Juicy Excerpt: Money management isn’t just about knowing the math. It’s mostly about knowing yourself. It’s…about learning to see money in new ways…. These tips are excellent examples. While some of them do include some arithmetic, they all address psychology.
Lots of good comments on my advice to Pay Yourself Last (some pro, some con) follow J.D.’s blog entry.
Juicy Excerpt (Con): It’s not about fun, it’s about doing the needful. If saving was fun, there wouldn’t be so many blogs and advisers writing articles about how to save! People would do it simply because it felt good.
Juicy Excerpt (Pro): Joe, you make saving sound so dreary! It may be for most but it doesn’t have to be so, which is the point that the author of this article makes. Personally I do find saving fun and immediately rewarding (just watching those numbers rise and expand). However despite it being exciting, I find that impulse buys do gnaw at my goals, so adequate planning is definitely prescribed to overcome that.