August 2012 Wise Stewards Finance Tip

Wise Stewards Finance Tip Series 2, Article 4

“Learn Self-Discipline and Self-Restraint in Money Matters. Learning how to discipline oneself and exercise constraint where money is concerned can be more important than courses in accounting. Young couples should recognize that they cannot immediately maintain the same spending patterns and life-style as that to which they were accustomed as part of their parents’ family. Married couples show genuine maturity when they think of their partner’s and their family’s needs ahead of their own spending impulses. Money management skills should be learned together in a spirit of cooperation and love on a continuing basis.” 

–from Elder Marvin J. Ashton’s One for the Money Guide to Family Finance 

This is obviously a big warning about impulse buying, which is so easy to do. But once you learn to control your spending with small everyday items it doesn’t mean you can let your guard down.  As Elder Ashton indicates, self-discipline and self restraint are skills that need to be revisited continuously.  Many people – couples and singles – who have a change in their financial situation tend to let this principle slide.  The graduate who lived frugally for so long while in school and now has a job may want to splurge.  The couple whose children are finally out of the house may want to take that dream vacation.  The employee who gets a great promotion may think a little reward is in order.  These situations are a great opportunity to take a step back and re-evaluate your financial situation.  A reward/treat/pat on the back is a great thing as long as it fits into your long term goals.  So before you buy that new car/trip/pair of designer shoes, make sure it’s ⁽¹⁾something that you really can afford, and ⁽²⁾something your spouse – if you have one – can be happy with as well.