Grab the feed

Squidcast sent from the lens Danny's Money Saving Tips

Written by dannystaple

Brainwave on saving money

04/27/2011 3:14 pm

So I've began to become pretty good (I think) at managing my money, and yes, I am the kind of person who watches Spendaholics, reads moneysaving expert, lovemoney and watches Watchdog (even if it is just to watch the Rogue Traders get jumped by Matt Alrite). 

Anyway - here it is, a mistake I made before understanding my finances:

If you do not understand your finances, getting a higher income may actually make your problem worse, because if you think your money situation is better, you will spend more, and the misunderstanding may mean that a gap between your earnings and outgoings gets worse in proportion to the amount you earn.

Getting a higher income is a good thing, but understanding how your money comes and goes is crucial to getting it right!

I realise this is really just a retelling of the simple saying that those who do not learn from their mistakes are doomed to repeat them. Living in fear of bank statements, not opening credit card letters and so on is about the worst possible way of dealing with debt, even if you are about to earn £10k a year more.
submit

by

dannystaple

I have two children - a girl and a baby boy, and we live in Richmond, Uk. I program computers for my day job. In my spare time I build stuff, grow stuff,... more »

Feeling creative? Create a Lens!

Explore related pages

Related Tags