Meir Ezra
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Are You Controlling Money or Is Money Controlling You?

Previous parts of this article: Part 1   

 

Five Ways to Control Money

1. Spend your money according to a plan.

"THE LESS AMOUNT OF INCOME AN ORGANIZATION OR AN INDIVIDUAL HAS, THE MORE CAREFULLY AND WISELY FINANCIAL PLANNING MUST BE DONE." – L. Ron Hubbard

If you spend money as you get it, or to pay off squeaky wheels, you have no plan. You spend a few bucks here and a few bucks there until your money is gone. Instead, take control and write a financial spending plan. Decide in advance how you will spend your money.

When you plan your spending, you make wiser decisions. Examples: "If I buy these extra classes, I'll get a raise." "I want a new car and will set aside $60 per week until I have the full amount." "If I pay off this credit card with the minimum payments, it'll take me 23 YEARS to pay it off! I'd better pay $100 extra each month and cut the stupid thing in half!"

2. Never spend more than you make.

"Make all the money you can. Spend less than that. That's the simple ABC of financial control." – L. Ron Hubbard

When planning your spending, ensure you follow the above rule. For example, "Each week I will set aside $______ for the house, 10% to education, 5% to savings, pay current bills and buy food. Anything left can be spent on fun things like movies and vacations."

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