Opinions/advice wanted from those who consider themselves good with money.

MuppetHead

Hi, Im not sure if I should be posting here, but there wasn't really a category for my question as I'm interested in learning about values and attitudes of those who are good with money. And I figured that would probably be the place where people were trying to pay off a mortgage early. So if this post is in the wrong place, sorry about that, feel free to move it.

What I want to know is how you value money. How does it feel to save it and how does it feel to spend it. How often do you check over your finances to makes sure they're going where you want them?

The reason I would like to know the answers to these quite personal questions is that it occured to me that people who are good with savings probaby hate spending (as in make them uncomfortable) while they love to save (as in makes them feel good).

And if I ever wanted to be good with money, it would probably help me to adopt the values and attitudes of those who are good with money. But since I don't know anyone, I thought I'd ask here. If you could give me any insight, ect, that would be great. If you dont want it public, feel free to PM me. Thanks.

originalmiscellany

for me it's easy - my parents taught me to value money and they never spent more than they had, e.g. no credit cards/loans - other than a mortgage...
It also came to them being open to me in terms of costs/outgoings/income and the real impact of what we spend on what.

When I was married, I prioritised clearing our debt (mortgage) to allow us financial freedom long term, e.g. not going back full time when babies come along or retiring early, or saving for a bigger house without spending thousands in interest alone. I think the cost of interest was the real factor to me, not keen to have my salary have a chunk coming out for the next 30 years!

We both like a bargain, so are happy having many no spending days, and we enjoy quiet nights in, like tonight, i'm working and wathcing TV, and we're happy with that. MOM is very happy getting bargains and we feel positive when she makes a good saving, e.g. buying loads of stuff in the Christmas sales that we held off buying before Christmas.

Similarly, we make do and mend (philosophy from parents) and also buy in bulk.

Annual budget checks (to ensure we are spending the minimum needed) are also done over every Christmas.

That's some things we do, and I'm far from an accomplished money saver, but hope that helps - we're fortunate in that the key reason is our parents were good with money and taught us both the value, which means that when we got married we didn't need to blend too much.

originalmiscellany

Also, checking my finances daily means taht I know to the penny what I have, and what is going in and out, and always using money saving vouchers (in this website) helps (although not on a first date!)

Beckyy

I check my finances daily, unless I genuinely don't have the time so check them at the next available opportunity.

Part of me loves spending money and buying something that I love but I was always brought up to understand that if I can't afford something then I can't buy it. So it's as simple as that. Apart from the mortgage, I have no debt and I have never had an overdraft facility on my bank account. Occasionally I buy something spontaneously with spare money, but it's usually sensible things that I need. Going shopping with people who 'like' to spend money for the sake of it makes me cringe!

Food however, is my weakness and I can spend a small fortune on it if I'm not firm with myself.

Mrs_Boo_Boo

Have always been brought up to save money,but I love to save to spend. Delayed gratification is the key. Years ago did lots of overtime to save up for a shower cubicle in our bedroom. Well worth it.
Like nice things,but was brought up not to think material posessions were the only way to feel better about myself and feel above others who didn't have them. Still have 1980's tv which will only be replaced when it breaks.
Parents encouraged saving like setting up a standing order for a set amount each month.
Still cut containers in half,like my mum to use up the last drop.
Happy to make do and mend.

RosieTiger

I don't think that people divide into these two camps as simply as you believe them to.

I like spending money and buying things - surely most people do???

But at he same time, it's nice to know you have something behind you for a rainy day.

Really this about being sensible, before you spend ask yourself do you need it, then ask if so how much.

If its reall expensive will it change your life. !!!!!

Southernman

Yeah I like to do both too! I have a habit of thinking about how many hours I would need ton work to pay for an item and work out if it's worth it that way!

Bufger

For me its simple, I have a goal I want to achieve. I like spending money but I also hate having anything hanging over my head, I hate worrying about money and I hate being a slave to anything so my ultimate goal is to free myself of any money worries.

For me its all about lifestyle and not material things. I'm in a well paid but stressful job currently, as soon as I pay my mortgage off i'll be taking a lower wage job with less stress, I actually quite like the look of becoming a university lecturer in the field I work in so I may even treat myself to a PhD and do that.

Unfortunately money is a necessity. As I have to use it I may as well use it in the most proficient way.