Don’t waste your money on trivial items
By Mike Boni
Benjamin Franklin is now Alexander Hamilton.
Compared to a century ago, the U.S. dollar has lost 90 percent of its buying power. Because of that, it is more important than ever to spend money with discretion.
From impulse buying to buying from habit, you are throwing future assets away. You won’t have it later when you need it if you waste it now. Valuable assets will be gone for good.
Basic living takes away much of your income. Unnecessary spending throws away your money even faster.
Life is not about sodas and junk food. Making pop decisions based on other people’s expectations will waste your money, not theirs. Cut food costs. Instead of going out to eat, make your favorite meals at home. For atmosphere, invite friends over.
That information is according to economic writer Kevin Purdy.
Thinking before you make a purchase you don’t have to have will give you control of your finances and your life as well. Saving money on trivial things will leave you with economic power for later.
Put 5 percent to 10 percent of your income in a liquid interest-bearing savings account, according to “10 ways to save money,” an article by Crown Financial Ministries. The discipline you develop now will help you make better decisions later.
Spending an extra $5 does add up. Every $1 today is worth more than $5 a year from now.
According to “The Complete Buyer’s Guide to Saving Money” by Joshua Kennon, you will feel in charge of your life as you see your savings grow. As you see far fewer debits on your statements, \
you will be taking charge of your charge cards instead of your charge cards taking charge of you.
I challenge you to review what you spend and where you spend it.
Change from impulse buying to prioritizing your spending.
I challenge you to start doing it now.
Mike Boni is a first-year Chemeketa student who is interested in finances