If one of our New Year’s Resolutions is to understand more about finance and money management, pick up a copy of Your Money or Your Life. Why am I advocating that you read this book? Economic uncertainty, layoff’s and other world events have many people stressed out about money, how to spend it, save it and invest it. We first learned about this book through our friends, Janaia and Robin, at Peak Moment Television.
L and I are still following the program laid out by the authors and we finished up month 6! Since we started the program our expenses have decreased and we are still looking for ways to modify our spending patterns.
Spending during December went up significantly, despite our rebellion against Christmas. Over the last 6 months, two spending categories have been kicking our butts:
1. Eating out. Totaling up our December expenses was a reminder that we need to STOP eating out so much. Spending over $300 on dining is excessive, especially for a staycation.
2. Rent. Rent is another issue, until we can purchase our tiny house. Rent isn’t something you can easily bypass. But if we are able to purchase our tiny house outright, we will save a lot of money in the long-run.
Evaluating our spending by asking ourselves the following 3 questions is a key to saving cash:
1. Did I receive fulfillment, satisfaction and value in proportion to life energy spent?
2. Is this expenditure of life energy in alignment with my values and life purpose?
3. How might this expenditure change if I didn’t have to work for a living. What expenses would increase, decrease or disappear if I didn’t go to work everyday?
To learn more about Your Money or Your Life, check out some of my other posts:
- Your Money or Your Life: Month 3
- Month #2: Your Money or Your Life…
- Step 9: “Now that you’ve got it, what are you going to do with it?”
- Step 8: The Crossover Point
- Step 7: “For Love or Money”
- Step 6: “Living the American Dream on a Shoestring”
- Step 5: Is saving an impossible dream?
- Step 4: “How Much is Enough? The Nature of Fulfillment”
- Step 3: “Where is it all going?”
- Step 2: “Money ain’t what it used to be – and never was”
- Step 1: Your Money or your Life
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Your money or your life is one of the best personal finance books ever written. It shows you how to get to where you are going. I hope your journey is a successful one.