This post is part of my Living on One Income series.
I am going to jump right on into the meat of this post.
It is so important for our family to have Goals & Priorities for where our money is going to be spent.
If we don't, then we tend to lose focus and spend on things we really don't need-
impulse buys, if you will.
We recently saved (money + gift certificates) to buy a play set
for the back yard and three trees for the front yard.
It is so rewarding to save money and have cash to
use to purchase items you need, or want, for your family.
We have several big money items we know we will need in the future,
so we are doing our best to put a little away, here and there, to save for those.
It takes time.
We have to be patient and be willing to wait until we have saved the money to make purchases.
If we don't practice patience, we will end up with a loan-
which is not something we want.
Not only is it easier to save when there is an end "goal" or "prize" to focus on,
but setting goals makes it easier to say "No" to other spending.
When we are tempted to eat out- No.
When we are tempted to make an impulse purchase- No.
When we want to buy that toy for our kids- Nope, gotta save our pennies.
When we are tempted to get satellite TV again- Ummm... No, again.
We know that we have to give up now in order to get later.
We discuss what is most important, make a list of needs/wants, and prioritize which
we want to buy first.
Our goals are always Family Goals.
They do not include me getting new clothes, or Mark getting a new bow to hunt with.
So this is why we set Goals & Priorities.
Does your family do this with budgeting and purchasing???