Here are 15 universal truths about money. Recognizing them will help you better understand the role that money plays in your life and how to best handle money to achieve your financial goals and attain financial security.
- Money is a tool; a means to achieve your goals.
- You can’t outspend your income. No matter how much money you make, if you spend more than you earn, you will eventually go into debt.
- Saving money is important. It gives you a financial cushion in case of unexpected expenses, and it helps you reach your long-term goals.
- Investing your money is a smart way to grow your wealth over time. But it’s important to do your research, understand the risks involved and seek guidance from a professional you trust.
- Debt can be a burden. But it can also be a tool to help you achieve your goals. Just make sure you borrow responsibly and pay off your debt as quickly as possible.
- Your spending habits matter. The way you spend your money (your own money habits) can have a big impact on your financial future. Small amounts of savings grow to big amounts just like small expenses over time add up to large expenses.
- Comparing yourself to others is not helpful to your financial health. Everyone’s financial situation is different. Focus on your goals and make sure you are on track. Stay in your own lane!
- It’s never too late to start saving and investing. Even if you are starting late, it is never too late to make a difference.
- Get help if you need it. There are plenty of resources available to help you with your finances. Don’t be afraid to ask for help from agencies like Parachute!
- Money is not everything. It is important to have financial security, but it is also important to enjoy your life and live within your means.
- There will always be things that you want in the short term and cannot afford. It’s true for everyone!
- Financial success is influenced heavily by your behavior with money. Consistent patterns are powerful.
- Appearances are very deceiving. Just because someone looks like they have a lot of money, simply may mean they spent a lot of money and they be may be in significant debt.
- Having a lot of material possessions (stuff) is not the same as having financial security.
- Financial success involves what you earn, what you keep, what you grow (i.e., investments) and what you preserve.
These are just a few of the many truths about money. The most important thing is to learn about your finances and make smart decisions with your money. By doing so, you can achieve your financial goals!
If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan https://parachutecreditcounseling.org/dmp-calculator/
Would you like to meet one-on-one with one of our Financial Counselors to talk specifically about your budget? Check out our Financial Coaching Session https://parachutecreditcounseling.org/services/credit-budget-counseling/#financial-coaching or call 716-712-2060.