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Monday, December 31, 2007

Managing your Finances: Taming Suffitis...

I admit I have terrible Stuffitis. I stole this phrase from Dave Ramsey, but it really sums it up nicely. If I am going to ever get total control over my finances, I will need to learn to curb this base instinct.

I really have no excuse, I am in marketing, I know what and how the messages are crafted, yet, like the stupid bug who watched his whole clan march into the light, I feel powerless at times! No, I haven't gone off the deep end and charged a bunch of things, but it is really easy to self-justify some of these item as needs as opposed to wants or desires.

Here is how I am making sure to keep Stuffitis at bay:

  • Chop up the Credit Cards -It is really easy to say, I might need them for emergency use only! OK, that would be one...many people hold 5+ credit cards. If you have that many emergencies at once you may want to consider upping the insurance.

  • Use Cash Whenever Possible - Cash is finite; when it is gone it is gone. Cannot be overspent. Its a physics issue! Yes I am foregoing 2% cash back on left-handed tomatoes, but I don't have the best track record...maybe some day I can trust me enough to do that, not yet though.

  • Bad Influences - We all have those friends that are shopping enablers, or parents that say, "Oh come on, $5 won't kill you," or, "You deserve it, you work sooo hard!"

  • Track Everything - I guarantee if you haven't been doing this you will be appalled. "$550 on cat toys? We don't have a Cat!"

  • Try to Appreciate what you DO Have - This is the toughest, but the most rewarding. Sure I don't have the fanciest car right now, but I also don't have the equivalent of a second house payment either!

I am sure you have your own ways, but if you want to be really in charge of you Personal Finances, I agree with Dave Ramsey...you have to tame your Stuffitis!

6 Comments:

wealthy_1 said...

I have to admit, I have stuffitis too! But I think I'm getting better.

These are great suggestions! I just love Dave Ramsey!

RacerX said...

Thanks!

Understanding you have a tendancy and avoiding temptation is probably the best help...although I wouldn't mind getting a BMW again!

wealthy_1 said...

Hopefully one day you'll be in a position to pay cash for your BMW!

RacerX said...

That would be fun..."No thanks on the financing...here is my debit card!"

OR bring the actual cash in...but the would probably report me as a drug dealer!

wealthy_1 said...

Paying with a debit card...now that's funny!

RacerX said...

I would love the negotiation!

I am weird that I actually like buying cars. I love to haggle and play the game. I guess that's why I am in Marketing!

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