Credit Cards in Wallet (Photo courtesy of StockMonkeys.com) (CC BY) (Resized/Cropped)
Knowing how to spend money is a skill and one that can be the determining factor in your overall financial well-being. Seriously, I have met some folks who taught me great lessons on how to spend money. Here are a few tips:
Ann’s grandfather had plenty of money but never paid for an expensive hotel in his life. He used to say, “a hotel is just a place to sleep: clean, safe, comfortable, that’s all that you need. The rest is just wasted money.”
My wife adopted a similar view when it comes to eating out. She sees a restaurant as a means to get quality food at an affordable price. She doesn’t enjoy spending lots of money at high-end restaurants.
Another great spender I know never buys fashionable clothing. He only buys solid color shirts, slacks and sport coats since they never go out of style.
Most great spenders never buy new cars, rather they purchase a quality used vehicle and drive it as long as it remains reliable. And don’t fall for a luxury brand when shopping for a car. It is just transportation. Sixty-one percent of people who earn $250,000 or more aren’t buying luxury brands at all. They’re buying the same Toyotas, Hondas, and Fords as the rest of us.
In my own life, I have had to learn to change my ways. In the past, I have been more like: “I want the best, I want it now and I don’t want to shop around and waste time.” I was a sucker for overspending and fell prey to it time and again until the Lord woke me up and taught me how to stop being a BIG Spender and become a GREAT Spender. It will take some discipline and patience, but the rewards will be helpful in every area of your life.
We’ve got lots of resources available at crown.org to help you with your financial challenges. And if you need extra help tackling overwhelming credit card debt, our partners at Christian Credit Counselors are experts at developing debt management plans. Get started today by visiting crown.org and clicking the link for Christian Credit Counselors or visiting our debt resource center.
Originally posted on Crown.