My friend over at mynewchoice has tagged me with the question If you can give one advice, tip, or story related to money, what would you share?
This comes from the My One Money Advice meme.
For me this is a no-brainer, If you can’t pay cash for what you want you don’t deserve it. Seriously take this down. Memorize it and live it. This will save you thousands if not hundreds of thousands in your life. Could you not use an extra $100,000? I know I can. You are throwing away money on interest if you buy everything that you want and can’t pay off the credit card bill when it comes.
You need to play it safe in life here. Why throw away money? Why make the banks richer with your hard earned money? If you want something then it is worth saving for. When you have saved enough for it and you still want it, then it may be a good purchase.
You will not only save money in interest but you will save a lot of money on things you decide later aren’t what you really want. This tip alone could let you retire many years earlier.
I know pass this question on to Laura from savingexplained.com and Dave from Findingroy.com. Here is The Question: If you can give one advice, tip, or story related to money, what would you share?
Additional Tips
Others that have participated in this meme have included some outstanding tips. Here are a few of the tips and advice that have been shared:
- Pinyo said, save 10% of your income and make it automatic
- Paidtwice said, ignorance does not help you…knowledge is power, and with power you can institute change
- Being Frugal said, practice contentment…realize that money and things aren’t going to make you happy
- Plonkee Money said, know yourself
- Hin’s Tech Corner said, not to compare yourself to others and think about money all the time
- Loonies And Sense said, take control, and do it now
- Adventures In Debt said, have patience
- Give Me Back My Five Bucks said, when you think you can’t, you can
- Financial Dominance said, understand that your situation is different from everybody else’s
- My New Choice said:Always Pay At Least The Minimum Due On Time
- Findingroy says:In a word, DIY.
- Saving Explained had this to say:Micro-goals
If I didn’t tag you, please still give your tips, we would love to hear them.
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Thank you for participating in MOMA meme. This advice flow perfectly with my theory of pay off all credit card debts in full every month. I have CCs for over 15 years and never once owe a balance. Basically, I am too cheap to pay the fee.
Thanks for continuing the meme, I’ve updated my list to include your tip. BTW, you didn’t include my tip in the list of additional tips.
Sorry about that and it is now fixed.
Thanks Jake!