and know it was you that made a difference there is no amount of money that could buy you a better feeling. I'm also a Boy Scout leader and spend one weekend a month and one week in the summer as a volunteer leader. The rewards there are the same. My wife will tell you these things have made me a better more productive person. My family has done without some of the luxuries we could probably afforded if I were more dedicated to earning more money. I can assure you they may not have been any more secure or happier. We live comfortable enough. My luxury car is a Hyundai Accent. LOL On the other hand If you open a profitable school and can earn a living doing what you love it could be the best of both worlds or the worst. I do not believe in giving away what you earned in excess to the point your family suffers. Finding balance in life is always a challenge for us all. Shower your family with love unconditional. Give to your comunity freely as your means dictates. Do not deprive youself from enough to acomplish a good productive life and healthy family. This is a dificult enough task. I can only wish you well. Having a few luxeries does not speak badly of a person. God bless your efforts. I have a couple students that pay me a nominal fee for traveling to them to cover my fuel and lunch and a small token to let them have some "skin " in it.

Answer 3

Have you figured out WHY you feel this way? If you have a good roof over your head, are eating nutritious meals, are paying your bills, saving for retirement and have a little left over after - you are doing better than most.

If you have personal or professional objectives that might require increased income and less spending on your part, then that is something to consider.

Before you buy anything, ask yourself if you really NEED it. Is it essential? Does it help you meet your personal or professional goals? If it isn't necessary in some way to enhance your goals in life or to help you survive - then don't buy it.

Don't kill yourself on overtime or a 2nd job if it's not necessary. We're human beings - not machines. Make allowances in your life for the person as well as the portfolio. It's a balance that's essential to living a happy life. If you have a good job & own a home, odds are you already know the value of money - you might just understand the value of living a happy life as well.

The best thing you can do is map out what you are trying to accomplish in your life and when you are trying to accomplish it by. You might consider consulting an investment professional, life coach or taking classes on your own.

Answer 4

Did you have it easy getting to where your at today? Most of the time people who have had to work very hard to get anywhere are more likely the ones who value money. Honestly I grip all the time about people not knowing what they have and being thankful for it. If you dont have to work overtime or get 2nd job then dont. Spend your life outside of work enjoying life! If not you will look back and regret it. BUT appreciate that fact. The fact that you dont have to worry, and work all the time. Wake up everyday thankful. If you feel like you shouldn't be spending money dont. I have worked every since I can remember. Mowing grass before I was legal age to work, missing homecoming because I had to save for college, working all through college, having two jobs just to support myself. I mean the rough road is something I know, but now that I have busted *** I dont regret getting things I want. I mean I worked for it and I appreciate it. I hope my thoughts help Sorry I rambled

Answer 5

It's hard to be strict with yourself about spending money (I have that problem myself sometimes). One thing I do is keep track of my spending in an Excel file. Another thing you can do is put money in a savings account that you don't have easy access to. I think they have special savings accounts for that.

I have a question, though--why do you feel the need to be agressive about making money? If you are able to pay the bills and have some money to save and some to spend, what's the problem? Why not just relax a bit and spend time with family and friends? If you work yourself too hard, you'll get burned out.

Answer 6

Um, downsizing helps a lot. Like shopping around for values, buy the store brand instead of national brand name, when grocery shopping. Get a direct deposit account, for work. And put a limit on how much you can take out of your account. Thus forcing yourself to save money. Drive something reasonable, not a high class or new vehicle. It would even be better if you have a vehicle payed off, that way you can get liability insurance instead of full coverage. That will save you some money, as long as you drive defensively. Etc.

Answer 7

You can teach your self to value money by using less of it . for instanse only use about 50 dollars a day . The most should be 65 dollars a day

Answer 8

I'vebeen collecting pence* for two years and you ask this.... It's kind of one'a the things thats hard to controll ,for example porn* and drugs. monney has some of the same values. you get too much of it and... you get careless, thats when trouble comes in. you should tell us* if you have spending habits(sometimes when you see something that makes you want to buy)....or your getting too much money and im getting off track aren't i? It's called disceplen* , i haven't figured it out even...

Answer 9

You have identified the problem AND found a solution, what more do you need. Grow up and do exactly what you said you needed to do in your question

Answer 10

nah..dont worry about saving.have fun.u cant take it with u