What is your favorite money mantra?

[newenglandwifey]

Hi!

So after a chaotic 12 months of moving cross-country, getting married, DH finishing his Ph. D and both getting new jobs we are realizing we must get our finances in control to move onto what we want next in life - some nice vacations and then starting a family.

What is YOUR favorite "money mantra", must-do or financial tip?

TIA! :heart:

[noodleoo]

Not sure if it is a mantra but we try to evaluate spending by whether it is a WANT or NEED. Many things are wants and when finances are tight, we hold off and plan for wants so that we can focus on needs.

For example, after we bought our house, we agreed on no unnecessary purchases for at least 6 months after we moved. So lawn mower, blinds, etc were needs so we bought them. But we waited like a year before buying new furniture since we didn't need to replace the stuff we already had.

Our other philosophy is to keep things until they break and NEED to be replaced. Like we both kind of want a new car, but this one is running fine at 10 years old, so we plan to keep another few years. Meanwhile we're saving the money we used to spend on a car payment. I hope when we buy a new car we can pay mostly in cash.

[Deleted]

Pay yourself first.

[joenali]

Jul 7, 2012 11:10:45 GMT -5 @libgrl said:

Pay yourself first.

This. My grandfather always told us this. He would give us envelopes with a few dollars cash in them and on the the front he would write "P.Y.F." in hopes that we would save the money he gave us. Not until I was older did I understand this! Best money advice ever!

[chessie]

Jul 7, 2012 11:10:45 GMT -5 @libgrl said:

Pay yourself first.

Pretty simple concept, pay yourselves first, (put into savings), know the difference between wants and needs, and not just go after what others want for whatever reason, or even age. Savings is very important and living within your means.

[abeaverhausen]

Being frugal is getting what you really, really want.

[Roc A Bee]

I also pay myself first. I have money auto drafted into savings 3 days after payday. Between retirement and regular savings, I'm saving a little over 20% of my gross.

[heygrey]

be patient.

before making a big purchase wait a month. you might find you don't need (or want) it after all.

[AAM2012]

"Is this a want or a need?" And the Suze favorite: "Can I afford it?"

[definitelyO]

Don't spend what you don't have

[Deleted]

Live within your means, but don't forget to live.

[niq]

"I drink two kinds of beer. Free, and Budweiser." -focus group participant in The Millionaire Next Door

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