WHAT ARE MYSTERY MONEY MAGNETS?

by Janis Cox

What are Mystery Money Magnets?

Last Tuesday I talked about needing a BUDGET. Yes you need to know where you money is going. Seeing where it is going is the first step to financial freedom.

How do you control money?

If your revenue = expenses – you are on a level playing field

If your revenue does not = expenses but the expenses exceed it – you are NOT on a level playing field.

There are 2 ways to change the game:

• get another part time job; do extra work like babysitting, helping out

OR

• look at the list where you spend your well earned $

Here are 7 Mystery Money Magnets that can secretly grab your dollars.

1.  Coffees out (sometimes they even come with unneeded snacks)

2.  Dining out (have you ever looked at the difference between dining out and eating in – it is ridiculous – no matter where you live having a salmon dinner in is very inexpensive to eating one out – and don’t forget the drinks (even bottled water is mega $)

3.  another pair of shoes (do you really NEED another pair of shoes or are you rewarding yourself because you think it will make you feel better?) this goes for jewellry, pants, shirts, ANYTHING that you don’t NEED.

4.  Impulse Grocery Buying – If you don’t take a list when you shop you will buy other things that are not on the list. You don’t need what isn’t on the list. At least you don’t need it this time you shop. Put it on the list for next time.

5.  Impulse Buying big items – If you are out shopping and SEE something you want. GO HOME. Think about it. Discuss it with your spouse. Decided if now is the time to make that purchase. Then sleep on it. 24 hours can make a tremendous difference in your buying habits.

6. Online Temptations – I see so many lovely things while I blog hop. I have to remember “do I need them? Do I have the money in my budget for them?”

7.  Friends who entice you – I am sure you have friends who entice you to go out to movies, shopping, parties, shows, and other places when you don’t have the money. You have the right to say -”I can’t see my way clear to do that this week.” Be strong. Be in control. Don’t let them control you.

Next week I will talk about one method to tell your money exactly where to go.

What do you think? Can you think of other mystery money magnets?

Related articles

• Budgeting: Save Money on Food (quicken.intuit.com)
• Budgeting for Your Peace of Mind (quicken.intuit.com)

Janis Cox

Jan, a former school teacher and small business owner, found a new passion in writing in her retirement. She has published two devotionals and a number of articles for magazines and a Bible study. She is owner of Under the Cover of Prayer and moderates the site. Jan has completed a children’s book called Tadeo Turtle. She is the watercolour illustrator. Word Alive has published Tadeo Turtle. See more information at Jan’s Website.