What if I told you the solution to your money problems is really simple. What if the ideal way to conserve your cash is not to be forward thinking, but rather backward, way back, back to when you were young.
As Notorious B.I.G used to say, “mo money, mo problems”. With more money comes more expenses and bills and credit and debt. No fun. When we were kids, the little money we had went a long way. Remember that incredible feeling when you found $2 under your pillow after losing a tooth?
Thankfully, we don’t need a time machine to bring us back to that kid mentality. Channel your inner ten year old and give these a try:
The Piggy Bank–In my room, I have a tin shaped like a British telephone booth sitting on my shelf. It has been my piggy bank for as long as I can remember. I used to be so proud of myself when I was able to cash a mound of pennies in for a few dollars.
Recently, I decided start using my phone booth again. Every time I come home, I take out all of the change from my wallet and put it in the tin. Those Loonies, Toonies, quarters, and even pennies add up. In a couple months, I had $50 sitting there. It’s a test of discipline in a way. You may be tempted to take out a couple dollars from your piggy bank, but making it untouchable will turn your unwanted change into something quite valuable.
Allowance–Our first experience with managing money was when we were given an allowance. My parents gave me $5 to spend or save as I pleased. Some of that money I put in my piggy bank while the other portion went towards a magazine or a pack of gum.
In a way, getting paid is like receiving an allowance. As soon as you get that cheque, you can choose what portion of it is saved and what can be spent. It’s okay to spend on things that you want as long as a significant amount of money goes towards your long term financial goals.
A Big Want–I used to LOVE Barbies to the point where I dragged my parents into every single toy store I could to check out the pink plastic goodness . Barbies, however, are not the most educational as far as toys go so mom and dad were not willing to buy me Princess Rapunzel Sparkle every time I pouted. What I soon realized was that a couple weeks of allowance can earn me my very own doll.
Although dolls are not a ‘want’ of mine at the moment, there are things that I would like to have but can’t afford initially. When we spend a lot of money on one item, we tend to feel guilty about it. Instead of blowing all of your money all at once, saving portions of it over time to buy something you really want is a guilt-free smarter choice.
Let’s never grow up, okay? Okay.
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Tags: kids, Notorious B.I.G, Recession, Romi Levine, Saving, Screw You Recession
