Are you Money Smart$$$?

“Money Smart” – I recently came across this catchy phrase when I was checking about Houston Money Week 2008. It is a week long event put together by Federal Reserve partnered with few financial instituations in and around houston to create financial literacy. It has be cancelled because of Hurricane IKE. Lets get back on the talk about “Money Smartness”. This phrase really intrigued me because it tells the core concepts of my money really matters mantra. I even incorporated it in my slogan as “Get Money Smart, The Right way!!”

Are you Money Smart?

Let’s take a quick moment and ask some questions to ourselves and figure out.
Are you the one,
clipping coupons for every grocery item you can find in any grocery store ad?

always try to be the first in line for any door busters sale beating the crowd?

who signs up for every freebie coupons and free raffles?

who checks the internet to find the cheapest gas station nearby?

The list just goes on and on. I don’t see anything wrong in saving money in whatever way possible. I agree with phrase, “A Dollar saved is Two earned”(Check out mymoney blog for the proof). But, only these activities won’t make one a Money Smart person. It is just one part of the Pie. There are few other important portions of the Pie which is as important as Spending.

What is Money Smart?

Money Smartness$$ is about “Making extra, Spending wisely, Saving graciously and Managing rightly”

Let me dwell into it more deeply and share my perspective on each of them.

Make extra – We all know, everybody needs money for survival and we all work towards earning that very money. You ask me, we are already earning it with whatever time we have. What do you mean Make extra? How can I make extra if I can only spend certain hours a day? Answer is, Yes You can make money in lot of other easy ways even while you are working. You are earning to pay bills using your hard learned educational knowledge. You can turn your passion or hobbies as a money making machine.

Spend wisely
– We all got to spend money to live our life. We need a place to live, food to eat, clothes to dress decently, go places, do charity and list adds up as our need grows. It upto to us to sort out and prioritize which need is more essential and channel our spending to the right important ones. For example, if you really need a car to commute, instead of taking a cruise or vacation you better spend that money to buy a decent car. Spending for the right need at right the time with right price is totally wise thing to do.

Save graciously – Savings is like antibodies for a healthy family. If you store up health antibodies, it will help you make your body immune to bad disease. Simiarly, without any type of savings your family will sure to struggle when there is a urgent or emergency need for money. So Putting away money on periodic basis will help you save lot of frustration and save you from falling in debt. You don’t have to open a bank account to do it. You can even use your child piggy bank to start throwing away your pennies and dimies every day which will eventually grow in tens of dollars.

Manage rightly – You make the money and you should be in control of it. You shouldn’t let others make decision for you. You take their advise but you manage the way you want your money to be managed. They are not going to be living with the loss or gain. It is you and you only who is going to take the hit or miss. So Manage Money in the right way by investing in right place with proper education and guidance.

How can you become Money smart?

Getting Money smart is not just about following some tricks and tips. It is about changing your thought process and taking necessary actions which will eventually make a difference in your life style. In order for that happen, you need to start out slowly and make the change. Fast is in’t always good, Slow and steady sustains longer helping you to win your financial goals.

1. Change your attitude slowly towards Money and start thinking towards Making extra, Spending wisely, Saving graciously and Managing Righthly.

2. Try to check out things on the arena of good money managment tips and techniques from various resources like internet, expert advice and more.

3. Reguarly read books and magazines on smart money strategies, savings ideas and get updated on new financial changes. I have recommended few books which I think are real good to start out.

4. Attend free seminar or workshops arranged by resources like libraries, banks and financial institutions. Filter the marketing information, only take what you really need.

5. Implement the ideas and strategies in you real life slowly by changing your current habits and taking actions.

6. Start teaching your kids once they are at age about money and cultivate the habit of saving.

Happy reading on getting Money Smart!!!

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