WHY IT IS IMPORTANT: Limit spending allows you to be cognizant of wants and desires. It is important to limit spending on needs not wants. Limiting your spending to needs mostly and wants occasionally is a better recipe for overall financial success. The last thing you want is to be spending on the things you “want” and not have enough funding for the things you “need”.
KEY POINT(S): Limiting spending is, therefore, knowing when to give your money a vacation. Without limiting your spending daily, you run the risk of overspending.
MY EXPERIENCE: In the spirit of transparency, I know it can sometimes be hard to limit spending when we sometimes the conveniences we pay for making our daily lives easier. I recently had to stop searching Facebook Marketplace, my favorite past time. I found that I have a knack for finding pretty treasure in other people’s trash at “great prices” but with the tracking of my bills and ad hoc items, I found that “great prices” add up significantly without setting clear boundaries. As I write this entry, I know that my daily spending limit tomorrow is $0 as I plan on staying home and off Facebook Marketplace to continue updating the Eduential™ website.
QUESTIONS FOR YOU: Are there some places where you can limit spending? Do you have a daily spending limit? Was the last thing you bought a want or a need?
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Julie Carter, Recruiter.🧐 Coach.💪🏾 Mother.🙋🏾♀️🙋🏾♂️🐕 Professional.👩🏾💻 Wife.💍 Imperfect. 🙃Living to inspire so you may inspire to live.🤝🏾 You ARE NOT alone!🤗
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