The Frugal Creditnista

“Got My Mind On My Money & My Money On My Mind”

No, I'm not rolling down the street smokin' and sippin' but I do have my mind on my money and my money on my mind quite often.  Things I think about:  Am I fulfilling my Money Purpose? Am I utilizing my talents properly to create more money?  Am I investing enough? Saving enough? Am I utilizing the right vehicles to get the most return when I retire? Am I making smart purchasing decisions?  And that's just a few things.

Now, I don't want you to assume that I'm Money Hungry or greedy in any way.  But let's be real; money is a tool; a commodity that makes it possible to obtain and achieve certain things. I want a nice retirement; I don't want to be the 67 year old lady greeting you at the entrance of Walmart.  I also want to  provide my children the best life possible.  No, that's not completely tied to money, love supersedes everything.  But, college costs money and I'd love to help them with the down payment on their home and get them a decent start that I was not afforded the opportunity to receive (and please believe it would've been helpful!).  I want to pass on more than love to them, but a nice financial start to helping them achieve some of their goals.  A little generational wealth wouldn't be bad either :).

What I've just described to you are a few of my Money Purposes.  Some refer to this as Money Goals, Money Values; whatever the title, it's the ultimate purpose that you want your money to fulfill for you.

The best way to determine a purpose for your money is to set goals.  Most people start off with the basics:

“I want to increase my credit score.”

“I want to get out of debt.”

“I want to start planning for my retirement.”

“I want to purchase a home.”

I typically let my clients get away with this for the first couple months.  After that, it's time to get a little deeper.  After writing down your money goals ask yourself:  What would accomplishing this mean to me?  How would achieving this make me feel? Why is this important to me? 

By probing a little deeper you determine the ultimate purpose for your money.  This is key to keeping you motivated, ensuring you're properly managing the money you currently make, and that you're Minding Your Money at all times; especially when you're making financial sacrifices and tough decisions that are for your long-term benefit.

I actually had to do this recently.  I forfeited a trip to Hawaii to put those funds towards our Moving South fund; and since traveling is one of my Money Loves you guys know this was a tough decision for me.  It is really difficult to relinquish an immediate passion for a long-term goal, Geez Luiz!  But you know what?  My Money Purpose was in my ear the whole time (and my nagging husband who is sick and tired of these Chicago winters).  Now, technically can I afford to go to Hawaii? Yes.  How much closer is my debt-free move South?  MUCH.  

Why is this important?  Because sun makes my husband happy; when he's happy he has no problem working more (very important, lol); and when he's working more I'm happy because I'll be closer to cruise ports, US islands, and it's cheaper to fly to some of my favorite vacation spots.  Win/Win! 

What is your Money Purpose?  Feel free to share below!

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