Losing Control
Many years ago, I—along with many friends and family members—got caught up in the trend (for me it was an addiction) of creating handmade greeting cards and scrapbooks using rubber stamps and other popular scrapbooking supplies. I frequently shopped at local craft and scrapbooking stores, attended workshops offered by rubberstamp companies, and literally spent hundreds of dollars on supplies that I “just had to have.” Now, as I look at the abundant supplies I amassed (some of which have never been used), I feel a great sense of remorse. I definitely wish that I would’ve been more prudent with my “extra” money. In fact, I’m embarrassed to admit that I often used credit to make impulse purchases! Looking back, I wish that I’d have put even a portion of that money into a savings account, or an “emergency” envelope, and I definitely regret adding to my credit card debt with purchases that I really didn’t need.
Now that I use the online Money Manager, I am definitely more aware of and have more control over my spending. I have an envelope for “personal expenses,” which I use for purchases I make (or want to make) that are wants, but rarely needs. I’m now easily able to monitor my frivolous spending and, lately, I’ve all but eliminated it.
With the recent financial concerns in our country, I have found it necessary to tighten my belt and watch my spending more closely than I ever have in the past. Because I have spent the time to set up my budget, I can easily and quickly know just where I can make adjustments to my budget so that I can pay off debts, build my emergency fund, and have greater peace of mind.
Although I’ve had to learn some hard lessons from my past spending habits, I am pleased to say that I’m definitely making better choices and I’m feeling more in control these days. I have to admit, being (or getting) in control is a great feeling!
Debra Peterson, Executive Assistant
Tags: Emergency Envelope, Financially In Control, Spending Habits
October 20th, 2008 at 5:01 pm
I have a friend that just sold off a bunch of her scrapbooking materials on EBay, and other stuff at a yard sale…. perhaps you could make some of that money back? Just a thought…
October 23rd, 2008 at 8:50 am
How much do you pay for convenience? When you put a purchase on your credit card, you may think that’s the easiest, most convenient way to pay. But think again. The interest that you could end up owing on that credit card could be a lot more than you originally thought! You end up paying hard-earned money just for the convenience of saying “charge it.” That’s why it’s so important to build up savings for purchases and avoid The Cost of Convenience.
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October 23rd, 2008 at 1:41 pm
It’s motivating to hear that some of us are in control of our money, especially in these tough times. I know the feeling you had with the handmade goods, I have a lot of paints and sketchbooks and misc art supplies that haven’t been used alongside countless bundles of yarn that never turned into the knitting fiascos I had hoped for. Still, making things usually ends up cheaper (and more personal) so I think some supplies are worth buying and keeping but, like you said, keep track of it.